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.
Property will always be in demand in the Costa del sol
because the sun will always shine here.
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.