Joe Duggan (Reporter)
A BREXIT would be ‘bad news’ for British homeowners in Spain, property experts have warned.
A report from Spanish Property Insight says the pound could fall further if Britain votes to leave the EU on June 23.
The pound has fallen around 10% against the Euro since last summer.
“If the referendum ends in a Brexit result (vote to leave the EU), it will be bad news for the Spanish property market and British owners of property in Spain,” the report said.
“The implications of a Brexit are complicated for expats and holiday-home owners, and the pound might fall even further, given what the currency markets are already saying about even the possibility of a Brexit.
“None of which would be good for British demand for property in Spain.”
The report also said that a vote to remain in the EU would see the pound rally and a surge in demand for housing in Spain from British buyers.
“If the British vote to stay in the EU, then all the uncertainty holding back demand could evaporate on the day of the referendum,” the report said.
“It could be a great second half of the year for home sales in areas popular with British buyers.”
Estate agents say that Brexit will hurt them – no – really!
I’m still voting out….what is funny is the current spin from the Conservatives is all negative. There are some obvious benefits to Voting OUT but the Cons don’t want you to know about them. IN IT FOR THEMSELVES
More scare tactics!
More scaremongering, based on pure conjecture, from the ‘stay’ camp.
why is it that people from usa , canada, south africa etc etc dont have problems, they are not in europe.
people in the uk think that brits come here to work for the spanish and get all the same benefits that people get in the uk, its so annoying that people are so ignorant. I am often shouting at the radio
Living in Spain – or anywhere – isn’t all about ‘return on investment’. This is a perverse and shallow way of looking at life.
Estate agents in Spain? We know most don’t have or need qualifications and they certainly knew how to use scare tactics on naive buyers in the past, afraid of losing their Golden Goose again, a bit like Cameron and Osborne do with the In lot.
Sitting in ‘Spain next to’ France
Reading the news and it sure looks bad
They won’t give peace a chance
That was just a dream some of us had
Still a lot of land to see
But I wouldn’t stay here
It’s too old and cold and settled in its ways here
Joni Mitchell’s ‘California’ in Blue via Stuart Crawford
adaptation 1st line, chas.
If you have bought a house in euros and are paid in GBP and the value of GBP falls you will be worse off, right?! I don’t see what peoples issue with this statement is? It is correct is it not?
“None of which would be good for British demand for property in Spain.” – well, that sounds like a problem for the Spanish!
Jen, yes, the statement is correct, however there is no evidence to suggest this would happen. I could say if we leave the Spanish might invade us. Doesn’t mean it will happen and there is no evidence to suggest it will. Scare tactics.
The pound has tended to fluctuate with the euro over the years and with the June vote on the horizon the rate could rise or fall following the referendum result but is likely to settle down. Property will still be bought and sold I expect the slow improvement in the market from a very low base following a resession will continue. If the vote is for leaving there could be some changes on inheritance as the UK will not be a member of EU. However, the lifestyle benefits of living in Spain can not be ignored!
Jen: IF you can sell your house for your asking price and IF you are paid in Euros, then, after exchange, you will actually get more pounds to go back to Blighty with. But, if you are staying and being paid in pounds, you will get less Euros in exchange for those pounds. Less and less as the nonsense continues. The same applies to UK earnings or pensions which are paid in GBP and have to be converted to Euros, you get less of them.
Chas,
you have to understand that a lot of Brits are obsessed with making money from residential property, this puts them in the same camp as many Americans. This sickness is unfortunately spreading to mainland Europe as well.
It was’nt always like this but it all started with the explosion in property prices at the end of the 60s’ which resulted with the first property crash of 1974 when a lot of secondary banks collapsed. The second crash came at the end of 89. Many were blinded by stupidity and greed in Spain, so that 2008 came as a real shock to them.
Just wait until the big one happens in the UK – cardiac arrests everywhere.
The question for the Brit’s is whether they want Brussels to play an even more active part of their life.
And, what can we say about Brussels and its attempt to “integrate” all Europeans into one pot.
i wonder how you will stand in spain as property owner & ex pat if leave euro ?will you loose recipical health care yearly rise in your pensions will you have restrictions by spain for staying there new visa rules reporting to police ect ect has anybody thought about this at all ?
Nobody actually knows the answer to those questions David, though many profess to do so. What they don’t know, they make up. The only sure thing to say, is that leaving can’t possibly favour expats or those with material interests in the Euro Zone.
Randall,
you’ve been naughty – you’ve brought up a non economic point – soon the thought police will be at your door.
The Remain camp have never mentioned ‘quality of life’ or each countries unique cultural values. Big business through it’s instrument, the EU, wants to destroy precisely this because separate cultures and values have no place in a rational business plan, it interferes with profit margins.
The ‘integration’ you mention should be as important or even better, more important and integral to both the Remain and Brexit camps. Just ask any Nasty Party or Labour MP whether they are for or against the EU about ‘quality of life’ and ‘cultural values’ and look at their re-actions. Some will be shocked that you should even ask them such a question and some will just sneer.