Is Brexit Making An Impact On The Purchase of Property in Spain?
In some ways, it certainly is, but that really depends on the perspective you’re taking on the issue. Brexit may affect property purchases in Spain thanks to the greater degree of demand for second home ownership that some British nationals will experience. As buyer demand goes up, the property prices in countries like Spain rise alongside it. Even so, Brexit will not have much of an effect on the current buying procedure used to purchase property in Spain outside of the heightened demand amongst foreign buyers.
In a “worst case” scenario, Britain may simply end up tagging along with other countries such as Norway, Sweden, the United States, Australia, and various other nationalities where buyers have been purchasing property in Spain for many years now.
Is Brexit Really Increasing The Prices of Spanish Property?
It’s true that you can attribute soaring Spanish property prices to Brexit. This may seem unlikely; with Brexit’s status still incomplete at the time of this writing, there is a lot of uncertainty in the buying market. This is both economic and political alike, and the entire populous of Britain can feel the effects. Buyers from Britain still comprise the most expansive group of foreign citizens that are buying Spanish property however, and they undoubtedly make up the largest group of tourists within the country.
In what are largely unexpected results, Brexit has only driven up higher buyer demand. This is keeping the prices high in Spain as a byproduct. Purchases from foreign British citizens have gone up around eight per cent since talks about Brexit first came into the public consciousness. Thanks to Brexit, home-buyers from Britain currently make up almost fifteen per cent of Spain’s foreign investors.
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