Brits still keen to buy property abroad says survey

Brits and Europeans still keen on property in Tenerife and Spain

Brits and Europeans still keen on property in Tenerife and Spain

Results for the 2009 International Survey conducted by primelocation.com show that 70% of visitors to their site are actively looking to buy an overseas property, despite the current economic uncertainty. Of all respondents, 28% said that they are unaffected by the current economic situation, 22% who had delayed their plans because of the economic climate are now back in the market and hope to find a bargain, while 10% said that they are checking out the market but will not proceed just yet

Ann Wright, International Business Development Manager for primelocation.com, says; ‘This is very clear indication that people have not let go of their dreams of owning a property abroad. Indeed, it is encouraging that people are coming back to the market, possibly because of recent press reports of falling property prices across Europe.’

The primelocation.com 2009 International Survey also monitored the countries the portal’s visitors are most interested in buying in; France took top spot with 25%, Spain came second (16%) and was followed by Italy and Portugal which tied in fourth place with 11% each. The United States, Cyprus, Greece, Switzerland, Turkey, Canada and the UAE took the rest of the top 10 spots.

‘It is interesting to note that over a quarter of all respondents currently own/rent a property in France and interest in the country, which has always been the first choice amongst Brits, has remained fairly stable at 25% since 2008. Spain  and Tenerife has increased in popularity since 2008 as people respond to the reports of falling property prices

“The percentage of people looking to buy holiday homes overseas remains unchanged from last year’s survey (48%), which reinforces the notion that interest is still there despite the worsening economic conditions, “ continues Wright. “However, the number of people moving abroad permanently has decreased; this is possibly a result of the fluctuations in the value of sterling against the Euro. Also, property prices and the oversupply of rental properties in continental Europe mean fewer people are buying with a view to using the property as an investment or income generator.” Not surprisingly, coastal locations are ranked No.1 by all respondents who are currently looking to own or rent an overseas property, followed by tranquil village settings.

‘Planned spending levels are very similar to 2008, which further strengthens the notion that interest in overseas properties has not been significantly impacted by the economic climate. Also similar to last year’s survey results, most respondents said that they want to buy a property that requires minimal work, buyers want somewhere they can start to use and enjoy straight away,’ concludes Wright.

Primelocation.com 2009 International Survey also found that buyers prefer to use an estate agent in the country in which they are buying. UK based agents are also popular because they give the buyer the reassurance of an English speaking service and expert, reliable advice of the processes of buying abroad.

The survey results also indicate that buyers start their search on property portals, which give them access to a wide range of estate agents both in the UK and abroad. Once they have narrowed down their search they are happy to use the services of estate agents who have properties that fit their requirements.

The grass is not always greener!

The Grass is always different, if not greener!

The one thing that seems to unite this growing wave of émigrés is not age, or class or even wealth, it’s the shared opinion that the UK is going to the dogs and the politicians seem oblivious or powerless to do anything to change it! This is translating into an attitude of ‘the grass is greener’ abroad and there appears a huge head of momentum for us to desert Blighty and flock to a place in the sun.

In many cases the seeds of these ‘dreams’ are sown on holiday. After a few days in the sun, unwinding and relaxing, you suspend the reality of your life back home and enter that blissful, dreamy, stress-free state of “no shoes no news”. The school runs, the office politics and the bad weather temporarily fade becoming a dim and distant memory. This is a dangerous place to be, at least psychologically. Your guard is down; all the things you hate about your life and circumstances back home are suddenly and painfully magnified by the perfect life you could lead abroad. Right here, right now, under the shade of this palm, cocktail in hand, looking out over the shimmering azure horizon. The really crazy thing is that you’re normally risk averse, sensible and sober partner, is also seeing the possibilities and actually agreeing with you for once……….

Grant and Jemima, fantasising about their escape to Tenerife….. “Darling just think for the price of our terrace house in Battersea we could buy a farm, pay off the mortgage and put £150k in the bank for a rainy day”. “Tabitha and Tarquin can learn Spanish, I can paint water colours and you can do odd jobs and a bit of writing, what do you think?” “Yes! We could grow our own vegetables, keep a few goats, pick olives and tread the grapes. It’s a much healthier outdoor life for the children. Have another glass of Rioja darling”……..

