roperty P Expats advised to save
ritish expats are failing to save, new research warns, despite them being more cautious about spending. Two thirds (67 per cent) of British expats now worry they will not have enough for retirement or that they are spending too much, according to a study by AES International. While those living overseas are being more cautious, more than half (52 per cent) have not increased the amount they are saving. The research from AES International also showed that 68 per cent of expats do not have a financial adviser, despite more than 60 per cent of respondents saying they feel better off since moving abroad and more than 50 per cent saying they feel financial planning is now more complicated.
Property sales at three year high S
panish property sales have ris-
en to a three-year high, according to new figures, as foreign demand continues to soar, driven by attractive prices and exchange rates. The latest figures from Spain’s National Institute of Statistics show that 26,455 homes sold in May 2015, up 5 per cent year-on-year and 11 per cent higher than May 2013. The resale market fuelled activity, with sales rising 34 per cent annually, enough to offset a decline of 42 per cent in new home sales. The imbalance between new property and existing homes is echoed by Spanish notaries too, whose latest report says that sales rose 8.4 per cent year-on-year in May, with resales rising 14.5 per cent and new home sales falling 21.5 per cent.
88 | September 2015 | The Gazette
Sam Instone, chief executive of AES International, said: “Most people tend to move away from their home country for a combination of reasons, but high on the list is usually an increased salary. However, once people find themselves in what can feel like a holiday atmosphere, original aspirations to save can become clouded by the temptations of the here and now. People are also prone to procrastination and this is well demonstrated by their saving habits. “People could use these summer months, when perhaps they are waiting to join family on holiday, or are otherwise a little less busy, to put their finances in order and begin building the future they want,” added Instone.