Many of us dream of living in the sun. After a holiday in a hot climate, who wouldn’t want to swap the UK’s grey skies and cold winters for life in permanent sunshine?

Spain is the most popular choice for Brits looking to buy property abroad, says the National Association of Estate Agents (NAEA), the professional body for estate agency personnel.

The NAEA says 27% of buyers go to Spain, followed by France with 20%. The US state of Florida is among other popular choices, as well as Portugal and Italy. But in recent years there has also been an increase in the popularity of Cyprus, Greece, Bulgaria, Croatia and Turkey.

No matter where you are looking to invest, the advice of the NAEA remains the same.

It says you should be careful and research the venture thoroughly. Identify what it is you want from a holiday home. If it is just a vehicle for investment, research the market in the area and look into any legislation that may prevent the huge financial reward you have envisaged.

If it is family holidays you have in mind, check if the country is easy to get to – you may also need to look into how safe the area is. Bear in mind that different countries have different regulations, research is vital before embarking upon any property venture, especially on foreign soil.

Some buyers can be blinkered by the potential for making money from their investments and lose sight of the costs.

The NAEA recommends you are realistic with your finances: set yourself a budget and stick to it. Remember that currency rates can affect repayments. Take into account solicitors’ fees and any local taxes. You will also need to budget for maintaining the property year round.
The Federation of Overseas Property Developers, Agents and Consultants (FOPDAC) claims that using a recognised industry body member prevents buyers falling foul of disreputable local services.

It says that using a member of a federation such as FOPDAC gives you a certain amount of protection against disreputable companies as we check their credentials before admitting them to the Federation.

Or you can do your own homework on the company with whom you wish to deal. This is the cornerstone of your entire purchasing project.

The FOPDAC also encourages people to have confidence in their own instinct and research into their dream location.

Do not be put off with scare stories, it says. You can read about gazumping with the UK property market. You can read about buildings which fail surveys, you can worry about unapproved extensions to properties and agents not working for clients, as recently shown on TV, but the same criteria applies.

If you go with a well-established, reputable agent or developer, you should have no problems. Do not let a few isolated incidents deter you from an overseas market place where some properties are increasing by over 20% per annum.

Finally apply the same due diligence as if you were purchasing in the UK and you will not go far wrong; remember location, location, location for maximising your rental opportunity and for re-sale.

The NAEA recommends that people planning to buy in a non-EU country, check that the agent is a part of the International Association of Real Estate Agents (ICREA).