Buying a place in the Sun
With the increased ease of relocating due to technological advances, Currency UK has conducted some research into the most common trends of those who become Expats, and turned the results into an infographic. This infographic has all of the information you may need to know; for example, the top destination for those moving abroad is Australia. The graphic provides more on these trends, or please continue reading.
The overseas market has seen a steady growth in property ownership over the years. 6 million Brits live overseas – 10% of the UK population! If things continue as they are, 10% of Brits will be living or working abroad by 2020. Australia is the number one choice destination to relocate to, and 70% of expats in the country own their own property. The average cost of a property in Australia, in a major city, is £339,000. 86% of expats say their standard of living is excellent with 71% saying their work/life balance has improved since leaving the UK.
After Australia, Canada is the next country expats choose with the UAE falling in 3rd place as the most popular countries for relocation. 70% of expats choose UAE for career opportunities and 96% enjoy a disposable income; however, only 8% believe they will stay forever. The forever popular move destinations for UK Expats is Spain. The country is seeing a surge in spend in recent years, with property spend increasing from €3.6bn in 2009 to €5.54bn in 2012. This is great news for Spain as foreigners make up 12% of the Spanish property market.
Alex Coates, Director at Currency UK said, “This certainly feels like we are seeing pre-financial crisis trends with expats. This is further supported by recent news about the Southern Spain property markets.”
The infographic can be viewed here: https://www.currencyuk.co.uk/assets/Currency-UK-emigration-destinations.jpg