Have you decided on how you’re going to vote? Are you for staying or leaving the EU? The pressure is certainly on for many expats on the Costa del Sol. As a Marbella real estate agency, we’ll be honest with you, we thought things would get a bit hard. However, and what we are welcoming as a pleasant surprise, the upcoming Brexit vote has not deterred Brits from buying Marbella luxury real estate.
Home sales in Marbella are still climbing
It seems fear of the Brexit isn’t slowing down the buyers on the Costa del Sol. Most UK pensioners love the Costa del Sol and love that they can retire here. The cost of living in Spain, particularly the south of Spain is low. This includes the costs of living, and considering the Costa del Sol and Marbella are major tourists hubs, rental properties are in high demand.
The demand for European real estate rose, and leading the pack is Spanish property. This recent news comes even though the pound has recently declined against the Euro due to the uncertainly over the Brexit vote in June.
There are of course many other countries getting attention for its profitable real estate market – this includes investors turning to US and Canada. But Spain, particularly the South in Malaga Province, has rarely been so attractive. This is thanks to a combination of lower property prices and the improving economy. You see, even though the United Kingdom is set to make a very important decision in the upcoming referendum, this situation is not affecting property stability on the Costa del Sol.
There are several reasons why the Costa del Sol and buying property or investing in Spanish property is so appealing. The expats for example, love the sunshine, and the way of life. Spain is typically more relaxed, and life is more appreciated here. You can’t help falling in love with the culture and its people.
There are several media publications trying to discourage the UK residents with plenty of disinformation; however, there is really no way to predict the consequences, if any, until after the 23rd of June. One thing for certain, as a real estate agency in Marbella, we can tell you that property investments have not slowed down.
Investors see the potential for ROI in the Marbella property market once again. The economy is recovering and has been doing so for a few years now. Albeit slowly, but considering the previous years, this new turn in fortunate is something to be celebrated. Even unemployment is going down, as more people are getting jobs.
Will Brits still be able to buy property on the Costa del Sol?
To answer this question, we have to look at some facts first. In Spain, there are several villages, towns and cities, and many rely on the income from British property buyers. Everyone is well aware that expats help boost economies no matter where in the world, and it’s no different for the South of Spain.
Therefore, we would not expect there to be any sort of change when it comes to purchasing property abroad. To make sure, we can look to other countries and review their situations. For example, US citizens or those from any non EU countries buying property in Europe are in fact covered by the Schengen Agreement, signed by 25 EU countries, which means you do not need a visa or residency permit if you stay in the EU for no longer than 90 consecutive days within a six month period. This makes up almost half of the year, so for holiday home buyers or simple property investors, a restriction on the time they are allowed to spend there should have little to no impact.
The bottom line is we won’t know the hard facts until after the referendum takes place. But when it comes to buying property abroad in Spain, you can still do as you please. Many as we’ve stated are still taking full advantage of the growing number of tourists visiting Malaga, and if you contact us today, you can take advantage as well.
Marbella property is still in high demand, so you better hurry to get the best possible deals.