Like it or not, Brexit is now a reality and UK citizens dreaming of property in Spain might need to assess before taking the plunge.
But will buying Spanish property still be the cost-saving route to a comfortable lifestyle in the sun it has always been for British expats? Or could a drop-off in British investment dramatically impact the Spanish property market?
Before we take a look at whether or not property prices in Spain will fall, let’s first see what exactly has changed for investors since the end of the Brexit transition period.
Can British people still buy or build property in Spain after Brexit?
In short: yes. Non-EU citizens have been comfortably buying land and property in Spain for years without issue, so there’s no reason to think it will be any less straightforward for Brits.
British citizens still have the right to visit their holiday homes in Spain without a visa, but can only spend 90 days in any 180-day period. This would suit most second-home buyers, but those looking to move from the UK to Spain permanently and continue working will have more hoops to jump through – including needing a military permit in some cases.
“Brexit could have an effect on younger people’s decision to buy and build a home in Spain, depending on how the rules change,” says John Wolfendale of Eco Vida Homes, a company that helps people build energy-efficient villas in Spain. “But the market is very healthy at the moment, at least for good-quality property with sea views close to the coast. Good plots for building are in high demand and prices are going up.
“The fact is that, despite Brexit, it is in everyone’s interests to cooperate.”
For those looking to buy/build and retire, there are always options like the Golden Visa Scheme, which grants foreigners residency if they make a significant enough investment.
So it seems buying Spanish property after Brexit is largely business as usual, but will property prices fall in Spain now its number-one foreign investor is no longer part of the EU?
See our next post Will it be cheaper to buy in Spain post-Brexit?
Source: Spanish Solutions