UK Retirees Among Most Likely to Buy Housing Abroad
Who doesn't love a vacation home? As it turns out, retired individuals are increasing their global housing purchase activity, and are more likely to purchase vacation homes abroad than those not yet retired.
Now, this might seem obvious, but it is good news for the global housing market and Spain has made the list as the top purchase destination for UK retirees. Next was France, then Italy. This, an 8 percent increase to 38 percent and 5.4 million in 2013's post crisis climate, up from 30 percent pre-crisis, shows a stabilizing market and international buyer confidence.
Most potential buyers of these international properties would only spend part of their time in these homes, as the majority of buyers' loyalties reside in their home countries.
Many of these buyers — 36 percent — said they would use saved funds to acquire said housing abroad, while 4 percent said they would remortgage their existing homes to access the funds necessary.
Oftentimes, overseas purchases of property can tend to be a bit more work than anticipated. Rental organization, maintenance, taxes, and other unexpected issues can cause unwanted efforts for those acquiring property. Those buyers should be aware of all necessary upkeep prior to committing to purchases.
Do you see an increased number of retired home buyers in your area? How do you feel about buying housing abroad, upon retiring? Feel free to let us know your thoughts in the comment section below.
Photo Courtesy of Donnaphoto’s Flickr