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Retirees seek homes in the sun

Retirees seek homes in the sun

Category: Retirement

Updated: 30/07/2013
First Published: 30/07/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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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