How the Return of Travel Is Expected to Bolster Overseas Property Purchases

By accessibleproperty

June 30, 2021

If push came to shove, we could all write a book on what the year 2020 meant to us. Millions of people have described the feeling of each day blending into the next as they made their way through life under the conditions of the new normal. While we could attach a million different labels to these very strange twelve months, perhaps the best description is to say that it was the year that stood still.

Sport stadiums stood empty, the streets of major cities fell quiet, and the skies were left empty. Just as these strange images were broadcast around the world, we are now beginning to see the signs of a return to the old normal in the United Kingdom and in the European Union's 27 member states. It appears that we are finally beginning to reap the reward of the vaccine rollout and that a return to normality is fast approaching. As restrictions are lifted and lockdowns are gradually eased, we are all looking forward to catching up with old friends and reconnecting with family. In addition to reuniting with all those we hold close to our hearts, we can safely say that this time around, we have more than earned a holiday!

A New Dawn

It will not come as a surprise to learn that property purchases abroad more or less completely stopped for the entirety of 2020, a trend that continued into the first financial quarter of 2021. As the world closed for maintenance, and uncertainty surrounded every facet of life, everyone was holding their cards close to their chest. With parts of the world showing signs of reopening, including the plan for a digital vaccination certificate to be created within the EU, the return of travel is set to come back with a bang.

Never before have so many people been unable to travel freely, so whether it is for business or pleasure, the skies are set to once again be very busy for the foreseeable future! As the number of flights available increase and travel moves towards a return to pre-pandemic levels, overseas property purchases are expected to bolster as a result.

Furthermore, while the English pound sterling isn’t at its strongest, it has recovered from its lowest 2020 point and is currently looking extremely strong against the US Dollar. This, and the fact that travel is returning, leads us to believe that a large number of British property buyers will once again be turning their attention to the United States of America.

The US has always proved to be an attractive property market for British buyers, so it is it makes sense that it will be one of the first locations to experience a resurgence. For Brits looking to buy abroad, the States offers them all that a home buyer could look for in a potential move. Firstly, with fifty states to choose from, there is sure to be a climate and landscape to suit all parties. Secondly, the fact that the same language is spoken and that the overall culture is not too dissimilar from the UK means that integrating yourself in the local community is easier than in some other locations. And finally, with the pound sterling stacking up so well against the US Dollar, it provides Brits with more purchase power to invest in property upon entering the US market.

The Perfect Fit

Along with the property market, another industry that looks set to benefit from the return of travel is that belonging to money transfer companies. Money transfer companies have come to be the vehicle of choice for those looking to transfer money internationally and so, as Brits begin to once again look to America for their next property purchase, money transfer companies are sure to be busy. As a result of offering quicker transaction times and lower exchange rates, they have overtaken traditional banks when it comes to international dealings. Take Cornwall based TorFX for example, their main line of business is in helping individuals buy and/or sell property abroad. This is backed up by the fact that TorFX reviews show most clients use it for property buys.

Another reason money transfer companies are beating traditional banks to the punch when it comes to property purchases abroad is that where a bank offers a multitude of services, a money transfer company, such as the aforementioned TorFX, only concentrates on Foreign Exchange. While TorFX are head quartered in Cornwall, on England's rugged southwestern tip, the company boasts over fifty thousand active clients. In addition to these regular clients, TorFX has assisted over three hundred thousand people and the online reviews fully illustrate that the level of satisfaction is extremely high when it comes to using their services.

While so many companies try to project the image of the perfection, the fact that TorFX has made its home in the unique surroundings of Cornwall, and have focused on creating a supportive working environment has ultimately led it to getting as close as one could could hope. Fostering an environment that encourages and motivates employees to share their ideas is a sure-fire way to create a supportive culture within a company. Once this is achieved, you will instantly see the level of job satisfaction rise amongst your workforce. The best thing about employees achieving the optimal work-life balance is that their enthusiasm towards their work will increase, thus making the company more efficient. It is the literal definition of a win win situation! Over the years, TorFX have worked hard at achieving this and as a result, they more than earned their reputation of having integrity, and so, it is no surprise to see so many people are turning to them when they are looking to buy or sell property abroad.

Overseas Property in 2021

With travel returning and money transfer companies available to help property buyers fulfill their dream, the future looks more than bright for overseas property. While 2020 saw the economy come to a standstill, it also gave individuals all over the world the opportunity to take a moment and reflect on what it is they really want to do. As previously mentioned, thanks to the growth of the US market and the strength of the pound, British real estate investors are set to once again set their sites on their version of the American dream, with Los Angeles looking ready to remain as one of the best cities in the world for real estate investment. The weather is almost always perfect and buyers rarely lose money if they ever decide to sell. Other stable options include Australia, Canada and Germany, with Berlin in particular expected to blow up in terms of demand in the near future.

Despite the complications of Brexit and a global pandemic, London has remained one of the most attractive cities in the world for real estate investment. This is a fact that is more than testament to all that the capital of England has to offer. London is often hailed as the world's most cosmopolitan and culturally diverse cities in the world, so it is no surprise that so many want to join in on the action. While Brexit was on the menu for either France or its capital, Paris is another city that is never far from the mind of potential buyers. In terms of the emerging market, India, Colombia, Brazil and Mexico are some of the countries that eagle eyed investors will be keeping a close tab on as 2021 progresses.

The Bottom Line

If we had to pick the ability that the human species should be proudest of, you would be hard pushed to find a better contender than their ability to adapt. Yes, 2020 was a year full of uncertainties but even the most pessimistic amongst us would find it hard to bet against us moving forward and becoming stronger than we have ever been.

All indicators point towards the fact that travel is about to once again return and as outlined in this article, it is expected to bolster overseas property purchases in a big way. Another knock on effect of this will be that of people looking to employ the services offered by money transfer companies as they venture back into the market. So, lets end by saying we told you so when you see real estate investment come back with a vengeance!