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Facultad de Derecho
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Recortes de Prensa

The Good Life Turns Sour – Time For A Challenge?

Round Town News, 05 | 01 | 2010 - Reportaje

Brits abroad are struggling as a result of the weakening pound. The result of a global survey from Moneycorp which hardly reveals a well kept secret

However, it is the Brits living in Spain who are suffering the most financially as a result of the property downturn. More than four in five (85%) Spanish expats say the value of sterling has impacted them financially, with three quarters (79%) saying that their spending power has decreased as a result.

David Kerns, Head of Private Clients at Moneycorp, comments: “Our research shows that British expats have had a tough time and the findings reveal that no country has escaped unharmed from the economic downturn. Brits living in Spain are particularly affected by the struggling property market and having to convert sterling to euro for living costs”.

Investment in property has hit expats hard. Over half (53%) of respondents in Europe have noticed a decrease in demand and subsequently rental values in their place of residence, while that figure stands at only a quarter (26%) in non-European countries.

- Demand/rental values appear to have decreased most in Italy and Spain, where 62% and 60% of expats respectively have noticed the decline.
- House prices in Italy have fallen by an average of 10-20%*, while those in Spain have fallen by as much as 65%.

David Kerns concludes:

“During challenging times, there is certainly more that expats can be doing to manage their money and make sure that they are making the most of their income”.

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