How will Brexit affect you and your propterty in Spain. Read on for our opinion.
How will your rights change if the UK leaves the EU?
Many of our clients are non-EU citizens and the purchasing process is broadly similar to that of an EU national, as are their rights in the country itself. We’ll provide a more detailed breakdown of the differences shortly.
How about mortages?
Many of our non-EU clients have no troubles at all getting mortages with Spanish banks however there can be typically a higher deposit requirement. It is important to note however that mortgate rates in Spain tend to be at very favourable rates compared to EURIBOR and therefore should remain excellent value.
How is the market in Valencia at present?
Valencia, compared to Mardrid, Barcelona and Malaga (for example) is still undervalued and has not recovered in value as much since the property crash. Therefore this market represents excellent value for money in what is the third biggest city in Spain, ideally placed on the Mediterranean coastline with and both an International Airport and high speed rail links into Madrid.
Will Brexit affect the value of Spanish property?
Whilst the British are big buyers here in Spain overall they contribute only a single digit perecentage of overseas investment. Nationals from many other EU countries and beyond form the vast bulk of property transactions here and therefore we do not feel Brexit will have a substantial impact on the overall market at this time. In fact at present we are seeing increased interest in properties including from British clients.