Spain has been flagged up as a popular destination for retired expats by Propertyfinder.com.

According to the website, the European country has attracted thousands of foreign retirees during the last ten years.

This was partially attributed to the fact that it offers many lifestyle attractions to people from overseas, such as a warm climate and improved quality of life.

Propertyfinder.com added that financial considerations have also played a part, as retirees want to enjoy low living costs and make the most of their existing wealth.

Nicholas Leeming, director of the online portal, commented: “The average over-60-year-old homeowning couple has £265,000 of housing equity to unlock from their home.

“This kind of money can go a long way.”

He added that since house prices in Spain are currently falling, expats could possibly snap up a bargain property in the country.

According to the Institute of Public Policy Research, more than 3.3 million British pensioners are likely to be living abroad by 2050.

Tags: overseas property, relocation, retirees, Spanish Property