Retire To the Sun – Spain is “number one” retirement destination

Older people from the UK are continuing to set up home in Spain, new research has revealed.

According to a study by currency exchange specialist Currencies Direct, the country is the most popular destination for Britons who want to retire to the sun.

This placed it ahead of other hotspots for British expatriates, including Portugal, France,Cyprus and Italy.

Commenting on Spain’s appeal, Mark O’Sullivan of Currencies Direct said the country has a lot to offer, including an abundance of expat communities.

He observed: “As ever Spain is the number one retirement destination for Brits,”

This is despite the recent downturn in the Spanish property market and the weakness of the pound against the euro.

Mr O’Sullivan stated that as long as buyers avoid overdeveloped areas and “buy wisely”, they will not lose money.

According to statistics published by the Typically Spanish website, more than four million expatriates now legally reside in the country full-time.

 One well-known Briton who has bought in Australiais Wayne Hemingway, the fashion designer-turn ed-property guru who helped design The Bridge at Dartford in Kent. He and his wife, Geraldine, have a three-bedroom newbuild flat in Perthas a holiday home.

“We bought it cheap in 2003 because it is in a previously unloved area,” Wayne says.

“Now it is worth a small fortune. We’ve been visiting friends in Australia for 20 years and bought the flat on an impulse. We go every Christmas, taking a four- or five-week break. We use it as a base for adventures and to escape from the winter blues. The rest of the time we rent it out – and get loads of money for it.

“I think Brits come to Perth , and Australia in general, because of the weather, value for money when it comes to property, for work and perhaps disillusionment with the UK.”