Overseas investors 'still turning to Europe'

Europe is still seen as an attractive place to purchase property, with Spain and France heading the list of the most popular countries to invest in during 2008. Also in the top twenty were Italy, Portugal, Greece, Austria and Germany.

RightmoveOverseas has seen 8.7 million searches of their overseas property markets between the beginning of the year and the end of May, an increase from 6.8 million over the equivalent period during 2007.

The majority of those wishing to put money into overseas property also want to visit their home as well as profit from it, Paul Collins, property editor at BuyAssociation, said.

He added: "Western and Southern Europe are still very popular and...they will remain that way just because of the ease of getting to them."

According to the Guardian, visiting Europe on the cross-channel ferry could be easier for those wishing to save money on their holidays during the credit crunch.