More expats planning to stay abroad

October 27, 2011 – 2:24 pm

In February, Lloyds TBS International released a survey that suggested 67 per cent of expats had no plans to return to Britain – compared to just 56 per cent when the same survey was conducted six months before.

Now, research by the company has revealed that even more people (69 per cent) are planning to stay abroad permanently, with 15 per cent saying they have cancelled plans to return in just the past year.

A combination of improved financial prospects and the belief that quality of life is higher overseas seemed to be the main motivation behind expats’ decision to stay. Despite the financial hardship that many expats, particularly those in Europe, have suffered due to adverse currency fluctuations since the beginning of the economic crisis, 64 per cent said they were still financially better-off abroad, with only a quarter saying that the cost of living was higher.

Nearly three-quarters (74 per cent) per cent said their quality of life was higher, with 51 per cent agreeing that their new home was a better place to bring up children. Many expats also felt safer abroad, with just 13 per cent saying that their neighbourhoods in Britain had been less dangerous.

Source: Telegraph.co.uk

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British buyers still love Spain and Tenerife

October 6, 2011 – 9:25 am

The Brits love affair with Tenerife and Spanish property continues

British buyers have long had a love affair with property in Spain but now it seems it is other overseas buyers who are helping the real estate market to recover.

Despite a downturn in the number of British buyers specialist Murcia estate agent, Mercers, has just experienced its best summer sales period for five years with buyers coming from Norway, Sweden, Spain, France, and Ireland.

Murcia is attracting a diverse international audience who are lured by four key factors, the Paramount branded Theme Park that is being built, golf, improved accessibility and, above all, price.

‘We know that Spain is far from being out of the woods in terms of its property crisis but you can’t generalise the nation as a whole. The region of Murcia is certainly poised in pole position for recovery. Price is the driving force that puts Murcia as the top searched for Spanish destination as confirmed by leading property portals,’ said Chris Mercer, director of Mazarron based Mercers.

Source: PropertyWire.com

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Spain still a frim favourite for property

September 7, 2011 – 10:55 am

Property in Spain and Tenerife still a favourite with buyers

The three most popular international real estate markets are still the old favourites – Spain, France and the USA, according to the latest Top of the Props report .

In troubled times, many investors return to the things they know best and that certainly seems to be the case with overseas property buyers, with the top 3 countries sharing nearly a third of all property searches on TheMoveChannel.com.

Director Dan Johnson said: “The Spanish market is awash with great deals at the moment as Spanish banks continue to try and shift property cheaply. This phenomenon is unlikely to change soon, as there is plenty of supply, while the failure of some banks in the recent stress tests, means they’ll be keener than ever to divest the repossessed stock from their balance sheets. 

“France is an altogether different market, with a much higher concentration of lifestyle buyers purchasing holiday homes because they love the country and want to spend time there – it’s not such a price-sensitive market, though buyers are still pushing for good deals.”

Other notable movers and shakers this month are Portugal, which moved above Italy in terms of popularity for the first time and Thailand, which jumped up 12 places to number 9 and moved into the top 10 for the first time.

Of course, the Canary Islands especially Tenerife has some real bargains at present, why not check out the local estate agents and grab a property at prices paid  years ago.

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Shop around for your foreign currency when buying property abroad

August 11, 2011 – 5:29 pm

Take care when exchanging currency to purchase property in Tenerife and overseas

Independent analysis on the European property market found that average foreign property buyer spending £125,000 on their overseas home would receive €131,547 from a high street bank. However using a specialist foreign currency provider could result in an improved rate of €139,033 – a massive €7,486 difference equivalent to around £6,600, according to GSA.

The highest return on a £125,000 transfer was €139,650 offered by Currencies.co.uk, while the lowest was €131,062.50 offered by HSBC.

Just 10% of foreign currency transactions are made using a foreign currency provider, who can offer around 5.6% more than the High Street as they use commercial exchange rates to determine the value.

Savills International Research on second homes found that around 130,000 overseas properties were purchased by Britons between 2005 and 2009, potentially wasting millions as a result of poor exchange rates.

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Brits considering luxury property in Tenerife and Spain again

August 10, 2011 – 5:36 pm

Luxury and prime property is selling well again in Tenerife and Spain.

Britons seeking their own slice of heaven abroad are increasingly considering luxury Spanish properties.

Experts say the sun-drenched country is once again proving popular with overseas property hunters, but they are now adopting a more cautious approach than that seen during the Spanish housing boom prior to the global economic downturn.

Buyers are seeking out investment properties that meet their precise requirements, and that has generally meant properties with a more luxurious feel. In Tenerife,  prime coastal properties are selling well.

The trend appears to be backed up by a report from the Overseas Guide Company which reveals a rise in the number of requests it has received for information about the Spanish property market.

