HIFX, the currency specialist, today releases its fifth Global Property Hot Spots into trends for Brits buying property abroad. This summer sees Cape Verde and Portugal continue to soar in popularity.  According to HIFX, enquiries from Brits buying property in Cape Verde and Portugal have more than doubled since March.

Portugal is one of Britain’s oldest allies, and the UK’s soft spot for the country is still clearly evident today judging by July’s overseas property enquiries at HiFX.  In particular we favour Portugal’s mild south coast – the Algarve.  Its popularity makes it a particularly good bet for seasonal buy-to-let purchases.

“Along with countries like France and Spain, Portugal is in the first tier of popular destinations with British property investors," said Mark Bodega, Marketing Director for HiFX.   "While it doesn’t promise the huge returns in terms of capital growth that some of the emerging markets do, Portugal has a stable economy and strong rental sector due to the small army of Brits that holiday in the Algarve each year.”

Mike Boles Head of International for Savills Private Finance commented:

"It’s summertime and the sunshine holiday destinations are in vogue for British buyers.  Increasing interest rates across the UK and Euro zone don’t seem to have dampened demand and property prices are robust and rising across the traditional, mature European markets."

One of the healthiest places on earth

Cape Verde consists of nine inhabitable islands, 300 miles off the coast of Africa.  Following a mention in Channel 4’s A Place in the Sun's top 20 overseas destinations last year, Cape Verde’s popularity continues to grow with holiday home owners and property investors alike.

It seems all are drawn are being by the islands’ fine beaches, beautiful scenery and vibrant Creole culture. Cape Verde is also reputed to be one of the healthiest places on earth.  Prices start at around £50,000 for a two bedroom apartment, and rise to around £300,000 for more up market villa developments with private pool and roof terrace.

“Situated on the same latitude as Barbados and boasting the same glorious climate, this New Caribbean is only 5.5 hours away from the UK and 1 hour behind GMT," said Dominic McGlynn, Deputy Chairman of Sambala Developments. "At present flights are via Lisbon, however the national airline, TAVC, will begin operating a direct flight between Birmingham and Praia from November 2006.”

Bodega commented: “Cape Verdi looks set to take over from the Canary Islands as many Britons’ favourite island off the West Coast of Africa.  Whilst buy-to-lets are popular, most people are buying a property as a holiday home because prices are so low.”

Country	% of enquiries for March	% of enquiries for April	% of enquiries for May	% of enquiries for June	%of enquiries for July
Bulgaria	11	10	11	11	9
Canada	6	4	4	2	1
Cape Verde	5	8	8	11	13
New Zealand	4	3	2	2	2
Spain	21	22	23	23	23
USA	4	4	3	1	1
Italy	1	1	0	1	1
Turkey	1	5	5	3	2
France	19	26	29	30	30
Australia	8	5	5	3	2
UAE	2	1	1	1	1
Cyprus	3	2	1	1	1
South Africa	1	0	0	1	1
Portugal	2	0	0	4	6
Morocco	1	3	4	3	3
Other	9	4	4	3	4