Overseas retirement set to increase

Some 15 per cent of those looking to buy a property overseas do so with retirement in mind, according to Saga.

A spokesperson for the group, which focuses on services for the over-50s, said that buying for retirement is not the only reason the company's demographic buys abroad but it is certainly an influence.

"About 15 per cent of those buying a holiday home do say they are looking to buy for retirement," the spokesperson said.

"In this sense, the most popular country is Spain followed by France, Portugal and Cyprus."

In addition, climate, cost of living and low-cost flights are all encouraging more people to purchase property overseas, she added.

Earlier this week Hetal Shah, director of Investors Provident, suggested that UK investors were beginning to look further afield than Spain and France to destinations such as Morocco and Egypt for an overseas property.