December 21, 2009 – 4:30 pm
The strong euro has changes plans for those living and wishing to live in Tenerife and Spain
It seems there really is no place like home. New research has discovered that UK expats are returning home in their droves as the weak pound has sent the cost of living in the Eurozone soaring.Over the last year, there has been a huge rise in the number of expats living in Europe looking to return home to the UK.
Research for home-movers, has seen an uplift in demand for removal quotes from those expats wanting to relocate back to the UK – a big turnaround from the exodus of Brits in recent years to enjoy warmer climes and cheaper property prices elsewhere. The number of people requesting quotes to move to the UK has increased by 37 per cent, while there has been an 18 per cent decline in the number of people moving from the UK to the continent in the space of a year
Spain has seen an exodus in the past year, with a 39 per cent increase in the number of quotes to move to the UK. Traditionally the most popular haven for British expats seeking to retire in the sun, Spain has suffered from a devastating property crash, leaving many owners with depleted equity and high living costs due to UK pensions being paid in pounds not euros.
Many expats have had their dreams shattered by the current economic crisis and are finally realising that they can no longer afford to live in Europe with the weak pound. For those who kept their options open by retaining a property in the UK the situation is not so desperate but for many who sold up completely and are now unable to sell their European home, their only option is to rent back in the UK.
We have seen a sharp decline in the number of people moving out to the continent in the past twelve months as a result of the weakening pound and stretched finances in the UK. This has resulted in many would-be expats putting their aspirations of retirement in the sun on hold until the markets recover.
By Angela
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Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather
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Tagged Brits, cost of living, Euro, European, expats, home, pensions, pound, Property, rent, retirement, Spain, Tenerife, UK|
December 17, 2009 – 12:51 pm
In Spain, Tenerife and the Canary Islands, property searches are beginning to increase once more.
The number of searches for international property in November 2009 was double the level of November 2008, signaling that this sector may have turned a corner.
Primelocation International recorded over one million foreign property searches in November, taking interest back up to pre credit crunch levels. Almost one third of searches were carried out for property in Spain, Tenerife and the Canary Islands which has overtaken rival France to become the most popular country after twelve months in second place.
The pent up demand for second home and investment purchases is likely to spill over into increased activity and sales next year if an economic recovery causes the pound to rally.
After a sustained period of rising interest in international property as a whole, I think we can be confident that foreign property purchase is now back on the agenda, in spite of certain barriers such as exchange rates and finance, which may be continuing to stall actual sales.
The total number of searches is almost on a par with pre credit crunch levels and, as the health of the economy continues to improve and consumer confidence returns, we could see a marked increase in market activity next year and a long term stabilisation of prices.
By Angela
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Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized
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Tagged Canary Islands, exchange rates, foreign, interest, international, Investment, pound, Property, purchases, second home, Spain, Tenerife|
November 7, 2009 – 12:26 pm
A drop in sale price yet still the same amount of sterling to take back to the UK thanks to the exchange rate!
The Spanish see that the property market has been abandoned by many UK buyers due to the poor strength of the pound. However, sterling sellers can sell at 20% below what the property was marketed at a year ago and still end up with the same amount of sterling to take back the UK with them.
Also, the stock of B-money, which comes out at this time for cash purchases will also support the economy for sometime, although it is foreseen that the recession will be sufficiently long in Spain and Tenerife as to draw out most of this ‘resource’. Maybe this is the Bank of Spain’s cunning plan to remove the alternative economy. Unfortunately, the raising of taxes may just encourage it even more.
By Angela
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Posted in Uncategorized
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Tagged bank, buyers, Economy, Euro, exchange rate, pound, Property, Spain, sterling, Tenerife, UK|
