Your post Brexit home in Spain
20 July 2016
The people of Britain have been to the polls and voted to leave the EU. The result has certainly created a level of uncertainty in the markets and among the citizens of the United Kingdom. One area where this uncertainty can feel most immediate and most pronounced is in the area of International property, and specifically property in the UK’s favourite destinations, France, Spain and Portugal. An issue which perhaps has not had a lot of attention is how the vote will impact those looking to own a home in Europe.
Select Resorts Properties have been selling superb second homes on the Continent since 1982, before Spain even joined the then EEC. We have survived it all, from recessions, political uncertainty, stock market crashes, sub primes disasters, currency fluctuations and a lot more besides. Brexit is just another bump in the road. The initial outlook is encouraging with our current pipeline of reservations still proceeding and visits are being booked with a view to purchasing.
Now we like to think that this may be due to great management, superb staff and partners, clever marketing and perhaps some good luck… and all of that is true. However none of that would count for anything if the main ingredient of our success was not present.
Britons love the sun, Britons love the Costas, Britons love getting away from dreary weather and our day to day lives by heading to the Mediterranean and having fun.
Does Brexit change this? No
Do currency fluctuations change this? No
After a decline in transactions to British buyers from 2008 – 2013, the British buyer has returned with a vengeance. In 2015, British buyers represented the largest single foreign nationality purchasing in Spain, with 2.81% of the overall market and 21.34% of the foreign market. Even since the referendum result was announced, Brits are booking holidays, booking inspection trips, making offers and securing their dream homes in Spain. It is also important to note that sterling is currently at similar levels to March 2014.
There have been fears expressed that buying abroad may become more difficult in Europe, however, we sell to clients from around the world and it is as easy to buy a home in Spain if you are from the Middle East, Asia or any other non EU location as it is if you are British, Irish, Dutch or German. Brexit will not affect this, particularly as the British property and holiday market underpins huge revenue for the Spanish economy. They are as reliant on the British Pound as we are on their beaches and bars.
With the market in Spain on an upward curve, and prices expected to rise by 6% this year overall and more in the Costas, now is a great time to buy in Spain. Select Resorts Properties have a range of properties available for you today.