With millions of British expatriates and retirees living abroad in countries all over the world, others often sit back and wonder exactly where the appeal lies in buying property abroad. The simple truth of the matter is that there are many reasons that Brits cite for buying property abroad. To each buyer, the motivations are strong and generally quite personal.
In this article we’ll explore why Brits choose to buy property abroad in abundance. The reasons range from economics to wanderlust. Let’s take a look at why so many choose to find their fortunes or even lead their lives abroad.
Some of the top reasons why buying property abroad appeals include: -
Pricing. The simple truth is that buying property in the UK is expensive. With Brits finding they can buy two homes in other locations for the price of one in the UK, the financial appeal of buying overseas real estate is incredibly strong. Some Brits are even completely picking up sticks to locations where they can afford to buy houses and establish their own businesses for less than a property in the UK costs. With many locations also offering a much lower cost of living, expats and retirees alike are finding enjoying the good life is simpler abroad.
Potential returns. Some property investment hotspots are experiencing some incredible pricing growth at present. Whilst this means buying in these locations might not technically be all that “affordable,” the potential financial returns on the investments make buying attractive nonetheless.
Second homes. Many Brits are choosing to buy their holidaymaking, second homes abroad because of the prices and the natural tourist attractions in their chosen destinations. From Turkish beaches to the mountains of Bulgaria, there are a lot of interesting destinations to choose from at the present that also offer sound return on investments.
Buy-to-let potential. Some Brits are buying property abroad strictly to lease out to others on a full-time basis or on short-term leases to holidaymakers. Whilst prices are often low for purchasing in holidaymaking hotspots, rental fees are generally not. Brits who buy for this reason are generally drawn in by the better-than-average return on investment they can enjoy.
Relocation. Some are choosing to completely relocate out of Great Britain altogether. Whether it’s retirees or young couples looking for something better abroad, the attraction here is also high. Popular destinations for relocation include Spain, Canada, Australia, New Zealand, Portugal, Ireland and France. Dubai, Turkey, Cyprus and Bulgaria are also growing in interest levels.
Buying property aboard tends to appeal to people for a host of different reasons. Whatever motivates you personally, be assured the trend is strong and shows no real signs of slowing. Whilst the coming year might make financing purchases more difficult thanks to the international credit crunch that’s starting to really bite in the UK, the interest in buying abroad is likely to remain high anyway.
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