Are these the Most Popular Destinations for an International Property Purchase?
Posted by Laura Parsons on August 26th, 2016.
While the recent plummet in Pound exchange rates has made purchasing a foreign property more expensive, a number of Britons are still planning to take the plunge and invest in overseas real estate in the near future.
But what are the most popular destinations for an international property purchase?
According to Rightmove, the number of searches conducted by foreign property hunters surges in the summer as people get swept up by the heady prospect of enjoying more than two days of sunshine a year.
Their research has narrowed down the 5 international locations garnering the most attention and, to help you decide whether any of these regions appeal to you, we’ve added in some stats to give you an idea of what kind of weather you might enjoy and how much living in one of these areas might cost.
The cost of living comparison is based on figures compiled by Numbeo, are calculated in Pounds and look at the region’s capital cities Vs London.
Andalucia, Spain
According to Rightmove, Spain has topped searches for foreign properties for a long time as a result of the nation’s warmer climate and easy distance from the UK. Of the 500+ daily enquires the company is sent about Spanish properties, a significant proportion relate to Andalucia.
Located on Spain’s southern coast, Andalucia is in many ways the Spain foreign nationals imagine, famed for tapas, matadors and flamenco. The region’s capital is Seville, one of Europe’s largest historical centres, but if you’re looking for a more rural retreat Andalucia offers a plethora of prospective properties off the beaten track.
Weather
Average Temperatures in Andalucia
Jan: 11°C or 52°F
Feb: 12°C or 54°F
March: 15 °C or 59°F
April: 17°C or 63°F
May: 20°C or 68 °F
June: 25°C or 77°F
July: 28°C or 82°F
August: 28°C or 82°F
September: 25°C or 77°C
October: 20°C or 68°C
November: 15°C or 59°F
December: 12°C or 54°F
Cost of Living in Seville Vs London, UK
Meal, Inexpensive Restaurant – Seville: £7.24, London: £15:00
Cappuccino (regular) – Seville: £1.18, London: £2.61
Milk (1 litre) – Seville: £0.58, London: £0.91
Bread (1 loaf) – Seville: £0.81, London: £1.00
Rent per Month (1 bed flat) – Seville: £447.47, London: £1,684.08
Property Purchase Price, per M2 – Seville: £2684.84, London: £16,499.33
Average Monthly Disposable Salary (after tax) – Seville: £961.75, London: £2041.58
Algarve, Portugal
The number 2 entry on Rightmove’s list of the 5 most popular destinations for an international property purchase also scores highly because of its climate, recording an average of 12 hours of daily sunlight during the summer.
The region is famed for its beaches, golf resorts and stunning coastline. The capital of the Algarve is Faro, which in spite of being a popular tourist destination is said to have a more traditionally Portuguese feel, with winding lanes and outdoor cafes. Due to its student population (of over 8,000) Faro also has a busy nightlife.
Weather
Average Temperatures in the Algarve
Jan: 12°C or 54°F
Feb: 13°C or 55°F
March: 15 °C or 59°F
April: 16°C or 61°F
May: 18°C or 64°F
June: 21°C or 70°F
July: 24°C or 75°F
August: 24°C or 75°F
September: 23°C or 73°C
October: 19°C or 66°C
November: 16°C or 61°F
December: 14°C or 57°F
Cost of Living in Faro Vs London, UK
Meal, Inexpensive Restaurant – Faro: £6.39, London: £15:00
Cappuccino (regular) – Faro: £0.99, London: £2.61
Milk (1 litre) – Faro: £0.54, London: £0.91
Bread (1 loaf) – Faro: £0.85, London: £1.00
Rent per Month (1 bed flat) – Faro: £362.24, London: £1,684.08
Property Purchase Price, per M2 – Faro: £767.10, London: £16,499.33
Average Monthly Disposable Salary (after tax) – Faro: £656.30, London: £2041.58
Aquitaine, France
The ease with which expats are able to travel between France and the UK is one of the reasons why the nation has remained an endurably popular emigration location with Brits. The data compiled by Rightmove showed that of all the regions in France, Aquitaine is the one which attracts the most property enquiries, with the breath-taking Pyrenees and the Dordogne Valley being particular draws.
The largest city in Aquitaine is Bordeaux, the port city renowned for its wine-growing and gothic architecture.
