Spanish Property Experts say Brexit Far Less Impactful than Feared
There is nothing wrong with being cautious. Many were
fearful that the uncertainty following the UK voting to leave the EU would
cause a slump in demand from British buyers to purchase Spanish property.
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Property will always be in demand in the Costa del sol
because the sun will always shine here.
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Now we know that there is still plenty of demand for Spanish property and now much of the contraction appears to have happened during the
panic leading up to the Brexit rather than following it. While there are
reports that there is less demand from Brits for the higher end Spanish
properties (which is partly caused by the slump in the value of the pound) the
rest of the Spanish market is doing well.
According to the head of Masa International UK Simon Morris
there are no fears at the firm caused by the post-Brexit sales figures. Nick
Wahcter, who sells Andalusian cave houses to British buyers says that he has
seen none of the problems that Brexit was expected to cause materialise.
Wahcter spoke to the Wall Street Journal and said that,
while Spain braced for the worst the worst just hasn’t happened.
There have actually been an upside to the Brexit as the
Sterling dropping against the Euro has caused British vendors to lower the Euro
prices of their Spanish homes to still earn the same amount in Sterling. The
report says that this has made the market more energised.
There is a lot of uncertainty when it comes to European
politics; Spain has gone nine months without a government, the UK are thrashing
out their own terms to exit the EU, and the migrant crisis is showing no signs
of slowing down. These kind of problems would be expected to cause a lot of
fear and uncertainty amongst Spanish real estate operators.
It looks like the Spanish property market is as healthy as
ever though. This shows just how far the sensible pricing, high quality, and
the appeal of Spain can go.