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Investors in Tenerife and Spain benefit from more rental opportunities

July 19, 2011 – 12:26 pm

Rental opportunities in Tenerife increase

Investors interested in property in Spain could benefit from more rental opportunities as more Brits choose to holiday in Europe. 

According to a new study by Abta – The Travel Association, bookings to Spain have increased by 11 per cent compared to last year, showing that the destination is becoming more popular with holidaymakers.

Short breaks are also seeing more people travelling into the country, especially to Madrid, as economies around the world recover and capital has been freed up to boost overseas stays.

“During the recession, luxury holidays were substantially affected, but have now experienced a healthy comeback,” Abta said in a statement.

Source: International Business Times

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Spain and Tenerife amonst the property buying destinations for the Indian holiday market

June 29, 2011 – 9:08 am

European countries like Spain, Greece and Italy are among the latest property buying destinations for Indians in the holiday home segment after prices have crashed there, according to industry analysts and consultants. Real estate assets in exotic locales around the world are often packaged and marketed as “holiday homes”.

Even as Indians are restricted by the Reserve Bank of India (RBI) ceiling while investing in overseas property, their numbers have risen in the recent past in buying a home away from home. RBI has capped the overseas property investment at $200,000 per person per year.

No concrete data is available to quantify the size of the market as far as Indians going abroad to buy property is concerned, said Anshul Jain, CEO (India), DTZ, an international real estate adviser headquartered in London. Jain, however, said the number of Indians investing in prime property abroad or buying holiday homes overseas has gone up substantially in the recent months.

Spain, Tenerife and the Canary Islands and Greece, which continue to be in the grip of the economic slowdown, have seen 40 to 50 per cent decline in holiday home prices from their peak level, according to Jain. One can acquire a holiday home in these European destinations at ¤250,000-300,000, estimates suggest.

Source: Business Standard

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British property buyers keen on Tenerife and Spain

June 23, 2011 – 12:24 pm

British overseas property buyers are becoming more interested in owning homes in nearby Europe than further away as transport costs increase, according to Rightmove Overseas.

The UK-based listings website’s search report for May showed an overall increase in searches for overseas property of 15.3% compared to April.

The top movers included Poland, which broke into the top 20 for the first time as searches increase by 248%. Elsewhere, the German region of Bavaria had 82% more searches month-on-month and 17 out of Italy’s 20 regions recorded increased user activity. In France, the Dordogne, Aquitaine and Limousin regions all received increases in enquiries, with 74%, 47% and 39% respectively.

Shaheem Golamy, head of Overseas at Rightmove, told OPP this week: “After the bank holidays in April, searches for overseas property increased by 15% in May as people settled back into their normal routine.”

Tenerife continues to remain extremely popular amongst holiday makers and prospective purchasers of second homes.

Source: OPP.org.uk

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Spain’s property prices fall again

January 12, 2011 – 2:07 pm

Spain's property prices falling

There are between 700,000 and 1.1 million unsold homes in Spain, a figure that could drag the property prices in the country down further this year, according to the Central Bank in Spain.

A spokesperson from the financial body said property values are likely to continue their downward trend due to tax changes in the country. The banking regulator said: “We will see a process of gradual absorption of accumulated excess supply, which will be slow and mean that housing investment will not contribute to the growth of activity in the near future.”

House values fell by about 13% from the peak seen in the first quarter of 2008, according to government statistics. There was also a decline in new-home construction. Only 137,000 homes were built in the year to September, down from the 2007 peak of 750,000 units.

Perhaps with the fall in the value of the Euro, more overseas purchasers will be tempted back to buy in areas such as Tenerife and The Canary Islands, which have been popular in the past.

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Sending money abroad?

November 30, 2010 – 11:50 am

New research from Post Office International Payments has revealed that 40 per cent of overseas property owners admit they have needed to pay for unexpected maintenance costs they did not budget for.

Council tax, shared maintenance fees for upkeep of communal areas and central heating top the list of maintenance costs overseas homeowners have had to shell out for, with 97 per cent of them sending money abroad from the UK via an international bank transfer to cover such costs.

However with fluctuating exchange rates and international currency transfer fees charged by some banks, overseas homeowners could be paying an extra £510 annually to cover these maintenance costs.

Sending money abroad can be expensive, so Post Office International Payments is advising overseas homeowners to shop around for the best deals on their overseas bank transfers in order to avoid any hidden charges and cut some costs.

Sarah Munro, Post Office Head of International Payments, said: “While local services can initially appear cheaper than the equivalent in the UK, overseas property owners can be stung with higher bills due to being charged fees for sending money abroad.”

The Post Office International Payments service enables customers to enjoy sending money abroad without incurring transfer fees or commission charges.

The cost of sending money abroad to places such as Tenerife, to cover unexpected maintenance costs can sometimes result in even higher charges being applied by some banks so it is essential for overseas homeowners to use foreign money transfer services which do not apply any additional charges.

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