Weather
Average Temperatures in Aquitaine
Jan: 6°C or 43°F
Feb: 7°C or 45°F
March: 10 °C or 50°F
April: 13°C or 55°F
May: 17°C or 63°F
June: 19°C or 66°F
July: 21°C or 70°F
August: 21°C or 70°F
September: 19°C or 66°C
October: 15°C or 59°C
November: 10°C or 50°F
December: 7°C or 45°F
Cost of Living in Bordeaux Vs London, UK
Meal, Inexpensive Restaurant – Bordeaux: £10.23, London: £15:00
Cappuccino (regular) – Bordeaux: £2.30, London: £2.61
Milk (1 litre) – Bordeaux: £0.81, London: £0.91
Bread (1 loaf) – Bordeaux: £1.26, London: £1.00
Rent per Month (1 bed flat) – Bordeaux: £495.30, London: £1,684.08
Property Purchase Price, per M2 – Bordeaux: £3008.45, London: £16,499.33
Average Monthly Disposable Salary (after tax) – Bordeaux: £1191.13, London: £2041.58
Florida, USA
The US as a whole is popular with people looking to overseas property for investment purposes, with family-friendly, balmy Florida topping the list of US destinations.
Florida is nicknamed the ‘Sunshine State’ for good reason and has literally hundreds of miles of beaches to explore. With a huge number of theme parks (including Walt Disney World) and Miami’s Latin food culture and nightlife, Florida is a state with something for everyone. Tallahassee, Florida’s capital city, is known for being a heritage centre with exceptional outdoor spaces and an affinity for the arts.
Weather
Average Temperatures in Florida
Jan: 16°C or 61°F
Feb: 16°C or 61°F
March: 20 °C or 68°F
April: 22°C or 72°F
May: 25°C or 77°F
June: 27°C or 81°F
July: 28°C or 82°F
August: 28°C or 82°F
September: 27°C or 81°C
October: 24°C or 75°C
November: 19°C or 66°F
December: 16°C or 61°F
Cost of Living in Tallahassee Vs London, UK
Meal, Inexpensive Restaurant – Tallahassee: £7.56, London: £15:00
Cappuccino (regular) – Tallahassee: £2.80, London: £2.61
Milk (1 litre) – Tallahassee: £0.76, London: £0.91
Bread (1 loaf) – Tallahassee: £1.77, London: £1.00
Rent per Month (1 bed flat) – Tallahassee: £524.68, London: £1,684.08
Property Purchase Price, per M2 – Tallahassee: £789.36, London: £16,499.33
Average Monthly Disposable Salary (after tax) – Tallahassee: £1523.18, London: £2041.58
Tuscany, Italy
Being based in central Italy, Tuscany embraces a range of landscapes, from lush olive groves to beautiful beaches and imposing mountain ranges. While average temperatures in Tuscany aren’t as hot as in some of the other top 5 destinations listed, winters are mild and summers are typically hot.
Florence, the capital of Tuscany, is a cultural mecca for many due to it housing some of the world’s most renowned examples of Renaissance art and architecture. Tuscan cuisine is another draw to the region, with Panzanella (a salad containing stale bread) being a local speciality.
Weather
Average Temperatures in Tuscany
Jan: 7°C or 45°F
Feb: 8°C or 46°F
March: 10°C or 50°F
April: 14°C or 57°F
May: 18°C or 64°F
June: 22°C or 72°F
July: 25°C or 77°F
August: 24°C or 75°F
September: 21°C or 70°C
October: 16°C or 61°C
November: 11°C or 52°F
December: 8°C or 46°F
Cost of Living in Florence Vs London, UK
Meal, Inexpensive Restaurant – Florence: £12.78, London: £15:00
Cappuccino (regular) – Florence: £1.11, London: £2.61
Milk (1 litre) – Florence: £1.11, London: £0.91
Bread (1 loaf) – Florence: £1.09, London: £1.00
Rent per Month (1 bed flat) – Florence: £565.10, London: £1,684.08
Property Purchase Price, per M2 – Florence: £3686.33, London: £16,499.33
Average Monthly Disposable Salary (after tax) – Florence: £656.30, London: £2041.58
So, according to Rightmove’s stats, those are the 5 most popular destinations for an international property purchase in 2016. If there are any other regions you’d recommend, let us know on Facebook or Twitter.
Finally, when buying a foreign property it’s important to remember that looking into your currency transfer options and securing a competitive exchange rate can save you thousands. Download our free guide to maximising post-Brexit currency transfers for more information.
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