Concerns about the Spanish property market have resurfaced following the triggering of Article 50 by the British Prime Minister.
Theresa May’s letter to the European Union officially began the process for the United Kingdom to leave the EU on March 29th.
It’s well known that the British people have had an on-going love affair with Spain for the past few decades. The cost of living, beautiful scenery, amazing climate, and way of life here in Spain have been a constant draw for Brits, who frequently look to make a change in their life.
So now that the United Kingdom has taken its first official step onto the road to Brexit, has anything actually changed?
Buyers are More Cautious
Due to concerns over the effect the Brexit negotiations might have on their new life in Spain, prospective buyers are slightly more cautious. However this is unlikely to have too much of an effect on the property market, as the British love affair with Spain sees little sign of ending any time soon. Property portals are reporting that the number of British inquiries have remained steady, meaning the number of those who have decided not to risk the move seems to be in the minority.
Property Remains Affordable in Spain
Property prices have continued to rise in Spain following the 2008 property crash. However, that doesn’t mean that there aren’t plenty of bargains to be had by prospective buyers! In the days following the referendum results, the number of British buyers rose to the point that they made up over a fifth of all property transactions. The plus side is, as property values continue to increase, you could stand to profit should you decide to sell in a few years’ time.
The Valued British Customer
British buyers make up a large percentage of buyers in EU countries. Their contribution to the Spanish property market would be sorely missed, and it’s unlikely such a valued customer would be blocked from contributing to the Spanish economy. As the Brexit negotiations begin, we should start to see how the separation can be expected to affect British buyers, however it’s likely that changes and allowances will be made to make the market as accessible to the British customer as it is now.
If you have any queries about making the move to Spain, get in touch with Marena Murray. Our team of experts are always available to offer expert advice on your needs.
