The image of the Costas in the South of Spain and the Portuguese Algarve being filled with retirees, who have fled the rain and winds of the UK for what we might call an Indian Summer in the Autumn of their years, is showing signs of disappearing for good.
New research from Banco Halifax Hispania shows that young people are flocking to the Iberian peninsular in increasing numbers in search of a property overseas.
Of the people quizzed by the recent survey, the vast majority who were looking for a property abroad were under retirement age and 68% of those who wanted to live in Spain were under 65 years of age. At the same time, of those who had already bought a property in the country, 50% were under the age of 35.
This points to a shift in perceptions not also of these countries, but also how agents and developers are attracting buyers and residents. It also reflects on how these buyers will influence the region in the future. Younger generations are more likely to integrate into local communities, and may encourage their children to learn the language from an early age. Halifax’s Head of European Operations commented, It has long been assumed that only the older generation is buying property in Spain and Portugal, but this is far from the case, as they are also proving to be a popular location amongst younger age groups.
Meanwhile, Homes Worldwide reports that cheaper flights and an advantageous cost of living are attracting retirees across the border to Portugal in larger numbers than ever. There is now additionally a number of specific retirement developments on the market there which offer the twin advantages of cheaper property with the kind of developed infrastructure which makes retirement living easier.
In her new book, Retirement Property: A Complete Property Buyer’s Guide to Retirement & Beyond, Sarah Woods views the cost of living as one of the most important things to consider when looking for possible destinations for retirement.
The strong ex-pat network and established retirement communities, established in The Algarve and nearby coastal Spain is evidence of an ideal environment for retirees.
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