Big City Bonuses Buying Places Abroad Article Published: 10:57 15/01/2007 Article Classification: Sal Beach Resort Cape Verde
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Over half of the City’s top bonus earners will be investing in property overseas, according to a survey carried out on behalf of a City international property agent.

Some 51% of high-flyers earning average salaries of £331,000 and average expected bonuses of £294,000 told survey firm Populus that they intend to invest abroad, with a quarter of this group claiming budgets of £500,000 and above.

The survey – the first of its kind directly questioning elite City workers – shows that three-quarters of those polled believe that property is now a safer investment than traditional pensions, while 84% of respondents say they are “either planning or considering moving abroad for tax purposes at some point in the future”.

28% of respondents named France as a preferred destination, followed by the US (23%), Italy (21%) and Spain (19%). Over two-fifths said they would be looking at buying a beach property, with 31% preferring a ski home.

With a predicted pool of £8.8 billion to be awarded in bonus money this year, and 51% of respondents aiming to invest a significant proportion of their payouts in international property, the international property market can expect to see a significant boost.

"This is no great suprise, property has always been seen as a good investment not only for the wealthy. Internationally it is possible to find superb capital growth and rental opportunities, as long as you do your research and deal with an independent reputable agent" said Richard Brady Managing Director of Olive Tree International.