Tuesday, November 5, 2024

The Spanish city that’s an ‘expat magnet’ with lower mortgage rates than the UK

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Spain is one of the countries attracting the largest community of British expats in the world.

More than 300,000 UK citizens currently live in the country, according to movehub.com – many of whom have chosen the southern and eastern coast of Spain to create a new life abroad.

Barcelona appears to be a magnet for British expats, as it is home to 10.9 percent of the whole community across Spain, according to Compare My Move.

The Catalan capital is one of the most cosmopolitan cities in the world having attracted a massive expat community of more than 300,000 people from all around the globe.

Blessed with year-round warm weather, beautiful beaches, walkability and outstanding cuisine, it is no surprise many who look for a new start end up here.

In its analysis, Compare My Move said: “Barcelona tops Madrid by 0.5 per cent to be the most popular city for British movers to Spain despite Madrid being the larger city and country’s capital.”

As noted by the experts, other cities in Spain have a high concentration of British expats, including Madrid, where 10.4 percent of UK nationals have settled down over the years.

Sun-kissed Alicante is currently home to 6.9 percent of the total of UK nationals living in Spain, followed by Malaga with 6.8 percent.

The beautiful city of Valencia has welcomed 4.6 percent of the total of British expats in Spain.

While different cities will cater for the various needs and preferences of expats, the whole of Spain is a paradise for British movers when it comes to mortgage rates.

Dave Sayce, the founder and managing director of Compare My Move, said: “We expect Spain to stay a popular destination for British movers throughout 2024, possibly even growing in popularity due to the stagnant mortgage rates in the UK and the mortgage interest rates in Spain being around two per cent lower than the UK.”

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