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More than Half of British Expats Retire in Spain and France - 18 October 2010

More than two million Britons currently live abroad, representing the largest group of expat property investors in Europe, a recent study has found.

About a third of this total, 450,000, have moved abroad because of work — either through corporate relocation or starting a business. Another 350,000 are second homeowners, investors, or on holiday (some people treat their overseas properties as both a holiday home and a place where they earn income). But the sweeping majority of expats — 1.2 million — are retired or semi-retired, half of which take up residency in either Spain or France.

While it’s no surprise that these two countries are popular with British investors, realtors confirm that buyers are shying away from glitzy off-plan properties in Spain and France and are instead looking for charming, older homes that they can really settle into.

A recent article in the Telegraph suggests that the Guadalhorce valley in Spain is becoming a less-populated alternative to Andalusia, as it’s still a half-an-hour away from the coast and Malaga airport. There, a six-bedroom restored farmhouse on 13 acres of almond and olive trees can cost under £200,000. Or for £137,000, one can buy a small, converted two bedroom with a terrace and garden in Andalusia proper.

In France, there are many character-rich properties on the market as well. An 18th-century converted watermill can be found for under £300,000 overlooking the Auvezere River, while a stone cottage near Cote d’Azur can run just over £200,000.

Experts say that the low prices of homes in France and Spain have caused interest in overseas property to spike in September, as Brits are reevaluating the way of life they could have abroad.

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