Dubai and Bulgaria New Property Hotspots

Dubai is becoming an increasingly popular destination for Brits looking for a sunny location for a second home, according to a new study.

Over the past year, the number of Brits investing in property in the Middle Eastern state has risen by 60 per cent, according to currency specialist HIFX's new Global Property Hot Spots report.

Bulgaria is also proving a popular choice with second home sales up by 77 per cent.

But long-time favourites France and Spain are still selling well even if interest is now starting to wane. The number of Brits enquiring about properties in Spain has dropped by 26 per cent whilst France has seen a 24 per cent decrease.

In contrast, the number of people enquiring about Bulgaria rose by eight per cent.

Alex Wright, director of HIFX, said: "Although France and Spain remain the most popular destinations to buy abroad, due to their proximity and the cheap price of travel, British citizens are starting to look further afield.”

"Dubai is an attractive location for Brits with the winter sun averaging eight hours a day. Property prices are relatively cheap compared to international standards and rental yields are still high. Dubai has many grand projects to increase its visitor numbers which should sustain rental incomes for investors.

"Bulgaria is booming and the Black Sea resorts are reminiscent of Spain 20 years ago; investors are buying in their droves and there is similar activity in some of the ski resorts," Mr Wright added.