The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
Spain remains the number one destination for Britons making the move abroad. With over 300,000 Britons living in the country, it’s easy to see why.
Enjoying festivities and traditions galore, afternoon siestas and tapas, Spain is not just a country it’s a way of life.
Choosing where to live in Spain will depend on whether it’s best for you to be in big cities like Madrid, where the average property costs €295,927, or the sun-kissed regions like Alicante or Malaga where you can snap up property for around €145,679.
However, it is important to note that due to the coronavirus pandemic, S&P Global Ratings predict a 1.4% price fall in house prices in the country in 2020, followed by 1.8% growth in 2021 and 4.5% in 2022.
Furthermore, even with the UK leaving the EU at the end of 2020, the Spanish authorities have made positive noises about how they will treat British citizens. And the announcement that Britons abroad will have access to healthcare adds to list of reasons why Spain should be a must when looking to move.
Spain’s neighbour on the Iberian Peninsula, Portugal, continues to attract expats to the country, with investment strong and tourism hoping to bounce back (coronavirus permitting that is).
There is also very little prohibiting expats from buying a property in Portugal. So whether you want to move to the gorgeous coastline of the Algarve with Faro or Lagos being hotspots, or up in the mountains of the ‘Parque Natural da Serra da Estrela’ near Guarda, there is scenery for everyone.
However, it’s worth nothing that for property hunters Portugal gets slightly more expensive each year, with the average property being around €239,184. What’s more, if you spend at least €500,000 on Portuguese real estate, you may be able to get your hands on a Golden Visa, which means you’ll be given a free Portuguese residency permit for you and your family.
Since 2015, when the central bank in Sweden lowered the interest rate to minus 0.1%, the housing market has had an upturn. A shortage of city centre apartments in locations like Stockholm, Gothenburg and Malmö has revived this market growth.
Whilst Sweden’s cities seem like the better option, you will most certainly be buying an apartment which could set you back a fair amount, depending on which city you’re choosing to move to. For example, in Stockholm a two bedroom apartment can cost around SEK 80,000 per square metre.
That’s not to say that rural Sweden should be swept under the rug straight away, in fact if you don’t mind a couple of hours drive to the nearest town or city, rural Swedish property might be the one for you. With homes in Torsås and Sandviken selling for as low as SEK 539,642 (that seems like a lot, but actually that equates to £48,446!).
House prices in Italy have fallen by around 20% since the economic downturn in 2008 and this trend has only just begun to slow. The cost of property varies across Italy, with properties in the North buoyant, whereas those in the South have slumped.
However, the cheapest areas to purchase property are Calabria, Molise, and Sicily where prices can be as low as €50,000 for a three bedroomed villa. The most expensive areas tend to be cities like Rome, Venice, Milan, and regions like Tuscany, where demand is high for the picturesque expat life, where prices start at around €200,000 for a two bedroomed apartment.
Although if even these prices are too high and maybe a restoration project is what you’re looking for, in 2018 some regions started putting up old houses for sale for just 1 euro. The idea of these 1 euro houses is to encourage real estate investment in the country, and allow properties to be restored and renovated, and sold for a profit.
Although the rules are strict, non-Italian residents are eligible to apply for a mortgage in Italy and banks will lend up to 50-60% of the property price, depending on circumstances.
This guide only touches the surface of moving abroad and choosing where to move. When in reality the choice is endless, and making a decision is even harder.