Will prop­erty prices fall in Spain after Brexit?

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

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