Overseas property investment is becoming increasingly popular as the UK’s credit crunch prompts a soaring rise in the cost of living.

As UK house prices falters and daily living costs become even more expensive more Brits are looking to either invest their money abroad or in some cases emigrate.

Stephen O’Connor, Founding Partner of Citiesinvest.com, said: “We find that, when the domestic economic situation takes a down turn, people look to get more from their money overseas. Investors, who have historically bought in the UK, did so because they assumed that it was a certainty that their property would rise in value. This is clearly no longer the case. Our clients are more impressed with the lower entry costs in emerging markets, coupled with rental guarantees”

“Studies show that the number of people who have overseas property in their portfolio has been growing for the last two decades, but since the early part of the new millennium this rise has been a lot steeper.”

Datamonitor estimates that the overseas property market, which in 2006 was worth £44.billion, will double in value between now and 2012.