The Coronavirus outbreak and subsequent lockdown period has left us all appreciating life a lot more: our health, our families, as well as our ability to travel the world.
Many estate agents have reported a surge over the last few months of people searching for properties overseas. We’ve conducted some research to find out firstly whether it's a good time to buy at present, as well ascertaining the top 4 countries to buy a holiday home abroad:
Spain is one of the top destinations for Brits buying property abroad. Statistics from early 2020 show that there were as many as 678,000 british expats living in Spain.*
Lockdown seems to have been a catalyst for encouraging people to reconsider where they live or whether the UK is where they would like to remain. Rightmove reported that searches on properties in Costa del Sol, Spain were up 34% year on year during May.
Madrid and Barcelona were other popular destinations in Spain, however, also the most expensive.
Whether it be the serene beaches, warmer climate, or overall Spanish lifestyle; this country is definitely the front runner for purchasing property overseas.
Another popular European country that attracts Brits who are looking to buy property abroad is Portugal.
This country is blessed with beautiful landscapes and climate, which makes it a logical choice.
However, the most beneficial aspect of purchasing property in Portugal is its 10-year non–habitual resident (NHR) tax programme. The NHR is a 10-year tax regime for expats living in Portugal, which offers reduced tax rates and other exemptions. This makes buying property in Portugal a no-brainer!
The convenience of neighbouring this beautiful country is what makes it an apt choice for a holiday home.
You can get to France as quickly as a 35 minute flight or a 1.5 hours ferry ride from England - which means travel costs are kept at a minimum, making it extremely accessible.
Rightmove reported that throughout the month of May, property searches in locations such as Dordogne and Brittany in France were also up by 33% from last year.
Want to spend a week by the coast? Head down to the serene seas of Nice. Want to get your culture fix in a bustling city? Their capital city of Paris boasts oodles of tourist activities, top-tier restaurants and unforgettable landmarks. France seems to tick every box.
Last but by no means least, the final destination to make the Top 4 countries for buying property abroad is Turkey.
Turkey would be a great option for anyone that’s hoping to get bolthole elsewhere, however, also needs to remain cost-conscious.
According to a report by Rightmove Overseas, the cheapest place to buy a property in Europe is Turkey, where the average inquiry price is only £82,000. The most popular locations include Mugla, Antalya and Istanbul.
If the idea of a bolthole in the sun peaks your interest, or simply if you have overseas payments to make, Caxton’s International Payments team can assist with any queries you may have. No matter how large the sum of money, or how frequent the overseas payment, we’ve got you covered.
Gain access to a dedicated account manager to help you with any questions - contact our Payments team today on 0333 123 1815.