Every year millions of people around the world relocate to a different country whether it be for work, family reasons or for leisure such as during retirement. But which locations have the most appeal?
iProperty Management has analysed Google’s Keyword Planner to establish annual search volume for searches relating to relocating to each country. You can see all of the findings here.
Although many of us enjoy jetting off for a week or two per year to explore a new area and have a change of scenery, for some of us a couple of weeks just isn’t enough. In 2020, the world has an estimated 272 million international migrants, as it is becoming increasingly more common for people to move overseas whether for work purposes or to invest in a vacation rental, amongst a host of other reasons.
Our dreams of living abroad open up a huge opportunity for those looking to invest in property. After deciding where to settle, one of the next decisions for any expatriate will be whether to buy or rent their new property. In many countries, buying straight away may not be an option, while other countries may have a stronger renting culture, so areas that are popular with those moving from overseas can prove to be wise investments for those looking to profit from rental properties.
So, which countries and continents are among the most desirable and the best for investing in property?
Spain ranks as the top country for property investments
Spain takes the top spot for the most searched for country, with 690,360 annual searches, 37,600 of which are from UK internet users, putting it over 194,000 ahead of Canada which comes in second place. With Spain’s economy increasing faster than the eurozone average since 2010 and creating a good environment for developing a career, as well as the country having a Mediterranean lifestyle that so many aspire to have, it proves to be one of the most popular countries in Europe for relocation.
As of 2019, Spain is home to more than 624,000 foreign residents, around 10.3% of the country’s population, the country is particularly popular with those from the UK, with Brits making up 69% of expats in 2018.
The data reveals the following as the top five countries that people most want to relocate to:
If you’re looking for somewhere to invest in property that is sure to see demand from expatriates looking to settle down, Spain should definitely be on your list.
France and Portugal also rank within the top five, making Europe the best continent for investments
Alongside Spain, France and Portugal also feature in the top five countries that people are searching for when it comes to relocating, with the two countries seeing 484,800 and 212,280 searches respectively. With many European countries, including these three, also members of the European Union (EU), residents are able to freely travel between countries in the group, and are entitled to work and reside in these countries indefinitely. As a result, there is significant movement of residents between these member states, as well as from those moving from further afield, making the region a great continent for investing in property.
However, in 2019, 7.3% of France’s population was made up of non-nationals, with more than 5% being citizens of a non-EU-27 country, with a similar trend also occurring in Spain and Portugal. According to data from France’s national statistics agency, there are currently around 31,000 Americans living in the country, although this number could be anywhere up to 100,000. Although Paris is particularly popular with expats looking for a taste of the Parisian city lifestyle, regions such as the Dordogne, Brittany and Provence also see large expatriate communities, making them locations that should be considered for investment.
Canada and Australia also prove popular with those looking to relocate
Looking outside of Europe, it’s unsurprising to see Canada and Australia also within the top five most searched for countries, with Australia, in particular, attracting people to move ‘down under’. Despite the nation being synonymous with teenagers and students heading off for their gap years, it is also one of the most popular destinations for Brits looking to retire abroad, with around quarter of a million people claiming their state pension from Australia, out of a total 1.2 million pensioners who claimed from abroad.
With the Australian property market experiencing consistent growth and many specialist brokers offering services for financial mortgages, it is also relatively straightforward to purchase property in the country as a foreign investor, in comparison to elsewhere in the world.