If you are considering buying a dream home abroad or simply investing in a desirable location where you can rent your property or relocate for good, then you must have looked at Spain as your top destination. Well, you were not wrong, as Spain continues to top the list for places to relocate or buy a property abroad.
According to iProperty Management’s research, Spain, which is already the top destination for Brits, was the most searched for country, with 690,360 searches, 37,600 of which were from UK internet users. Following Spain, with less than 194,000 searches was Canada.
Spain is especially popular with Brits who made up 69% of expats in 2018. According to the data, those who want to invest in a property that will see demand from expatriates looking to relocate, should consider Spain. Among the top five, France and Portugal have also been a favourite location for Brits and the two countries saw 484,800 and 212,280 searches, respectively.
The interest in these countries does not simply result from the fact they are beautiful and desirable locations for retirement or for vacation. They are members of the EU and thus residents living in each of them are allowed to move and work freely.
Spain is cheaper than London!
If you are hoping to get onto the property ladder, Spain is a good option. There are plenty of reasons for that as the number of expats in the Costa del Sol could attest. But beautiful location, gorgeous buildings, sunny beaches and good food can simply explain why you would want to settle there.
If you are buying property, the choice of buying within a gated community such as those located in the towns of San Pedro de Alcantara and Estepona, can offer security and peace. According to the Olive Press, a three bedroom apartment in Estepona will cost around £200K, whereas the same amount could only get you a studio apartment in London, for example.
Places such as Marbella and Banus are also appealing due to the fact that they are secure and provide a great lifestyle. But also other areas on the Costa del Sol such as Casares Costa. Estepona, for example is only 20 minutes west of Marbella and is relatively cheaper than other more sought-after locations while offering a more authentic flavour of Spain. Guadalmina Ata poses a more pricey location where one can purchase beautiful properties exceeding €2 million.
For many Brits, and due to Covid-19 and Brexit, Spain appears to be the ultimate destination where they can retire and feel secure, while remaining part of the EU. Indeed, the number of Brits buying property in Spain has risen a lot recently due to Brexit.
Just looking at the data showing where Brits are registered in Spain, is indicative of the places and the kind of appeal they have for different age groups. The British community is concentrated along the coast, in Alicante and Málaga, and more than a third of residents are over 65. Madrid and Barcelona are a favourite among the younger generations who want to work and enjoy a more busy lifestyle.
If you are buying a holiday home in Spain, it is important to consult a specialist foreign exchange company such as Universal Partners FX right from the start. UPFX can help you manage currency fluctuations by locking the rate, as the final price of your home could vary significantly from the time you made your offer.
When moving large amounts of cash, it is best to get in touch with UPFX’s currency specialists where they can offer you competitive exchange rates and the best value for your money. Find out what your money is worth by giving them a call or requesting a free quote.