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Young flock to Spain as retirees are attracted to Portugal - 30 July 2007

The image of the British-dominated Costas in the south of Spain being filled with retirees who have fled the rain and winds of the UK for what we might call an Indian Summer in the autumn of their years, is showing signs of disappearing for good. New research from Banco Halifax Hispania shows that young people are flocking to the Iberian peninsular in increasing numbers in search of a property overseas.

Of the people quizzed by the recent survey, the vast majority who were looking for a property abroad were under retirement age, and 68 per cent of those who wanted to live in Spain were under 65 years of age. At the same time, of those who had already bought a property in the country, 50 per cent were under the age of 35.

This points to a shift in perceptions of the country, as well as in how agents and developers are attracting buyers and residents to the country. It also reflects on how these buyers will influence Spain in the future. Younger generations are more likely to integrate into Spanish communities, and may encourage their children to learn Spanish from an early age.

Halifax Head of European Operations, Ian Smith, commented, “It has long been assumed that only the older generation is buying property in Spain, but this is far from the case, as it is also proving to be a popular location amongst younger age groups.”

Meanwhile, Homes Worldwide reports that cheaper flights and an advantageous cost of living are attracting retirees across the border to Portugal in larger numbers than ever. There are now a number of specific retirement developments on the market which offer the twin advantages of cheaper property with the kind of developed infrastructure that makes retirement living easier.

The author of a new book about retirement property, Retirement Property: A Complete Property Buyer’s Guide to Retirement & Beyond, Sarah Woods, says the cost of living is one of the most important things to consider when looking for possible destinations for retirement. Sarah also points towards the strong ex-pat network and established retirement communities as further evidence of an ideal environment for retirees.

 

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