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A Place in the Sun Live 2024: Investing in Property Abroad
The A Place in the Sun Live exhibition is an ideal opportunity for those thinking of buying property abroad. This premier event is the UK’s largest overseas property exhibition, offering a one-stop shop for prospective buyers. Attendees have the opportunity to meet a host of experts, attend informative seminars, and explore a wide range of properties from around the globe. Here are my observations from the event that took place at the NEC Birmingham from September 20th to 22nd, 2024.
Investing in Real Estate as a Foreigner: Enjoy the Process!
During the show I attended one of the seminars on how to buy property in Spain. One message from one of the presenters stuck by me. The presenter asked the audience to enjoy the process of looking for property abroad. I totally agree with him. Even though the property search comes with some struggles and a level of stress, it is generally a very enjoyable journey for you and your partner. This exhibition was a wonderful opportunity for buyers to select the real estate partner they like as well as to browse through some of the legal companies and financial advisors that can support a foreign property purchase.
The Exhibitors at A Place in the Sun Live
A small but significant majority of the exhibitors offered services in Spain. There was a French pavilion at the far end of the exhibition hall. Other prominent destinations present in Birmingham were Portugal, Cyprus, and the United States of America. A few exhibitors covered Greece or combined Cyprus and Greece. Dubai, Turkey, Montenegro, Zanzibar, and a retirement home in Siem Reap in Cambodia were represented by just one booth. The other exhibitors included property lawyers – international or specialized in a particular market –, relocation agents, and removal and logistics companies.
Spain
Spanish exhibitors continue to prove the British interest in Spanish properties. Several areas of Spain were represented although the biggest concentration of British expats is still in the Costa del Sol. This article highlights that the real estate market in Marbella, one of the most sought-after destinations on the Costa del Sol, remains very healthy. The demand from international buyers has driven up property prices. Nevertheless, prices in Marbella are still competitive compared to other luxury destinations around the world.
One real estate company was at the exhibition for a second year in a row. They first came to the show because they didn’t have a lot of British clients. One of the representatives stated that the biggest challenge in Spain is how bureaucratic every step of the purchasing process is.
Spain is attracting foreign buyers with their Golden Visa offer and Digital Nomad Visa. It is important to check regularly what the requirements are to obtain these as they often change.
Portugal
The Portuguese exhibitors featured real estate from the expected areas such as the Algarve and Lisbon. The area that was new to me was the Silver Coast, an area located between Lisbon and Porto. The Silver Coast or “Costa da Prata” features stunning sandy beaches, tranquil traditional Portuguese towns and a rugged coastline. The area has become increasingly popular with expats and offers an excellent alternative to the Algarve.
Cyprus
On the train ride over from London to Birmingham, I had just read an article on the 5 reasons why Limassol’s residential real estate market is the perfect investment. I was curious whether the exhibitors would reflect this. The clear answer was no. The exhibitors from Cyprus that I spoke to told me about the mature market of Limassol with a restricted type of properties. Most of these exhibitors were trying to create an appeal to their, mostly, newbuilt developments in other areas of Cyprus such as Paphos and Larnaca.
Both Cyprus and Greece are also attracted foreign buyers with a Golden Visa scheme.
France
Several areas of France were represented at the show, but it was the area between Bordeaux and Bergerac that caught my attention the most. It is a specific part of the Aquitaine region that offers the perfect mix for a permanent or holiday home. The area has a mild climate with lots of sunshine all year-round. It boasts some beautiful scenery with rolling hills and valleys, vineyards, orchards, and fields of sunflowers. The lifestyle is very relaxed but at the same time offers many opportunities for activities. You can find towns in the region with traditional French character. On top of all of that, it is easy to get to.
Key to Foreign Property Purchase Success: Build a Team of Partners
The Buying Property in Spain panel was asked what a potential buyer should do before going ahead with a purchase. The unanimous recommendation from the panel was to build a team of trusted partners. In an earlier interview that day, presenter Jasmin Hartman reiterated that by saying that you need to find out what services you are going to need. I have covered this topic more in detail in the Top 10 Things to Consider when Buying Property Abroad.
Step 1: find your real estate agent
This starts with the finding the best suitable real estate agent. It is important to find a real estate agent that you feel a genuine connection with and one that is specialized in the area and the type of property you are looking for. One key observation I made at the expo was that most of the real estate companies also offered visa and immigration services, either fully in-house or through a partner company. This alleviates one step of the process for the buyer.
Step 2: find your property lawyer
The next partner a buyer must find is a property lawyer. A property lawyer helps with anything from contracts to taxes. The lawyer will also be able to advise on how to set up the ownership of your property. The ownership could be in your name, in your kids’ name – provided they are over 18 years old, or in a company’s name. The preferred ownership method depends on a number of factors I won’t go into at this stage.
Step 3: find a local financial advisor and mortgage broker
Financial advisors and mortgage brokers will help with any financial planning and potential financing.
Step 4: find a currency exchange company
Finally, don’t forget to team up with a currency exchange company. They will be able to advise you on when it is the best time to transfer money.
Step 5: find a team of local surveyors
This very last step is a step that is often overlooked and not included in the budget planning: surveying of your property. You will require one, or often a team, of surveyors to check everything in and around the property: from the walls (are there damp issues?) to the roof, to windows, all the way to electric cabling and water pipes.
Once your team is set up and you have found a property you are interested in, then the key questions to ask your real estate agent are: how long has this property been on the market? And why is it being sold?
Observations from and Trends Discussed at the Exhibition
Lots of New developments all the way to new neighborhoods
Many of the exhibitors were developers who were promoting their already built or planned projects. The demand in certain areas is so high that new developments are necessary. I believe it can be a good thing so long as the new developments are sustainably built and care for the local people and local environment. I found an article that talks about the plans for an entire new neighborhood in Alicante, Spain.
Most real estate companies offer the full package: from property search to visa and immigration to property management
This is a great way of attracting customers. I haven’t done any calculations of costs yet, but I assume that there will be cost savings when you can get all these services from one provider. Some real estate companies even include legal services. The journey with your real estate partner often continues after the purchase when the agent becomes property management agent. Property management includes project management for any building and renovation work as well as holiday rental support.
Future of living: a fully integrated residential development in Zanzibar, a retirement home and a social living experiment
The developer of Fumba Town in Zanzibar prioritizes building sustainable homes blending modern comfort with eco-conscious construction. This new neighborhood features the Burj Zanzibar, the tallest timber tower in Africa.
Siem Reap, Cambodia, seems like a great place to retire. The town is not nearly as developed and busy as the capital Phnom Phen. The climate is mild, and the cost of living remains low. Apparently, the locals were not sure about project of retirement home at first, but now they like it and they have recognized that it creates opportunities for them too. Siem Reap is a great option for buying property abroad although Cambodia does still have some restrictions to foreigners buying real estate. I hope to cover this in a new post soon.
Lastly, one exhibitor promoted its cohousing project in Greece. Cohousing is a community led village where sustainability and connection with each other, the land, and the values of the community are key. The people co-manage the village, often eat together, and share life’s journey. I love the idea: would you be up for this?
Final Thoughts on my visit to the A Place in the Sun Live exhibition in Birmingham
What an amazing event for anyone remotely interested in the topic of buying property abroad. I cannot wait to attend one of the next shows, either in Dublin in October this year, or back in London or Birmingham in 2025. If you want details of any of the exhibitors I mentioned in this article, email me on wouter@propertyinvestblog.com or leave comment below.
