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Britishers still rushing for Spanish property despite Brexit
| Published: | 23 Aug at 6 PM |
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In spite of the looming Brexit threat – or perhaps because of it – disenchanted Britons are still rushing to buy property in Spain.
Following a trend set at the time of the 2008 financial crash, would-be expats are still buying into Spanish properties with a view to leaving the UK before Brexit becomes an unpleasant reality. Before the sub-prime mortgage scandal struck, over 10,000 Spanish homes were purchased every six months, falling to between three and four thousand after the financial crisis hit home. The low continued till 2014, when sales number began to creep upwards until they reached 8,000 per six month period during late 2015 and early 2016. In the six months following the Brexit referendum, demand for Spanish property crashed by around 20 per cent but is now rising again as potential expats decide it’s now or never.
Doomsday predictions of the effect of a hard Brexit may also be motivating a good number of older Brits to chance their luck by moving to a cheaper retirement haven. As always, the most popular regions are set in the south of Spain and along its Mediterranean coastline, with French buyers preferring the north of the country, possibly because it’s closer to home. In addition to considerations of lifestyle as well as the warm climate, the comparative strength of the pound as against the euro is now a prime motivation for purchases. However, negative sterling fluctuations are expected to increase as the Brexit divorce draws nearer, giving another possible reason for the rush to buy Spanish property.
Another attraction peculiar to Spain is the number of British expats as compared with incomers from other EU countries. Favourite boltholes are Andalusia and Valencia, with the large, well-established expat communities in all the popular coastal resorts making it easier for new arrivals to settle in and begin to enjoy their new lives. Even inland, Brits continue to dominate the second home and residential property market.
Following a trend set at the time of the 2008 financial crash, would-be expats are still buying into Spanish properties with a view to leaving the UK before Brexit becomes an unpleasant reality. Before the sub-prime mortgage scandal struck, over 10,000 Spanish homes were purchased every six months, falling to between three and four thousand after the financial crisis hit home. The low continued till 2014, when sales number began to creep upwards until they reached 8,000 per six month period during late 2015 and early 2016. In the six months following the Brexit referendum, demand for Spanish property crashed by around 20 per cent but is now rising again as potential expats decide it’s now or never.
Doomsday predictions of the effect of a hard Brexit may also be motivating a good number of older Brits to chance their luck by moving to a cheaper retirement haven. As always, the most popular regions are set in the south of Spain and along its Mediterranean coastline, with French buyers preferring the north of the country, possibly because it’s closer to home. In addition to considerations of lifestyle as well as the warm climate, the comparative strength of the pound as against the euro is now a prime motivation for purchases. However, negative sterling fluctuations are expected to increase as the Brexit divorce draws nearer, giving another possible reason for the rush to buy Spanish property.
Another attraction peculiar to Spain is the number of British expats as compared with incomers from other EU countries. Favourite boltholes are Andalusia and Valencia, with the large, well-established expat communities in all the popular coastal resorts making it easier for new arrivals to settle in and begin to enjoy their new lives. Even inland, Brits continue to dominate the second home and residential property market.
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