HIFX's research also confirmed that more people overall are now looking abroad for investment opportunities.
Adventurers and hotspot investors
Whilst most UK overseas property investors are 'traditionalists', a significant minority are more adventurous in their choices and look to buy property further afield. Despite dropping to 10.6% of all enquiries in March, Australia still accounted for a large share of investor interest overall coming in as the third most popular place to buy a second home.
Interest in Canadian mountain resorts rose by 66% during the month although the country still only represents 2% of enquiries overall.
The UK is seeing an increasing number of 'hot spot investors' interested for property purely for financial purposes. This group is the most flexible of the three and are constantly chasing the latest hotspots and emerging markets.
Bulgaria came in fourth in HIFX's Global Property Hotspots league for March representing 9.4% of all enquiries. Property prices in the country are expected to rocket even more quickly than at present after Bulgaria joins the European Union in 2007.
You pays your money and you takes your risks
Each group of buyers face their own risks. Traditionalists can be hit by higher prices, adventurers take on unproven markets and hotspot chasers are at the mercy of changing fads or sudden market fluctuations.
Mark Bodega, marketing director at HIFX, said: 'People buy abroad for many different reasons. For some people it's an emotional decision based on a life-long dream, for others it's an exciting step into the unknown and for some it's simply a financial investment.'