This rise in property prices has generally been noticed in areas such as London and Oxford as buyers are scouring the market to find the right property in a market with a severe shortage of housing for sale at this moment in time.

These findings have been backed up by The Royal Institution of Chartered Surveyors who declared a 16 per cent drop in property which has remained unsold on estate agents’ portfolios. As buyers return to the market, demand is high in areas of the South such as London. We’ll have to wait and see if this spreads to other areas of the country.

The process of purchasing the property does vary depending on the individual country and their national laws. If the language of the country is not predominantly English, it would be prudent to consider using an English-speaking lawyer working overseas to represent you in buying the property.

There may also be some tax implications as a result of your property purchase; these may be in the UK as well as the country where the property is located. You may need to speak to an accountant to clarify these tax issues.

What is the transport access like? If this is going to be a second home, then access to a nearby airport and low cost flights would be important. This will help you to narrow down your choice further.

Will you need to remortgage in order to buy the property, or can you afford to just take out a mortgage on the overseas property? The choice of lender or broker is crucial and there are many services out there.

You should also do some research into the country itself and to speak to other investors who have already bought property in the area. This advice is invaluable and will help you to pre-empt any issues you may face during the process of purchasing the property.

If you do not get advice from others in a similar position, this can put you at an instant disadvantage and at a higher risk of being taken in by an unreliable agent.

Here are the main things you need to take into account;

First you need to work out and plan your budget. This can all depend on your reasons for purchasing the property in the first place; is it as a main or second home? Or, will you be renting out the property as a source of income?

You also need to consider the total cost including all the other expenses and fees it will cost to purchase the property. There may be transaction costs to complete the purchase, plus professional fees from the use of lawyers.

There is also the home insurance and other maintenance costs. If the property is in need of repair then these costs can easily escalate.

You may need to obtain advice from a financial advisor to make sure you have covered everything.

Even the most careful of homebuyers have seen the value of their property investments plummet during the recession.

In the next blog article (Part 2 out of 5), I will be looking at the points you need to consider when looking to buy property.

The £1bn property investment venture is also backed by Middle Eastern investors and the Sirs are committed to a Gulf roadshow at the end of September to drum up further support from wealthy families out there.

The venture may turn out to be an excellent commercial investment opportunity with low market prices to be found all around Europe at this present moment.

The markets in these two diverse countries have all but dried up and so owners are now trying to offload homes they can no longer afford to keep. Online property auctions are becoming increasingly popular and remote bargain hunters are keeping tabs on developments.

Spain is the prime destination for British buyers, but the stagnant US market has lead to auctioneers in New York and Florida offering properties at low prices.

Buyers are still advised to do their research and not rush into anything. There could be hidden liabilities involved. Also, many auctioneers expect buyers to have finance arranged beforehand – however banks are reluctant to offer mortgages on properties bought at an auction.