Interest in buying a property in the sun and retiring in Spain has increased by 50%, according to Spotblue.com in January 2021. This is despite lockdowns and uncertainty for the majority of the year caused by the global pandemic. Matt Hancock said this week that it’s “too early to decide on Summer Holidays this year” but it looks like the British public has other ideas.
“In 2020 to 2021, we’ve seen double the amount of people researching and looking for properties for sale in Valencia, Spain, and Turkey than we did in 2019,” said Julian Walker, director at Spotblue.com. “With the limitations on travel and going on holiday, it seems like people are looking to the future for some hope in what is a difficult time for us all. Buying a property gives you more freedom and security when it comes to holidays, escapism, and investments. The pandemic is making people realize what’s really important to them.”
Here are three reasons why Brits are looking to buy property abroad now than pre-covid:
The lure of hot weather almost all year round is a lot stronger when dealing with British temperatures below 0°. Especially in lockdown 3.0 where the Winter weather is proving a challenge for lots of us. For example, the weather in Valencia in Spain in January is sitting comfortably around 20° and sunny, which will be having a big impact on its increasing popularity both as a holiday destination and as a place to invest in property.
Many places in Europe, especially Turkey and Spain where the majority of the increased interest is, offer both contemporary housing and rural villas at affordable prices. And now is the right time to invest in these properties as GBP vs. Euro conversion rates at their highest point in 6 months and the highest they have been since Brexit in January 2021.
Many British citizens who were opposed to Brexit or wanted to keep the freedom of movement in the EU attempted to secure dual citizenship last year by buying abroad last year. Spain was a particularly popular choice because of ‘The Spanish Golden Visa’, which is a residence visa allowing non-Europeans to reside in Spain when purchasing a property of 500.000€ or more. This visa is still available to Brits post-Brexit and is likely to have caused the specific increase in buying properties in Spanish cities like Valencia.
COVID has changed the way many of us work, with more companies having to offer remote and flexible working. This has given employees more freedom to work from anywhere, with particular government investment going into the Bahamas specifically. But in Europe, global companies are opening offices and headquarters in cities across the continent. Valencia is a recognized tech hub, which means more and more startups and technology companies are basing their head offices in Valencia. Again, this will have lead to some increased interest in buying in the city specifically.