The Spanish Property Market after “Brexit”
The decision by the UK to leave the EU has certainly caused a lot of uncertainly in the markets generally and has raised a lot of questions about the impact on the Spanish property market, which was booming prior to the vote.
After an initial period of uncertainly, the first 4 weeks after the vote on June 23, was very quiet with potential buyers watching the Pound to Euro rate plummet, but after that initial period, British buyers have returned to the market place and enquiries are now at a level seen just prior to the referendum, of course with property prices in the Murcia region so low, it is no wonder that people have realised now is still an excellent time to secure a fabulous bargain property in the sun.
It is well documented that the Spanish economy relies on the millions of British people who own property in Spain. We do not anticipate the Spanish government will make things more difficult, or more expensive for prospective buyers of Spanish property, now that the UK at some point will no longer be a member of the European Union, albeit it remains to be seen if that actually happens, with Article 50 of the Lisbon Treaty, yet to be “triggered”
For over 2 years, we have seen a record number of British clients purchasing property in Spain and the general opinion is that, this will continue due to the availability of very inexpensive properties, the cheap cost of living and of course the ease of accessibility, as well as the low cost, to get to Spain from the UK.
The initial uncertainly seems to have disappeared, the British buyers are still keen to take advantage of the cheap properties available, particularly on some of the luxury gated golf resorts, the weather in the UK is also a contributing factor and when you consider the lack of interest for savers in their bank accounts, now is still an excellent time to finally purchase that dream home in the sun.
On another positive note, the strength of the Euro against the pound, means the British sellers of Spanish property can achieve a better price than previously expected, when bringing their money back to the UK, so there may even be more flexibility in advertised prices.
We have already witnessed British vendors reduce the sale price of their property, so making property purchase in Murcia even more attractive.
Contact us now at Two Seas Invest to see how we can help you purchase your new Murcia property.