A recent article published in The Olive Press highlighted how many British expats are opting to commute between Spain and the UK in order to make a decent living, given the continued scarcity of job opportunities in Spain. Living in Marbella and working in London is actually not such a far-fetched idea, and has already proved cheaper for quite a few career high flyers.
Wake up at the Costa del Sol, and catch a Plane to London, Berlin, Copenhagen...
And it's not just the Brits who have discovered that there are advantages to living in Andalusia and working back home. More and more European high flyers are continuing to work in their familiar and lucrative jobs, but move their families over to the Costa del Sol. Why give up a career in London, Berlin or Copenhagen, when the flight to Malaga takes hardly longer than the daily commute between suburbs and said cities?
Life in Spain may not stay this affordable for much longer
According to Spain's General Council of Notaries, house prices in many parts of the country are still falling. In July the Council recorded that housing values fell by 2.4% compared to 2014. Their statistics also showed that the average square metre value of houses sold in Spain in July 2015 stood at just 1,247 euros. Only 39,105 home sale transactions took place in July, yet this did present an increase of 10.7% compared to the same month last year.
The same month showed that around 27.1% more home loans were signed off this year, with the average capital value amounting to 122,331 euros, representing a 1.5% drop compared to July 2014. Notaries also commented that the percentage of home purchases financed with a mortgage amounted to 44.6% of overall sales in July 2015. The average amount of the loan required stood at 77.2% of the property's value. According to the General Council of Notaries, the housing market's statistics for July suggest a stabilisation of the country's real estate market.
Which means that those who are considering a jet setting lifestyle at this time should hurry to find their Costa del Sol dream home. Marbella house prices are already leading the Spanish housing market - and they are steadily going up, making the move to a new, more balanced lifestyle more expensive.
Benefits of Commuting from Marbella to the UK
The high flyers interviewed by The Olive Press included BBC Presenter Nick Knowles, who relocated to Spain earlier in 2015, and naturists Sally and Stephen Pike and their children, a Bristol-based IT consultant who gets up at 5.00 am to start his journey from Cadiz back to Bristol each working day. His commuting back to Bristol, via Malaga and Gibraltar airports, costs ca 11,000 euros per annum, but the move to southern Spain has "revolutionised" the family's lives. Stephen's wife Sally works as a teacher in Arcos de la Frontera.
Their rent, according to Sally, is so much lower than it would have been in Britain, and there are virtually no costs for heating and lower costs for electricity. Grocery shopping is also less than in Britain.
"Most important of all, our Bristol property cost four times as much as our current rented home in Arcos de la Frontera. When we were in the UK we were basically living on credit cards. We had quite a lot of debt built up. We’re now in a position where we live well within our means, and with a much better quality of life,” Sally enthuses, adding that the family aims to be debt free in the next 12 months, a feat that would probably take them five to eight years in Britain, according to Sally and Stephen's estimates.
Moving Family and Business to Marbella is easier than anticipated
According to one couple's experience, moving one's business over to Marbella is also not as complicated as it seems. Personal trainer Andrew O'Donnell and his wife Henrietta moved from hyper-expensive Chelsea to Guadalmina three years ago. In London they could only afford a two-bedroom flat, which cost them ca. 680 euros a week. Now the couple live in a lovely house with a swimming pool and enjoy 300 days of sunshine a year.
The commute from Malaga to London costs ca. 25,000 euros a year, but the cheaper housing costs and lifestyle in Spain still mean the couple save money. Henrietta works as a qualified surfing instructor in Marbella and manages the Marbella branch of the couple's gym business, The Mission, when Andrew is in London.
"Business-wise, it is simpler than you might think. Most of what we do is in writing and we can talk to our staff by email," Andrew explained. He spends 3.5 days in London, looking after his business in the UK and the rest of his time at the Costa del Sol.
Labour MP and London Mayoral candidate Tessa Jowell recently quipped about the cost of living permanently in London that it would actually be cheaper to live in Madrid and commute to Britain's capital. While one shouldn't underestimate the value of travelling time, there are still far more advantages than disadvantages to life in Spain.
With rental fees of 2,629 euros and more per month for a measly one-bedroom flat in some grey London district, who wouldn't want to relocate to the sunny climes of the Costa del Sol, even if that does involve getting up at 5.00 am from Mondays to Thursdays?