The past few years have seen what appears to be a mass exodus of UK nationals to destinations within Europe and beyond. According to the Institute for Public Policy Research (IPPR), there are now 41 nations that are home to 10,000 or more permanent UK residents.
UK homebuyers and investors are still choosing the traditional established markets like France and Spain but are also heading off to more exotic and exciting locations like Asia and the Middle East.
There are over 36,000 British people living in China, 41,000 in Thailand, 45,000 in Singapore, and 47,000 in Pakistan. The United Arab Emirate appears to be very popular choice with UK expats, no doubt because of the excellent earning potential. There are now 55,000 UK nationals living there.
The British & Spain
According to Kyero (www.kyero.com), one of Spain’s leading property portals, UK investors spent £12 billion in Spanish property in 2004/05. The average price paid for property was £160,000, apparently.
In a survey of 400 Brits, 26% considered Spain to be the perfect place to retire, largely because of the warm sunny climate, friendly atmosphere and lower taxes. One in three UK homebuyers now want to retire to Spain.
And why not! Spain has everything. Apart from the climate, atmosphere and taxes, Spain has a much lower costs of living, better standard of life, good education and healthcare, beautiful beaches, spectacularly diverse landscape, a large UK expat community, easy accessibility with many budget airlines, less crime and overall a much easier way of life.
Most Popular Spanish Locations
Location is understandably a major factor when it comes to investing in property. Of the people surveyed, 97% agreed. For UK investors, the most popular locations are Alicante, Granada and Malaga.
Access to amenities within your preferred location is also very important. Amongst UK homebuyers, access to shops, local hospital, bars and restaurants, pharmacies public transport, the police station and the airport are the most important.
The most sought after property types in Spain appear to be studio apartments. Two and three bedroom villas are also a popular choice with UK homebuyers and investors, who are mostly looking for resale properties as opposed to new builds.
The type of property most in demand changes depending on the region. In Alicante, for example, most Brits are after three bedroom apartments, whereas in Girona, in the north, it’s three bedroom villas.
In the Canary Islands, Gran Canaria in particular, one-bedroom apartments with a swimming pool are the most popular.
According to Kyero, UK homebuyers in Spain expect to pay between €150,000 to €200,000 for properties.
Finding a Home in the Sun
The Internet is one of the fastest and easiest ways of researching and finding overseas properties.
Apart from displaying massive amounts of available properties, it also provides investment advice, buyer’s guides, local area information, market trends – everything and anything related to property, through countless agent websites and independent property portals.
Of the 400 surveyed, 71% were using the Internet to find their new home. One of the best sites around for overseas property is at the moment is diasoleadoinvest.com. Click on the following link for more information – Overseas Investment Property.
Overseas Property Market 2007
People are travelling now more than ever before. With more and more budget airlines offering excellent fares to increasing numbers of destinations, the world seems to be a much smaller place.
As locations become more accessible, overseas investment opportunities increase. Buyers are now looking beyond the traditional locations and seeking out new emerging markets and new areas with in established markets. In Spain for example, Fuerteventura and the Costa de la Luz (south west coast) offer almost virgin investment territory yet are home to some of the best beaches in the country.
One hours flight south of the Canaries and there’s the Cape Verde Islands – widely tipped as this year’s hottest emerging market.
Developers and agents are now having to provide investors with much more options than the traditional locations. Investors now want infinite property listings and information about everywhere from Brazil and Barbados to Slovakia, Spain and anywhere else in the globe with good investment potential. In order to stay afloat, agents need to adapt with this rapidly changing market.