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Brit expats still rushing to get a pre-Brexit foothold in Spain
| Published: | 2 Oct at 6 PM |
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Spain’s property market is still rising, with July’s figures showing a 16 per cent increase in sales and purchases.
Spain’s property sector slump is now well and truly over, with July seeing a 16 per cent increase in the number of homes bought and sold, as well as a 15 per cent increase in mortgage loans. It seems the doom and gloom predictions of the Brexit affect on Spain’s housing market were premature, as Brits who are leaving seem to be outnumbered by those who’re desperate to get settled before the end of March next year.
According to government statistics, July’s mortgage numbers soared to just over 19,000, spread across the country with the exception of the Balearics and the Basque Country, where the slump in market activity is continuing and getting worse. As regards mortgages, there’s been a two per cent increase in the total amount borrowed, with interest rates now at 2.36 on variable loads and three per cent on the more popular fixed rate loans. The average amount per transaction was 125,120 euros, and 203,850 new mortgages were registered between January and the end of July this year.
Real estate agencies are uncertain about the prospects for the remainder of this year, as Brexit looms even closer and negotiations are frozen at the present time. Should an agreement be reached and the transition period take place as planned, it’s possible more expatriate Brits will take the chance to get out whilst the going is reasonably easy, However, if a hard Brexit is the result, all bets are off as freedom of movement for UK citizens will have ended and the Spanish government is unlikely to have set up visa procedures for retirees from the UK.
Spain’s property sector slump is now well and truly over, with July seeing a 16 per cent increase in the number of homes bought and sold, as well as a 15 per cent increase in mortgage loans. It seems the doom and gloom predictions of the Brexit affect on Spain’s housing market were premature, as Brits who are leaving seem to be outnumbered by those who’re desperate to get settled before the end of March next year.
According to government statistics, July’s mortgage numbers soared to just over 19,000, spread across the country with the exception of the Balearics and the Basque Country, where the slump in market activity is continuing and getting worse. As regards mortgages, there’s been a two per cent increase in the total amount borrowed, with interest rates now at 2.36 on variable loads and three per cent on the more popular fixed rate loans. The average amount per transaction was 125,120 euros, and 203,850 new mortgages were registered between January and the end of July this year.
Real estate agencies are uncertain about the prospects for the remainder of this year, as Brexit looms even closer and negotiations are frozen at the present time. Should an agreement be reached and the transition period take place as planned, it’s possible more expatriate Brits will take the chance to get out whilst the going is reasonably easy, However, if a hard Brexit is the result, all bets are off as freedom of movement for UK citizens will have ended and the Spanish government is unlikely to have set up visa procedures for retirees from the UK.
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