Many Brits Buy Overseas Property for Lifestyle Reasons
As the global economy continues to lack growth and global property markets prove a turbulent investment, many UK-based investors are looking at their overseas properties as lifestyle assets above long-term investments. With holiday and investment properties ranging from exotic locations in Cape Verde and Bulgaria, all the way to trusted holiday spots in Spain, Portugal, and USA hotspots like Florida, many Brits are looking for an improved lifestyle overseas with foreign property.
Of course, these properties aren’t for emigration, but temporary moves for the better climate, lifestyle, and attractions on offer. Despite overseas home ownership slumping since 2006, over 430,000 foreign properties are owned by Brits. Many are used as holiday homes – often summer houses in warmer climates – while others are used as investment properties or short-term rentals.
The vast majority of the overseas properties were situated in Europe, giving many Brits a convenient location for overseas removals and complete long-term moves. Of the 75% situated in Europe, over 25% of the homes were in Spain, with another 25% spread throughout France and Italy. Many international homeowners keep their homes furnished with relatively spartan equipment, choosing an international removals firm to move further items as required.
This investment in lifestyle comes at a time when many Britons are cutting costs left and right. Seen more as a lifestyle investment than a potential source of income, these holiday properties demonstrate that no matter what the economic season, lifestyle expenses will always account for a portion of national spending.
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