Record-Breaking Year For European Overseas Property Buying
2022 is set to be record-breaking year for moving overseas, as ‘expat-preneurs’ search for property in the sun. Kyero have seen an increase in buyer interest and have conducted a survey to identify the reasons people give for their overseas property buying.
2022 is set to be a record-breaking year for European overseas property buying according to overseas property portal Kyero.com. Kyero, the largest overseas property portal in the UK with almost 1 million European properties listed, today reported a 40% increase in buyer interest so far in 2022 compared to the same period last year.
Key factors in the ‘record overseas relocation’ include:
- Better weather (75%)
- Better quality of life (36%)
- Cheaper cost of living (16%)
- High UK property prices (7%)
- 24% looking to move are either self-employed, freelance or run their own businesses
According to research by the company*, the search for sunshine is the top reason to make the move – with 75% potential buyers saying this is a driver.
Cost is also a key factor, with one in seven people surveyed (16%) stating that they want to move to Europe because they are looking for a cheaper cost of living.
Louise Dell, Co-founder of Kyero.com, says:
“An increasing number of people are now looking to make their dreams of moving overseas a reality after two difficult years of lockdowns and Covid restrictions. With travel restrictions lifted, people are now able to plan trips overseas and view properties more easily. It seems that our obsession with the weather remains, as the number one reason for wanting to move to Europe is for better weather.
“Although the over 55s make up the majority (74%) of those looking to move, we are seeing an increasing number of younger people searching for overseas property, too. The rise of remote working may well be behind this trend, with many people now choosing to do so from Spain, Portugal, Italy and France.”
24% of those looking to move to Europe are self-employed, freelance or run their own businesses. Digital nomads and remote workers based overseas are on the rise and a range of digital nomad visas are being introduced across Europe. Portugal, for example, is an appealing remote working hotspot due to its D7 digital nomad visa and Italy launched a new visa in March 2022, while Spain is preparing to launch a new digital nomad visa this year.
Property prices tend to be slightly cheaper in Europe, and the market is less competitive, so it can make an attractive option for UK buyers. The average (median) price of Spanish properties for sale on Kyero.com is €292,200, and in Portugal it is €245,000.