Big bonus boom

Big bonus boom

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Property in France, the United States and Italy is topping the shopping lists of City bankers this bonus season, with many putting down large deposits to reserve their second homes without even bothering to view the house.

About 51% of the City’s bonus-earning workforce plan to buy property abroad in 2007, a poll by Populus for the property agency Pure International has found. Favouring established destinations, 28% of respondents put France top of their list, 23% chose the United States, 21% went for Italy – including Tuscany, above – 19% preferred Spain and 18% opted for Switzerland. The respondents, with an average salary of £331,000, are set to draw average bonuses of £294,000.

Sean Collins, of Pure, said: “We have sold out a development of 77 units in Switzerland with an average price of £750,000. Many of the buyers were City based and … reserved speculatively without even visiting.”

Source: The Guardian