British Property Owners, Finally some Good News
Since Britain’s referendum on membership of the European Union and the ‘Leave’ result, British property owners and those intending to buy a home or holiday residence within the European Union have been concerned about their status. The Spanish government has recently provided some clarity on this matter, which is a relief for vendors and buyers alike.
The Spanish Foreign Minister, speaking on the Andrew Marr show, which is a popular feature of the British Sunday morning for those interested in what has happened in politics during the preceding week, announced his government’s pledge to British property owners in Spain. He told Marr that there would be “no disruption” to the status of British property owners once the UK finally leaves the EU.
Minister Dastis also categorically stated that this would apply even if the UK leaves the EU with no deal and assured viewers that “the relationship between the UK and Spain is a very close one in terms of economic and social exchanges.” It is of course well known that Spain has the highest number of British people living overseas and Spanish property plays an important role in the plans of British retirees. However, whilst they my traditionally the biggest percentage of buyers, there are many young families and couples who buy properties in Spain for holiday use, often with the long-term view of the property becoming a retirement home eventually.
Real estate agents in Spain welcomed the Spanish Minister’s announcement, as its allays any fears future British buyers may have about buying property in Spain. Anecdotal evidence suggests that many were concerned about the need for visas and whether they would have the same benefits as other EU citizens. Some of these still have to be ironed out, but the key thing for the moment is that Spain looks very willing to honour the long relationship with the British buyer.
It comes at a very timely moment. At the World Travel Market in London in November 2017, Andalucía was named as a top destination for the British and that the numbers arriving here on holiday have increased despite all the talk about Brexit. It is well known that many of those who arrive on holiday, decide to buy, and with the figure for British visitors predicted to grow even more next year, real estate firms can assure them that the future for British buyers in Spain is safe and secure.
Real estate in Spain
Estate agents in Spain can all agree that the property market turnaround is here. Besides government statistics, and property sales increasing on just about every front, the tourism sector is reporting major record breaking. Property for sale in Marbella, as well as, property for sale on Costa Blanca is garnering attention once again, and especially the desire to own a second holiday home amongst British buyers.
New developments in Marbella & Estepona are flourishing, and gives you the investor a chance to buy well below market value. This is another notch on the good list for real estate in Spain. Construction is once again in full force on the Costa del Sol. That indicates a strong market ahead. Besides buying new developments for well below market value, once you do buy a new development in Marbella, you immediately see a return. So basically, the minute you buy, the minute you make money.
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