Britons are increasingly setting their sights beyond the UK’s borders, with Spain, Portugal, and Italy emerging as the hotspots for those dreaming of owning a slice of paradise under the sun. This trend highlights a growing appetite for international property investment among UK residents, against the backdrop of domestic housing challenges.
The Lure of Foreign Lands
Recent data from quick sale experts, Open Property Group, sheds light on this fascinating trend, revealing a noticeable surge in the number of Brits exploring holiday home opportunities abroad. Their analysis, rooted in Google Search Trends, indicates a significant uptick in interest over the past six months.
While the general search for holiday homes has seen a modest increase of 5.3%, the figures tell a different story when we zoom in on the UK versus abroad. Domestic holiday home searches have grown by only 4.2%, dwarfed by a 10.2% jump in queries for properties overseas. The interest in international real estate, in fact, has skyrocketed by 15.4%.
Spain and Portugal Lead the Pack
Looking deeper, Spain and Portugal are the undisputed favorites among British buyers, with search volumes for Spanish holiday homes leaping by a whopping 78.6%, and Portugal’s allure not far behind, witnessing a 71.2% increase. Italy also enjoys a spot in the limelight, with searches up by 50%, underscoring the Mediterranean’s enduring appeal.
On the flip side, not all destinations are basking in increased attention. France and America, in particular, have seen a decline in interest from potential UK buyers, with searches dipping by 22% and a staggering 86%, respectively.
The Drive Behind the Trend
Jason Harris-Cohen, CEO of Open Property Group, provides insight into this shift, “UK buyers have had to contend with record high house prices for many years, but when you also add considerably higher mortgage rates to the mix, it’s no surprise that more of us are looking abroad for a holiday home in the sun.” This desire for a sun-drenched haven is not just about securing a holiday spot; for many, it represents a broader aspiration to relocate permanently in search of a better quality of life.