Buying property overseas post Covid
Recent world events have introduced all sorts of new challenges for anyone looking to buy property abroad. First Brexit and then Covid created real uncertainty for would-be expats and for a while there, the market slowed. Slowly but surely though, things are starting to pick up, as more and more Brits are once again seeking a new home overseas.
So, what has the pandemic done to property prices in some of our favourite spots?
Spain – historically a favourite for British expats with just under a third of us (29.3%) saying it’ll be our destination of choice in 2022, Spain has been one of the worst hit countries in Europe during Covid. This has impacted the performance of its housing market where prices are predicted to continue to fall in 2022.
Portugal – Pre-covid, Portugal enjoyed record growth in tourism, year on year and was fast becoming one of Europe’s most popular holiday destinations. However, a fall in demand both domestically and from overseas buyers is behind a forecasted fall in house prices in 2022. Cash and overseas buyers have accounted for over half of housing market activity pre-Covid but have fallen off in 2020/21.
France – With its rich and varied landscape France is one of the most visited countries in the world. And it’s proximity to the UK has always made it a favourite for Brits looking to both holiday and live overseas. But, if you’re looking to bag a bargain you’ll be disappointed. With strong interest both from domestic investors and those in neighbouring countries, house prices in France have remained stable and it remains for many, a highly attractive place to buy.
So, if you are looking to buy a property overseas, you might be able to bag yourself a bargain in the Iberian peninsula. Just make sure you check out the latest travel restrictions and how Brexit affects your ability to buy!