€250,000 Spanish villa sold for just €87,000
Falling property values and soaring costs are forcing expats home – where some face fresh difficulties.
Like thousands of other British expatriates, Bob Puddicombe and his wife, Phyllis, found that their retirement dreams of a place in the sun turned into a nightmare following the financial crash.
After 13 years living in the south of Spain, the couple returned home in 2012. Their three-bed spanish villa in Almayate, near Malaga, was initially on the market for €250,000 (£206,000). It eventually sold for just €87,000 (£71,500). They have moved back to the Plymouth area, where they lived before moving to Spain.
Mr Puddicombe, who is nearing 70, said they decided to return to the UK as they were getting older and wanted the security of the NHS. But at the same time the adverse exchange rate has hammered the value of their pension in recent years.
“At least we were able to sell spanish villa, and have used the proceeds to buy an ex-council house back in Britain,” he said.
But many of the friends the Puddicombes left behind have not been so fortunate.