New research from overseas property consultants highlights that Brits are coming to terms with post-Brexit restrictions, applying for visas and retiring to favourite European destinations in ever greater numbers.
The experts at Your Overseas Home have released new data which shows a return to pre-Brexit levels of interest in retiring to Mediterranean and southern European hotspots.
After ‘freedom of movement’ officially ended on 1st January 2021 and it became necessary to get a visa to retire abroad full time, the evidence was that many Brits simply abandoned their dreams of retiring to the sun. Some opted to settle for a holiday home instead and restrict themselves to the 90-day rule.
“Since we started helping British people to buy property in 2004, around two-thirds said they were retiring and a third were buying a holiday home”, says Christopher Nye, chief editor at Your Overseas Home. “Then, when you began to need a visa many of the retirees gave up on the idea and it became roughly a 50-50 split between retirees and second homers. Now it seems the retirees are back in force.”
The new data comes from a recent YourOverseasHome.com survey which gained over 5,000 responses from people who are in the process of buying a property in France, Spain, Italy, Greece, Cyprus or Portugal.
Compared with figures from 2022, Greece has experienced the biggest increase (15%) in popularity for those looking to retire abroad there. There has also been a 14% rise in those looking to retire in France, compared with data from 2022. Spain is another popular option at 10% increase with 58% of respondents saying that they’d like to retire in Spain.
Christopher Nye, added: “Retiring overseas is still popular. As 65 has become the new 50, people are realising that a move to a warmer, more relaxed lifestyle in the sun is an incredible opportunity for fun and adventure in later life.”