Or Kevin and Shaza from the North West of England, deciding to start afresh with their kids Britney and Dylan, by opening an ‘All day breakfast’ bar in Benalmadena. This despite the fact that their only previous experience of bar ‘work’ was getting bladdered every weekend in the local!………”Well Shaza it’s sunnier than Bolton, Blackburn or even Blackpool! The beer, fags and rent’s cheap and more people speak English here then back ‘ome. We’ve nuthing to lose!”

As an abstract dream it all works. However, as the end of the holiday looms and with it the realisation that they are going to return home, to clamber back onto the treadmill of their daily lives, the haze of optimism is soon replaced by the ‘black dog’ of reality. There is however always the lifestyle media, ably led by Channel 4’s ‘A Place in the Sun’ and ‘Pay off your mortgage in a Year’ (by seemingly trebling your debt to buy over-priced property abroad, on the assurance of a commissioned sales person that it’s a good investment), to lift your spirits. These and a plethora of other ‘foreign adventure’ programs such as BBC 2’s, ‘Get a new Life!’ try before you buy emigration program only serves to reinforce the idea, that a better, utopian existence awaits them abroad.

It seems that there is a push and pull effect in action. The push to leave is driven by people’s negative perceptions of their work/life situation at home in modern Britain: - bad weather, high taxes, increased immigration to the UK (ironically), crime, European regulations (loss of power to Brussels), high cost of living, poor schools, poor health service, the pensions crisis. Also New Labour’s style/spin over substance (now being copied by the Conservatives), lack of a credible opposition party, long working hours, traffic congestion etc. Basically it appears that the materialistic, consumption driven, rat race we are all caught up in at home, has led us to an overwhelming sense of helplessness. This feeling of not having sufficient control over our lives leaves us feeling unhappy about the quality of life we are leading. We feel unfulfilled and guilty about the sort of present, let alone the future, we have created and are creating for our children. These feelings manifest themselves as increased anxiety and stress levels and this is one of the main causes of so many people looking for an escape route or way out.

On the other hand there is the pull to arrive in a new sunny place and start a new life: - better weather, lower taxes, lower crime, a slower pace, lower cost of living, better schools, good health care and generally a better quality of life. Immigrants! Well we’re the immigrant, so what’s the problem?

It appears many wage slaves are saddled with an omnipresent sense of “so much more of life’s millstone to tread”, ahead of them in Britain. They view a life in the sun with rose tinted glasses, as if to blind. This rose tinted view is encouraged and enhanced by the polar opposites of what people want to escape from and what they believe they are escaping to. This is to ignore the perceived wisdom, that when you live and work in a place where you’ve previously holidayed, the place you thought you knew and understood as a tourist, is often very different in reality. This is to state the obvious, but often overlooked fact, that living and working abroad is a whole different circumstance from holidaying, down timing and chilling.

New Publication to assist Tenerife residents?

A new book clearly explaining the rights of Tenerife residents could be just the ticket for recession-hit expats…

Tenerife Lifeline - a must read for anyone wishing to live in Tenerife

Tenerife Lifeline - a must read for anyone wishing to live in Tenerife

Expatriate British and Irish residents in Tenerife may be more likely to feel the recession pinch than other residents on the island.  Retired and working residents are particularly vulnerable to a combination of factors brought about by this recession and according to Tenerife Lifeline, a lack of information has made dealing with these problems even worse.

A weak pound has substantially reduced any income that may have come from the UK, which has directly affected many retired residents claiming a pension as thousand are lost in currency transfers to Tenerife.  If you require a currency transfer, you should consider a money broker rather than a bank as the charges are less.

An increasing number of remote workers who have settled in Tenerife, earning money from the UK and Ireland, have been equally affected.

The effects of recession may be hitting expats in Tenerife hard, but it is made worse because many British and Irish residents are unaware of how the Spanish system works and how to benefit from it.

An increasing number of residents have discovered Tenerife Lifeline, a book written in English that answers all these questions.  The book clearly explains expat rights in all aspects of life, from employment, health to mortgages, credit and tax, and is relevant whether you own a business, work for one or you are retired.

The book is very practical, showing you how to go about getting what you are entitled to.  Available from shops all around the island, including the Trading Post in Las Galletas, this invaluable guide is helping more and more of Tenerife’s expats through the recession.