Londonstockexchange.com, 22 June 2007
Retiring abroad is becoming an increasingly popular option among older Brits, setting their sights on foreign climes as travel costs and foreign property prices fall.
A rising number of Brits are choosing to retire abroad according to research from the BuyAssociation, suggesting that moving overseas for retirement is becoming more of a viable option.
A major factor in this is a lower cost of living in many foreign countries, making overseas retirement an appealing prospect. In addition, younger Brits are buying abroad with a view to retirement as people plan to retire outside of the UK.
BuyAssociation spokesperson Paul Collins stated that the idea of retiring abroad is becoming popular among middle aged as well as older Brits.
"You get a lot of people in their 30s and 40s who are buying property overseas with a view to retiring there," he said.
"It is financially viable because the cost of living, even in areas which are really popular in Spain, is significantly less than it is in the UK."
Spain remains the leading destination for Brits buying abroad, according to the recent HiFX Monthly Global Property Hotspots Report.
France and Portugal also remain popular, according to the BuyAssociation.