Lockdown has driven a significant increase in UK residents browsing home overseas, according to new data released by Kyero.com, an online European property platform for UK buyers.
Kyero reported a 30% rise in UK visitors to its site between April and June 2020 compared to the same period in 2019.
Louise Dell, the platform’s founder, said: “Lockdown and widespread remote working over recent months has had a significant impact on the types of people looking to buy property in Europe. Greater numbers of younger people, and those now working remotely full-time – ‘Corona nomadics’ – are considering a move abroad as we all become less tied to the office and are able to live, work and play where we really want to.”
In the three months following the start of Lockdown 1 in the UK, Kyero witnessed a 19% increase in interest in overseas property from those aged 25-34 compared to the same period last year.
“It seems that a global pandemic has made many people realise that time is precious, and rather than putting dreams off until tomorrow, they are seizing the day and making it happen,” Dell added. “With the new second round of lockdown restrictions coming into force, we only expect this trend to continue.”
She admitted that travel may still be unpredictable at present, but said that far from curbing ambitions of moving abroad, it appears that the challenges of this year have prompted people to plan their escape. This is perhaps partly explained, she said, by the fact it now really doesn’t make much difference where people are joining an online meeting from.
“‘Corona nomads’ are looking to make the most of remote working (why dial in from Croydon when you can do the same from the Costa Del Sol!?),” Dell commented.
Interest in overseas properties remained high among Brits over the summer, despite the ongoing uncertainty surrounding travel, with Kyero witnessing an 18% growth in the number of British people viewing Spanish properties between July and September this year compared to the same time in 2019.
With the average (median) price of Spanish properties for sale on Kyero.com currently standing at €280,000 (or £253,123), Spain remains a popular destination for many UK buyers, with international sales having grown every year in the three years following Brexit.
This comes despite Spanish property prices growing since 2015, with a total 26% increase in prices over the last five years, according to data released by the Spanish government.
Kyero was established in 2003 and has so far helped approximately 40,000 people buy an overseas property in Europe. It has the largest selection of overseas property of any of the foreign property-focused UK property portals, including more than 300,000 properties listed in Spain.
This post has originally been featured in Property Investor Today.