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Your Place in Spain currently understand that the Brexit decision will affect the purchase process of buying a permanent or holiday home in Spain.

How? 

Well firstly we must advise any changes will take effect only when Britain officially leaves the EU and we understand that is circa 2 to 4 years from when the button is pressed, metaphorically speaking.

What will change?

We can only look at how property in Spain is purchased from countries outside of the EU, countries such as Norway, Switzerland, Russia, Australia and America, for example. The process appears to be straight forward, affordable, and manageable.
It maybe a Visa will be required (available on-line in some locations.) It maybe that the legal costs will increase as the process required for a non EU buyer will perhaps be a little more long winded.
It maybe that the Spanish government will require another tax (why wouldn’t they, like every county they may see an opportunity)

Health care

This is an area where uncertainty is high, currently retirees (65 years plus) from the UK receive free healthcare on a reciprocal basis. It has been mooted that many tens of thousands of Spanish people currently live & work in the UK across many sectors, anything that damages that agreement may impact on those people too.

The value of the Euro

This is a difficult one, in as much as since the decision to leave the EU the euro/pound exchange rate fell to as low as circa 1.16 from a pre referendum high of circa 1.30. As we write this document the rate stands at 1.19 fluctuating around the 1.20 mark, interestingly over the last 4 years the rates have been just as volatile with some highs and lows.
One benefit not to be overlooked is that with the current rates any British seller with a view to returning to Britain will receive more sterling, which could suggest that asking prices are open to a haggle.
After speaking with our currency exchange partners we understand that until an exit, and the timeline for an exit is established, the Euro may well continue to be just as volatile.

A Property purchase stampede?

We Brits love Spain and Spain loves us Brits, the weather, the beaches, the cost of living, the people, the golf, and the villages. For many buyers the dream of owning ‘Your Place in Spain’ is still on, with 2 years at least before any changes are likely to be implemented it may just be the time to get serious again about the prospect of buying before any increases are implemented.

Here is a link to an article written by Mr Marl Stucklin a well renowned Spanish Property market analyst: http://www.spanishpropertyinsight.com/2016/06/27/post-brexit-change-will-come-slowly-british-expats-spain/

So should you begin to turn you mind to buying in Spain, let us help. We look forward to hearing your property criteria and requirements and helping you in your search. Take a look around the property on our site, and for further information get in touch here.

 

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We are currently finding the property market across the Costa Blanca, Murcia and Almeria extremely buoyant.  The excellent euro/pound exchange rate combined with the keen prices we are seeing right now are a big plus for the buyer.  The media are reporting a growth in mortgage completions, and in some locations prices are now actually starting to rise.

Over the last year we have witnessed changes in the property market, for example, 12 months ago buyers had a high number of options and opportunities available to them which helped to drive the selling price of property down.  Fast forward a year and this is no longer the case in many locations.

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High quality re-sale stock is moving, and moving quickly, which creates demand, and that demand creates an upward price movement. All of a sudden the gap between good re-sale property and high quality new build options is smaller.

The entry level for a new build apartment, in a good location is currently circa 100,000 euro, (approx £71,500.00.)  The new build opportunities on offer right now are with a high level spec and a 10 year build guarantee that makes this option difficult for some to ignore.

New Build Apartment in Villamartin, Southern Costa Blanca – Click on image for details

Whilst at this time the market most definitely favours the buyer, anyone looking to purchase property in Spain should seek advice from an independent lawyer prior to purchasing.  This is to ensure that all obligations of owning a property in Spain are fully understood.  It is also essential for buyers to know how to buy euro in order to maximise their pound sterling’s buying power.

Penthouse Apartment in Ciudad Quesada – Click on the image for details

Your Place in Spain Ltd will always offer the service of a ‘Safe Purchase’ to clients, eliminating any unwanted surprises in the purchase process, and making sure that clients are ‘in the know’ at all times.  Be savvy and be safe.

Rob Lynsdale, Proprietor

Your Place in Spain Ltd

Did you see our feature on Townhouses and Bungalows from across the Costas this week?

A beautiful selection with amazing opportunities – http://eepurl.com/br4zsb

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Did you read our blog a few weeks ago about the exchange rate?  We said it then, and we will say it now…unfortunately, there is just no predicting what the rate will do.  Although what we can do is look at up & coming issues and situations that could affect it.

This past week we have seen the Pound/Euro rate fall from 1.38 to 1.36, only 3 weeks ago the rate was at 1.41, an 8 year high.  So, why has it done this?

Last week figures were released showing that the UK is now the fastest growing major western economy, that combined with the fast approaching General Election, plus the live debates that took place last week and the polls that were released on the back of that.  These are all matter that could be contributing factors to the dip in the rate.

However, with the rate as it is UK buyers are still doing great.  Cast your mind back to January, the rate was so much lower and as it stands now the rate is 10 cents higher than at the start of the year.

If you’re thinking about buying your property in Spain over the next 3-6 months, then it could be time for you to start looking into fixing a rate. If you need some advice about how to and why you should consider this action, call us today and we’ll be happy to help.

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Joanne, Your Place in Spain

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