- This topic has 9 replies, 7 voices, and was last updated 12 years, 1 month ago by
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Despite the Eurozone crisis and weak economy in Spain, it has been revealed as the top retirement destination for Brits.
This was the findings of MGM Advantage after the retirement income specialists conduct research revealing that buying a property in Spain and moving there at retirement is age is still proving to be a popular choice for pensioners.
France was the second choice whilst Ireland, Cyprus and Australia also made the top five choices.
It seems that many Brits are keen to up sticks and head to a sunnier and warmer destination when they finish working, unsurprising considering the continual poor weather in the UK.
These recent findings correspond with recent reports from Marc Pritchard, Sales and Marketing Director of Taylor Wimpey de Espana who highlighted the fact that people who were potentially thinking of moving to Spain should look at the merits of doing so now and should ‘strike while the iron is hot’.
Pritchard added: “A favourable exchange rate between sterling and the euro combined with Spain’s dip in real estate prices have meant that Spanish property is more attractive to buyers than ever before.”
He also added that current pensioners should make a purchase now as a potential tax increase could come into force as early as January next year.
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FFS give it a rest with these tiresome property web links. What else would you expect them to say. 😈
A real survey in the Telegraph this week said Spain is at the bottom of the list because of it’s economic woes.
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@katy wrote:
FFS give it a rest with these tiresome property web links. What else would you expect them to say. 😈
A real survey in the Telegraph this week said Spain is at the bottom of the list because of it’s economic woes.
Ha Ha Your a woman after my own heart,I bet your a riot when you go out for a drink. 😉 😉
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This is a tough forum, you know. Jakesuper has taken a lot of flak for his negative posts, much of it understandable of course, so he posts something more positive and takes flak for that too. Agree or disagree with his views it hasn’t half raised the interest level of some of the topics.
I understand that extreme views make good copy, but what the Telegraph reports isn’t necessarily inconsistent with the OP’s articles. It only says “fewer” pensioners are looking at Spain, not fewer than what. It could be read as “fewer than used to” and the absolute number could still be more than are enquiring about Cyprus. It has been read here as “fewer than are enquiring about Cyprus” but it doesn’t have to bear that interpretation.
I’m really hors de combat in these arguments, because as I’ve noted before I was saved from my own folly in 2007 by a cautious valuation and a wise bank manager and bought in the Scillies instead, which I have never regretted I still contemplate retirement time spent in Spain, though, if it all looks calmer in five years’ time and I think many others are the same.
For what it’s worth, I’d judge that political risk is much higher in Cyprus than it is in Spain (Turkey and the disputed North haven’t gone away as problems) and as for whether the full extent of the problems there are known, if you think the Spanish know how to obfuscate, then I’d say the Greek Cypriots hold the gold medal.
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I’d agree about Cyprus to some extent having also had a near miss with property there. I later found out that the corruption amongst Cypriot Developers, lawyers and even their Land Registry was higher than Spain’s because it was so incestuous and condensed.
That was a boom property market like Spain’s and Brits flocked there mainly because it was English speaking, they drove on the left, taxation was lower, etc. We also know several Brits there who cannot sell, the market crashed like Spain’s and they’re stuck.
Many of their developers/builders turned out to be crooks, went on the run for GBH threats and fraud to buyers. As Costacraver says, they still have this North/South problem, and recently they applied for a bailout too. 🙄
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I think with all the problems that have been exposed buying in so many overseas countries including Spain, that the 1st priority of Spain and other countries would be install proper regulation, speedy legal redress, lower completion costs, as well as incentives for new buyers. I know some brits who had a super duper luxury villa with lift etc built in Cyprus just at the wrong time, they thought they would sell it to Russians for 2 million euros, it’s now worth less than half, they can’t sell it, they rent it to wealthy holidaymakers and themselves rent a tiny house close by 🙄 A disaster!
Because of all that’s happened and what we now know, I feel much safer buying UK property and taking holidays abroad rather than own abroad, however if the above measures were installed and guaranteed I might still consider something abroad perhaps but never until I felt confident again. 🙄
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It really would be more profitable to buy in Blackpool or numerous other places in the UK!
I believe that UK prices will be a lot less volatile in the future than Spain’s will. Buying something to let in Blackpool, for example, and then using the income to rent in Spain, is a safer bet than buying in Spain. Of the two properties, the one you would own would most likely devalue less than the one you’d rent. It’s a way of managing risk.
I would still like to buy in Spain – two years after joining this forum to do research – but I just can’t take the plunge and won’t be able to any time soon. Another near-default by a Euro nation will push the GBP-EUR rate into a more favourable position for somebody holding Sterling and then there’s the future inevitable reduction in prices in Spain.
There are some fantastic properties on the market but I’d be a fool to buy one.
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I am in the same boat waiting till everything comes out in the wash so to speak.
i was looking to buy back in 07 but ended up buying a place to rent out in the uk.
I will buy in spain at some stage but it maybe when i retire rather than as a holiday home.
We are happy to rent villas over the summer to holiday in for the time being we have found the area where we want to be and return to it every year my sisters father in law lives in the next town (Jeava) so we have good local knowledge of whats happening price wise in the area.
If all the costs to buy were not so high i might consider buying earlier but knowing i will have to pay around 60k in costs it is something i only want to do once. -
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