Joe Duggan (Reporter)
A BREXIT would be ‘bad news’ for British homeowners in Spain, property experts have warned.
A report from Spanish Property Insight highlights the fact 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 states.
“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.”
While helping a friend with their non-resident Spanish tax return, I noticed that non-EU people pay a higher rate of tax on everything including CGT. I assume it would mean that Spain could force UK residents to revert back to the higher rate of inheritance tax if we leave the EU.
How many more hidden horrors are there?
That’s the trouble Jane. There’s no way of knowing until the door is closed behind us.
As far as I can see, the entire Brexit campaign is based on racism, despite the many clever ways they try to disguise it, and is pretty sickening.
Its a good job that millions of Brits would not agree with you and say its about a corrupt EU with too much control over our Sovereignty and costs us far more than we get out of it and other issues!
As to this article, the headline is misleading.
In the body it actually says “None of which would be good for British demand for property in Spain.” which is quite a different thing…
Jane, I wouldn’t take to much credence of a Spanish property website whose so called experts are mainly estate agents, its more scaremongering. No-one knows what will happen if the UK remains or leaves. Greece is in trouble and other EU countries have serious financial concerns all of which could unravel the EU eventually anyway.
The positive is that although the pound has fallen 10% against the euro, this is good news for Brits in Spain who sell, and in any event exchange rates and markets fluctuate up and down all the time.
Mike, don’t like your calculations. “The positive is that although the pound has fallen 10% against the euro, this is good news for Brits in Spain who sell, and in any event exchange rates and markets fluctuate up and down all the time”.
The *only* people to suffer from brexit are the multinational companies that enjoy selling products/services at UK prices, while employing/maufacturing in 3rd world countries. so boo-hoo your fantastic profits and job stealing policies might have to stop.
We need strong politians to stand up and insist that europe isnt a free-for-all for the unscrupulous & greedy. If trade protectionism isnt reintroduced (like its always been with USA & China) then western europe will end up 3rd world.
And we all know it!
Bigjon,
western Europe will end up 3d world?
Just being back from South Korea, I can confirm that all people there would prefer to move to Europe if they could. South Korea is not 3dworld but a highly industrylized country and member of the G20, with sharp differences between the top rich and the bottom poor and a high unimployment rate with young people. Trade result between Germany and South Korea is in balance. Their products are cheaper, ours are smarter and have a higher glamour factor. Also Europe becomes more and more attractive for tourist from Asia, where the UK is profiting most. If those tourists happen to cross EU borders between the UK and France, the British share of this market will decline.