How Does The Yes Vote Affect The Spanish Property Market
The YES vote to leave the EU has certainly raised a few questions on what will happen next and how will it affect the booming Spanish property market.

It is a fact that the spanish economy heavily relies on the millions of British people who own property in Spain and pay the property taxes and the spanish income tax. I doubt very much that the Spanish government will make it harder or more expensive for prospective buyers of spanish property now that the UK will no longer be a member country of the European Union.

The last 2 years have seen a record number of British purchasing property in Spain and I forecast that this will continue due to the climate, cheap cost of living, the accessability and importantly the safe and family friendly environment.

I appreciate that there is uncertainty in the market at present but below we highlight some of the main questions that people are asking.


Do Not Worry Currency Exchange Rate Falls Are Part Of Life

The big news following the YES vote was how the pound had dropped dramatically against the euro making it more expensive for British tourists and potential property buyers of property in the EU countries. We have seen the pound drop from a high of 1.44 in July 2015 to a rate of approximately 1.22 today. As we are all aware exchange rates like stocks and shares rise and fall and if we look back below over the last 6 years the average exchange rate has been approximately 1.22 euros to 1 pound .This rate did not stop people purchasing property in Spain over the last 6 years or holidaying in the Spanish Costas.

Therefore although the rate has dropped from the highs I do not think it will stop British buyers purchasing property in Spain and in fact we may actually see an increase of British wanting to escape the expected higher cost of living in the UK after Brexit.

June 30th 2011      1.10 euros to 1 pound

June 30th 2012      1.23 euros to 1 pound

June 30th 2013      1.16 euros to 1 pound

June 30th 2014      1.24 euros to 1 pound

June 30th 2015      1.41 euros to 1 pound    

June 27th 2016       1.22 euros to 1 pound


Will Spanish Property Buying Tax Increase?

The good news is that property buying tax is not likely to increase as this would discourage potential UK buyers from purchasing a property in Spain. There are many other countries such as Norway, Switzerland and Russia that are not in the EU who have many nationals that have a property in Spain. The Spanish economy relies on tourism and property sales and will continue to do so in the future therefore do not expect big tax hikes.

Great News For British Sellers Of Spanish Property

It is good news for the British sellers of Spanish property as they are benefitting from the drop in value of sterling to the euro.

As the British sellers are now getting more sterling for their euros when they have completed a sale of their spanish property and exchanged the euros back into sterling.
We have even seen british sellers reduce the sale price of their property taking into account the reduction of the exchange rate.


Will My Spanish Town Hall Tax Increase?

The town hall tax which is payble if you have a spanish property will not be affected because the UK will no longer be in the EU. The town hall tax is against the property and not whether the owner is Spanish, an EU resident or Non EU resident..


Why Spain Is Still A Great Place To Purchase A Property

Whether the UK is in the EU or not Spain is still the most popular destination for people looking for a better standard of living. The Spanish are not going to turn away people looking to invest in spanish property and bring money into their economy.

If you are looking for the following key points then Spain is for you.

A better climate where in the winter the average high temperature is 18c.

The cheap cost of living compared to the UK.

The easy accessability with a good choice of airports and excellent road network

The excellent medical and healthcare system although new regulations are likley to be introduced re brexit.

Longer life expectancy than the UK due to the healthier lifestyle.


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