Boris Johnson 'needs to step up for British expats' says expert
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British expats move all across Europe in their millions each year, whether that’s to chase the sun or work relocation. However, there are some “up-and-coming” destinations on the continent that could actually boost profits for expats, according to new research.
Bethany Hemsley, an overseas property specialist at Property Guides, shared some European nations which she believes are giving the likes of Spain, France and Portugal “a run for their money” when it comes to “profitability” for expats.
Iceland boasts an incredible environment, filled with volcanoes, glaciers and geysers.
However, it isn’t just these natural wonders that could serve as an attraction to newbies.
As Ms Hemsley points out, the earning potential of living and working in the northern nation can be near incompatible to other places.
She explained: “It’s no secret that Iceland can be expensive, and the average cost of living for a single person is definitely higher than some other European cities.
“But the salaries are also generally higher, with workers in Reykjavik earning on average over £1,000 more each month than those in Madrid or Rome.
“Basic utilities are also some of the cheapest in Europe, which is largely down to almost all electricity being hydropower or geothermal.”
According to Ms Hemsley, property prices could also be a major draw.
She said: “If you’re looking for a good investment, Reykjavik is the place to look.
“Average property prices in the city are around £3,609 per square metre and there is plenty of opportunity to make a nice income from rentals.
“The average monthly rent in the city is around £1,100 for a one-bedroom flat and there is a strong market for Airbnb rentals too.”
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Finland has been voted the happiest country in the world for the last four years in a row, according to the World Happiness Report.
According to Ms Hemsley, its capital city could also be a particularly happy spot for expats.
She explained: “The capital Helsinki is a fantastic place to experience the wonders of Finland.
“It is a modern city with great transport links to the rest of the country as well as the rest of Europe and beyond.
“The city’s housing is of high-quality with prices averaging around £7,048 per square metre, but like Reykjavik, salaries are also relatively high.
“In terms of the rental market, you’d be looking at around £862 per month to rent a one-bedroom flat.”
According to Ms Hemsley, Tallin is “the definition of up and coming”.
She explained: “Although at face value it looks frozen in the past, Tallinn is actually a thriving tech-hub and is extremely digitally advanced, with the third-most start-ups per person in the whole of Europe.
“The city also has seven ‘unicorns’ which are start-ups with a value over $1 billion (£720,000).”
Furthermore, the cost of living is said to be “really affordable”, which could be key for those looking to move overseas on a budget.
Ms Hemsley said: “According to Expatistan, Tallinn is cheaper to live in than 63 percent of cities in the world. It’s easy to see why when the average monthly cost to rent a one-bedroom flat is just £402 and public transport is free.
“When it comes to buying property, the market in Tallinn has remained remarkably resilient during the COVID-19 pandemic, with prices rising by around 4.9 percent in 2020.
“Nonetheless, average property prices are still affordable at around £1,799 per square metre.”
A metropolis rich in history, stunning architecture and with a fast-growing economy to boot, Gdansk is the fourth city listed in the Property Guide’s ranking.
The Polish city is said to be an increasingly popular destination for expats.
Ms Hemsley explained:” Gdansk’s job market is at an exciting point, with numerous start-ups, however, salaries are not as high as in other European cities.
“Nonetheless, the overall cost of living is also very cheap – expats working remotely for companies elsewhere will find they can afford much more in Gdansk than in many other Western European cities.”
Furthermore, low property prices could also lure in hopeful buyers.
The expert said: “The low cost of living is also reflected in property prices.
“The average home in Gdansk costs just £1,650 per square metre.”
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