Why Brexit won't mean the end of the British love affair with Marbella property
If there is one subject that has truly 'crossed boundaries' in the last few weeks with regard to the wide range of aspects of homebuyers' lives that could be impacted, it has to be the United Kingdom's decision to leave the European Union.
With our team here at IQ Marbella having already received many queries from prospective buyers of premium Marbella property about the effect of the referendum result on their plans to invest in an apartment, villa or penthouse in Spain, we thought we would address many of the common uncertainties.
Little reason for drama among Spanish home buyers
While much will undoubtedly change in the next few years in terms of the UK's relationship with the European continent and the debates raging around this, what is particularly striking is how little change there will likely be to the situation for purchasers of high-value Marbella property.
First of all, for now, Britain remains a member of the EU, with the rights of British citizens to purchase property in Spain no different to those they enjoyed immediately prior to the referendum. Furthermore, the UK will probably take at least two years to leave the EU, with the required changes in trade agreements unlikely to be settled for many more years.
Rights and mortgage availability unlikely to drastically change
The above means that it will probably take years for investors in property in Spain to feel any great adverse effect from Brexit - if ever at all. Spain has a long history of welcoming overseas buyers, who now account for a fifth of house sales. Purchasers from outside the EU are well-represented in that proportion, with their rights barely differing from those of EU nationals.
These factors should equate to a minimal impact on the rights of British citizens to purchase premium Marbella property, such is the importance of overseas investment to the Costa del Sol and Spanish economy. Nor should British buyers be any less able to secure a mortgage as a result of Britain's EU departure, with the deposit of up to 40% normally requested of foreign buyers by Spanish banks already providing lenders with substantial protection and thereby not likely to greatly change.
Combine these factors with low interest rates on the continent, and it's clear that borrowing continues to represent good value for Britons interested in desirable properties in Marbella.
Talk to IQ Marbella about your concerns surrounding Spanish property
Whatever the aspects of Brexit that may concern you if you have dreams of buying a luxurious Marbella property, please feel free to contact our experienced property specialists here at IQ Marbella for suitably tailored guidance. It is likely that we will be able to assuage your worries so that you once again feel confident about investing in a high-end penthouse, apartment or villa in such a locality as Marbella, Puerto Banus or the Golden Mile.
We will probably be able to allay your fears, for instance, of a crash in the Spanish property market - the sheer diversity of the country's foreign buyer base, combined with the fact that Britons make up only 4% of the market, rendering this an unlikely prospect.
Even the effect of a falling pound in making Spanish property more expensive for UK buyers has to be considered in the context of the excellent value that property in Spain continues to represent, with prices remaining 32% below their 2007 peak. In short, if there is any time to invest in the most prestigious properties in this especially sought-after corner of Andalucía, it is now.
For guidance relating to every area where Brexit may impact on your plans to buy property, live and/or work in Marbella, from pensions and healthcare to inheritance, please feel free to contact the IQ Marbella team of capable and seasoned property consultants.