A larger number of people are planning to move abroad to enjoy their retirement than before the financial crisis occurred, a new study by HSBC has found.
Around 38% of people aged between 45 and 64 said they would consider purchasing a holiday home overseas, up from 30% in August 2006. Overall, 5.4 million are currently considering a move to sunnier climes, with one in ten confirming that they are most definitely looking at purchasing a place in the sun in the near future.
The financial downturn has seen property prices, particularly within Europe, crash, providing many retirees with the opportunity to buy a larger holiday home than they initially thought they could afford.
Over a quarter (26%) of people questioned favoured Spain as a holiday destination, where property prices have been battered.
Property values in coastal regions of Spain are thought to have plummeted by up to 50%, with the International Monetary Fund (IMF) recently warning that house prices in Spain could fall by an estimated 20% this year.
Respondents of the survey said they would consider paying around £116,846 on an overseas holiday property. The majority also stated that they would buy their home outright with retirement funds, as opposed to taking out a mortgage.
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