The United Kingdom is currently seeing the end of what has been the wettest June for a century. Two recent surveys are looking at the reasons why UK citizens are buying real estate abroad. Surely not a coincidence?
Lloyds Bank commissioned its own study into buying habits of well-to-do UK residents, the International Wealth Survey, which was published at the end of a decidedly damp April this year. According to Lloyds’ findings, any UK citizen who has seen his fortunes rise by 5 per cent or more is likely to pack their bags and leave the UK for a warmer climate and more fulfilling lifestyle abroad. Around half a million UK residents with savings and investments worth more than £250,000 are contemplating the move abroad in the next two years, according to Lloyds’ findings.
Most favour a life at the Spanish Mediterranean Sea. The Costa del Sol in particular is a favourite with buyers. A large UK expat community is already living there, the quality of housing stock is better than in other parts of Spain’s coastal regions and with world-class resorts like Marbella, Fuengirola, Estepona, Malaga and Torremolinos on offer, who’d want to live in Hull, Birmingham or Manchester, given the choice?
Manchester is the instigator of the second survey into buying habits of the wealthy UK citizen. The Manchester Metropolitan University is currently investigating the most poignant reasons behind the mass exodus of the UK’s A-list demographics. Manchester is – it almost goes without saying – the British Isles wettest city with an annual rain fall that would make Neptune rejoice.
It’s not just the weather that is driving British citizens abroad though. According to both survey results, the average well-to-do UK resident is fed up to the back teeth with high taxation and cost of living, when “living” isn’t really what they get. A far better lifestyle for less money is what they are after and with so many property bargains available at the Costa del Sol, a mortgage free life is not a pipedream but can become a reality for many.
Life in Marbella for example offers a plethora of outdoor pursuits that can be enjoyed all year round. Famous for its world-class golf courses, the resort also hosts the WTA tennis tournament and the world of yachting is well represented too at Puerto Banus, where the rich and famous moor their super yachts to display their status and wealth.
The Costa del Sol is very accessible with budget flights to Malaga Airport for example. Marbella’s many different districts offer a huge variety of neighbourhoods and style of property, too, making the resort even more attractive. While the Golden Mile and Marbella City Centre may be out of most people’s reach with regard to property prices, Altos de Elviria, Marbesa and El Rosario are more affordable.
Front line beach view apartments with all the luxury a well-to-do UK resident might expect can be bought from EUR 620,000. Such property is in established areas with all amenities and services within walking distance.
Hacienda las Chapas has a complex of fine villas with extensive grounds and apartments with views for sale, where the apartments start from EUR 178,500 and penthouses can be bought for EUR 199,000. Depending on size of grounds and number of bedrooms, villas start at EUR 5,000,000 for 10-bed villas fit for a pop star that have stunning views as well as large gardens and end with more modest Andalusian style 4-bed villas with amazing sea and mountain views that cost around EUR 1.5 million. Fincas are available at around EUR 475,000. Las Chapas is very close to the famous Santa Clara Golf course, thus attracting higher prices.
At Altos de Elviria a luxury penthouse with panoramic views will start at EUR 500,000, while slightly more modest apartments with sea views start at EUR 280,000 for a 2-bed, 2-bathroom property.
Bank repossessions can be offered with 60% reductions, depending on the specialist broker handling the deal and the number of properties the lender wants to shed. Such real estate investment opportunities in Marbella typically come with a 100% mortgage for buyers who qualify for pre-approval.