There is no doubt that Brexit has and will have a huge impact on the lives of many UK citizens. One area that may be affected is the purchase of Spanish property by UK citizens. Below, we are going to assess what Brexit will mean for Spanish property buyers.
It’s Influence on International Property
As it stands, more than a million Brits have property on international soil. Post Brexit, there is likely going to be some consequences on overseas property. The Association of International Property Professionals is advocating for the rights of British owners with foreign properties to be clearly laid out in Brexit negotiations.
Will Brexit Stop UK Citizens from Buying Spanish Property?
Current research has shown that the currency has become volatile due to Brexit. As a result, this will make it harder for many UK residents to afford property here. This, however, is appearing to be more focused on people interested in buying holiday homes than those after retirement homes.
Before the real estate property market of 2008, the pound to euro exchange rate was quite wealthy. At that period, the UK Pound was worth 1.52€. At the moment, the UK Pound is 1.15€. Ever since the financial crisis, the exchange rate has fluctuated regularly. These terrible exchange rates can make the idea of buying a home in Spain not that appealing.
This, however, should not be a big problem because, in the past, non-EU residents like Americans have been buying property despite the low exchange rates.
How Did Brexit Affect the Cost of International Real Estate?
Brexit may see to it that UK citizens get visas in order to visit their property. But this is only going to be a mild problem because the chances of British citizens getting denied visas are unlikely.
Will this Move Force More People to Emigrate?
After the referendum, online searches for people immigrating to other countries have risen. But this is not associated with Brexit. Most people researching this have always been planning to do so.
The Effects of Brexit on Migration, Visas, and Tax
First things first, free movement between the EU and UK will come to an end by 2021. Nonetheless, this is not clear because no guidelines have been given regarding Britain’s immigration system. This may also impact how UK citizens can access visas, health care, social security benefits amongst others. They may also be taxed more than before.
Overall Impact of Brexit on International Property Owners
Currently, we are not aware of the overall impact on international property owners. However, the thought of UK expats being denied access is unlikely. At least 1.2 million UK expats living in Spain, Ireland, and France. The figures do not just end there. More than a million Brits own holiday homes in the EU. Making it impossible for these people to access their homes is probably going to be an unwise move.
Exchange Rates and Brexit
As mentioned earlier, the exchange rates are likely to present a big problem for UK citizens interested in buying property in Spain. Also, after the referendum, many British business owners have shown a higher demand for currency exchange to reduce risk and attain market stability.
With this overview of what Brexit means for Spanish property buyers, you can make an informed decision. If you are interested in buying Spanish property during this period, research thoroughly and seek help from real estate professionals and lawyers.