Britons eye up property bargains in recession-hit Europe - Telegraph

Britons eye up property bargains in recession-hit Europe - Telegraph

Eight out of 10 Britons looking to buy a holiday home abroad are interested in those European countries which have been hit worst by the recession.

Portugal, Ireland, Italy, Greece and Spain are now lumped together under the unflattering acronym of the PIIGS. They’re up to their eyes in debt and, in the case of Portugal, Ireland and Greece, they’ve had to be bailed out to keep them afloat.

So 82 per cent of Brits interested in buying abroad in the next 12 months are looking to these countries in the hope that prices have hit rock bottom and they can pick up a bargain, according to research by foreign exchange specialist currencies.co.uk.