Brits splashed out on about £24 billion overseas property last year, new figures have revealed...

New figures from Association of International Property Professionals (AIPP) reveal that almost 242,000 purchases were made by British buyers in 2007. This is huge jump of 21% on the number recorded 12 months earlier, illustrating the growing appeal of foreign property ownership.

AIPP's top 10 investment destinations was dominated by established markets, including Italy, Portugal, Cyprus, Morocco, Dubai and Turkey.

Commenting on the figures, Paul Owen, chief executive officer of AIPP noted: "The figures reveal the enduring appeal of established destinations with 25.4% of British property purchases abroad in Spain, followed by France, slightly down at 17%. Moving up one place from last year, America came in third at 9.7%, bumping Bulgaria down a spot.

Spain still number 1

He added: ‘Some might be surprised to hear that Spain still is number one as the primary destination for Britons buying abroad as there has been some negative media coverage about the Spanish property market’.

“The average spend, up just one per cent on last year, is being kept at a consistent level probably due to the wealth of many new destinations at low entry prices,’ adds Mr Owen.

Mr Owen concluded: It can be very difficult calculating market size overseas. The figures in this report are for completed property transactions only and not for deposits paid. Publishing only verified numbers makes this report the most reliable source of information in the industry”.