property buyers

British expats explain why they want to retire to Spain

by Ray Clancy on May 25, 2015

The weak Euro and affordable prices are enticing more British people to retire to the south of Spain and find their dream home near the coast.

British expats favour Costa Blanca because of its climate, its expat population and the fact that there are plenty of flights back home, according to estate agency HomeEspaña in May.

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The exchange rate is helping, but there is also a feeling that house prices have bottomed out

It points out that the favourable exchange rate means that in middle of May 2015, a €100,000 property in the Costa Blanca costs a UK buyer approximately £10,000 less than it did the same time in 2014. For expats receiving an income or pension from the UK, a stronger Pound increases their spending power in Euros.

‘Since the start of the year, we’ve seen a definite uplift in British buyers, in particular those moving out here, compared to 2014. And many decide to buy during their first visit here,’ said Kieran Byrne, managing director of HomeEspaña.

‘The exchange rate is helping, but there is also a feeling that house prices have bottomed out, as revealed by recent statistics from both TINSA and Spain’s Registrars that show prices have risen in coastal areas and larger cities since the start of the year,’ he added.

Indeed, the latest data from the Property Registrar’s Association shows that prices increased by 2.65% in the first quarter of 2015. These are the highest quarterly price figures for eight quarters in a row.

The data also shows that residential home sales increased 9.05% to 90,534 transactions compared to the same period in 2014, which was largely due to robust growth in the resale market, with 67,864 transactions. This is the second highest quarter for sales in the three years and the third highest in the last four years.

Expats have been explaining what attracts them to Spain. John and Vicki Lang from Chesterfield brought forward their plans to move after finding their dream home last Christmas.

‘We’ve had a holiday apartment in the Costa Blanca for eight years, but as we were going to live here, we were looking for somewhere bigger. We saw a couple of properties with HomeEspaña during our visit, one of which was perfect, so we thought why wait another couple of years, let’s just go for it,’ said Vicki.

The Langs purchased their two bedroom €160,000 villa with a large garden and private pool in the Los Balcones area of Torrevieja at the end of April 2015 and moved in immediately.

‘Our villa is only a 15 minute walk from our apartment in Los Altos, but it’s in a more residential area. It means though that we already have lots of friends close by, people we’ve met from coming here for holidays over the years. We’re expecting lots of visits from friends and family and our daughter and grandchildren have already booked to come out this summer,’ she added.

Another couple, Stuart and Jennifer Flairclough from Kent, bought a three bedroom €143,315 townhouse in Villamartin at the end of March 2015 and have plans to move there to retire.

‘It will be our permanent home and because of its size, we’ll be able to accommodate our family and friends when they come over to visit. We viewed the property twice on the same day, fe

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Thumbnail image for Hong Kong suspends measure that allows rich foreign property buyers to get residency

Hong Kong suspends measure that allows rich foreign property buyers to get residency

October 15, 2010 Hong Kong

Hong Kong is introducing a temporary measure that will prevent rich expats buying property as a means of becoming resident. As part of an attempt to cool soaring real estate prices that have jumped almost 50% since 2009, Hong Kong will stop offering residency to foreigners who buy property, officials said.

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