Buying a property: Fancy a bedsit or an island?
The British pound is being affected by reduced consumer confidence.
Ever since the UK voted to leave the European Union trading bloc in 06/2016, the Pound has significantly lost its strength, with financial doubts over its future viability also coming into the fore. In 2015, the pound’s value was estimated to be 1.44 higher than the Euro, but now 2yrs later the two denominations have almost an equal value.
The aftermath of the Pound’s drastic downfall is currently evident in the property industry, which is typically a solid indicator of the strength of the globe’s economies. In 2017, the Pound has a lower purchasing power than you may actually imagine.
British purchasing strength
In Britain, a one-bedroom apartment in East Dulwich, London goes for £550,000, which is a standard going rate for the region’s convenience and proximity to the capital. However, spending £11,000 for each of the apartment’s 50sq.m may feel rather exorbitant.
In other countries, you can enjoy many more home luxuries for half this figure.
For instance, on the Spanish island of Lanzarote, a 3-bedroom villa with panoramic sights of the sea and surrounding landscape costs only £480,600- three-quarters of the cost of the flat in London. On the country’s mainland, a roomy 5-bedroom mill in the region of Andalucia can be your own for £282,354. The property has two bath-areas as well as a terrace, which averages to an affordable £695 per square metre.
Additionally, while Albania may not be famous for its seaside property, a 7-bedroom villa on the coast goes for only £454,515, which can make any home seeker interested enough to bring along their buckets and shovels for some beach fun. Covering a total of 4 floors and having 2 kitchens, it’s roughly £100,000 less costly than the London flat.
There’s a common proverb in the UK which says an Englishman’s residence is his castle. In the serene Rhone-Alpes area of France, an actual castle is up for sale for around £400,000. The home has 11 bedrooms, 2 bathrooms and a large number of cellars, this luxurious house is still 27pct cheaper than the small London flat.
The question is why should you go for a flat when you can buy an entire island? While this may seem like something only done by the billionaires, in Belize a private island has sold for a modest £291,171. With a pool, landing site and ultimate seclusion, this island is exactly what dreams are made of. It could be yours for less the price of the London flat.
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