A leading Spanish property expert has revealed that there has been a downturn in the number of British purchasers buying a home in Spain since the Brexit vote was announced in June.
Speaking at a conference organised by Spanish appraisal company Tinsa last week, property expert Mark Stucklin said that when reliable figures are made available they will show a big decline in British purchases. He suggested that purchases from UK buyers could drop by around 50 per cent in some areas.
Stucklin based his conclusions on conversations he’d had with various figures in the Spanish property industry. These included lawyers and estate agents and most of them said that Brexit is having a negative impact on their business.
“A few people report client concerns about the status of Brits in Europe after the EU exit, but more than anything it’s the fall in the pound that’s taking potential buyers out of the market,” Stucklin explained.
He also revealed that it’s not only British buyers who are thinking twice before looking to invest in Spanish property. There could also be a fall in other international buyers, too.
“Buyers will often jump on any excuse to avoid having to make a big decision, and uncertainty is nearly always bad for confidence in any market,” he added.
After years of struggle following the global financial crisis of the late noughties, the Spanish property market had been recovering in recent years. This recovery had been fuelled largely by British buyers. Brits were by far and away the biggest overseas buyers of Spanish properties last year. In fact, a fifth of all the country’s homes that were sold to foreigners last year went to somebody from the UK. Therefore, a significant downturn in British interest would be extremely bad news for the market.
Article published 7th November 2016