New research released by Kyero.com, indicates that interest in overseas property in Europe is set to surge despite the ongoing uncertainty regarding foreign travel, with almost 40 per cent of buyers now actively viewing or planning viewings abroad.
The research, which involved over 2,500 overseas buyers, found that Spain remains by far the most popular destination for British overseas home buyers, with 90 per cent of all those polled looking to buy in the country.
Some 50 per cent are looking to make the move overseas within the next three months to a year, and a further fifth (19 per cent) stated that they wish to move ‘as soon as possible’.
Moving abroad is a lifelong dream for many people with 28 per cent of respondents saying they have wanted to move abroad for more than five years.
In terms of budgets, the most common (45 per cent) budget is EUR100,000- 250,000, although a significant 35 per cent are looking to spend less than EUR100,000. Some 13 per cent have a budget in mind of between EUR250,000–500,000 and 3 per cent have up to EUR1 million.
More than eight in 10 buyers (83 per cent) stated that they do not need a mortgage for their purchase.
Martin Dell, Founder of Kyero.com, says: “Now that lockdown is lifting and overseas travel for reasons relating to property is becoming possible, we’re seeing a tsunami of pent-up plans being put into action. 52 per cent more people searched online for homes in Europe in the first three months of 2021 compared to the previous quarter, and now that people can start turning those dreams into reality, we’re expecting to see a lot of transactions take place in 2021.”
“With UK property prices increasing at their fastest rates for years, European property offers an appealing alternative for many people,” he adds.
The Kyero research comes as restrictions on overseas travel ease with Portugal now on the government’s green list. While Italy, Spain and France are now on the amber list of countries, you can travel to them for reasons related to home purchase, rental or letting, depending on the latest travel guidance of the destination.