With the financial crisis receding, Brits are again looking to buy property abroad.
Foreign purchases declined by 80% during the six year global meltdown, but foreign exchange firm HiFX says interest is now bouncing back.
Despite its deep financial woes, Spain has recaptured the spot of most popular destination for retirement abroad.
France, despite its high tax rates, shared equal billing with Spain, while Switzerland is steadily gaining in popularity. Potential expats continue to ponder relocating to the US and Canada as well.
Italy seems to be falling out of favour, along with “emerging economies” such as Brazil, Bulgaria and Panama.
The results were based on the number of enquiries received. On this basis, interest in Portugal was by 2%, the same level as Italy.
Mark Bodega, a director of HiFX, said: “The buying costs in Italy are substantial and the bureaucracy is becoming difficult to navigate. Coupled with the fact that promised new flight routes from more UK airports to southern Italy did not go ahead, due to the UK economy slump, this means that Italy has lost some of its appeal.”
Another study, this time by MGM Advantage, also put Spain in the top slot as a UK expat destination, even though last year it was reckoned that 90,000 Brits left Spain to return to the UK.
France took second place, followed by the United States and Australia.
Property prices in some areas of Spain have fallen as much as 50%, but recent data suggests the housing market is “now recovering”, according to website Global Property Guide.
Portugal in this study was also shown to be of lesser interest to potential expats. Pity, they don’t know what they are missing!
