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How Will Brexit Affect British Property Owners In Spain?

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With the countdown to Brexit underway, the UK is still a long way off getting the deal it wants with the EU. But among people’s many unanswered questions, one of the biggest, which held particular importance for a large section of Brits living abroad, was how will Brexit affect British property owners in Spain?

 

With the Government and the media focusing on trade deals, divorce bills, and ‘the road ahead’, there are hundreds of questions that no one can yet answer. More detailed, and arguably more complex, issues involving the rights of both UK and EU citizens who live abroad, continue to have a lack of detailed clarity surrounding them.

However, recent first-round negotiations in late 2017, meant outline agreements were reached between the UK and the EU for the nearly 1m UK nationals living permanently in the EU. So what does that mean exactly?

Permanent Residence

With the UK being a member state of the EU, Brits currently have the right to live in Spain and use its healthcare system if they choose to do so. But since the referendum in June ‘16 and for the 18 months thereafter, there followed a gross lack of clarity from the Government on UK citizens’ rights after Brexit.

One of the biggest questions raised continually was whether UK nationals would be able to continue living permanently in the EU at all after Brexit. For those who had already made Spain their home, worry and uncertainty left many feeling that Brexit spelled the end of the road, and they would be left with no choice but to return to the UK.

Thankfully, with those agreements in December ‘17, all the uncertainty was finally put to rest. It now means that those UK nationals with permanent residence in Spain (or any other EU country), will continue to reserve the right to residence and healthcare as before.

So if you plan to move to Spain and become a permanent resident, it would be wise to start the process now. With plenty of others applying to the authorities and only a little over a year until the UK is set to leave the EU, the Brexit clock is ticking.

Second Properties and Holiday Homes

Many Brits are also lucky enough to own or want to own, holiday property in Spain. Whether you’re retired or not, where do you stand? The good news is that owning or buying a holiday property in Spain shouldn’t have much, if any, effect on whether we see Brexit or not.

If you currently own, or are looking to own at any point in the future, it’s unlikely any property rights, taxes, VAT, or duties will change due to the Brexit process. Even if a visa-style entry to Spain should ever be introduced post-Brexit, this certainly wouldn’t apply to holidaymakers looking at a stay of under 3 months. And it’s likely in that scenario that a visa-waiver scheme would be introduced anyway (much like when visiting Turkey or Egypt).

Unknown Certainties

So while the agreements will be of reassurance to all UK nationals living in the EU, there is still progress to be made on the finer details. One of the key issues continues to be whether UK nationals will have the ability to keep certain rights if they move to another EU member state. More information on rental property in Spain, see this article from The Property Daily.

While these should be discussed and concluded with the upcoming second round of negotiations, we’ll have to wait further for the final outcome.

The 2017 & 2018 Property Market On Costa Del Sol

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2017 Has Been An Extraordinary Year In Puebla Aida

At Property in Mijas, we have been building and selling on the Spanish coast for over 30 years, and in that time have seen the market go up and down very steeply.

The start of 2017 was one of the worst on record for sales. The British represent the largest group in the property market and following the Brexit vote, with the 15% drop of the UK pound against the Euro and the realisation of the full implications of owning a property in a potentially non-aligned country, the Brits simply stopped enquiring. We saw a lot of British owners wanting to sell, bringing some good stock onto the market.

But as the European economy lifted, May and June saw an influx of enquiries from Northern Europeans, followed by Eastern Europeans who also started to enquire.

Suddenly, July and August became very busy with sales increasing, and this continued to boom through September, October and then on to November. By the end of the year we found ourselves with more new homeowners at Puebla Aida than at any time in the last 15 years.

Property Market Costa Del Sol

What Does Spanish Property Sales Look Like In 2018?

Well, prices at Puebla Aida are fair for sellers and buyers alike. New builds have truly started in the region but prices are high. The British, with increased certainty, are back enquiring, and with some now buying again.

Spain has experienced an uplift in holiday visitors and the country has invested heavily in infrastructure and services to make Spain once again a go-to destination for holidays. This is showing, as those holidaymakers are buying at Puebla Aida and Mijas Golf. Some for family holidays and some to rent, as there is a thriving rental market.

The European economies are growing, which has brought even more buyers to the region and the weather comprising some 300 plus blue sky sunshine days per year, remains the same.

So 2018 looks very positive for Mijas properties with good stock, good sellers, good buyers and a vastly improved environment.

Contact Us Today For More Information

To find out more, call our office on (+34) 95 247 78 54, email sales@propertyinmijas.com or come and see us at Puebla Aida.

8 Reasons To Buy & Sell Property In Spain Post Brexit

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There appears to be a lot of talk about the risks associated with buying and selling property in Spain throughout the media, especially since Brexit. However, most of the things being said are not true and are being based on decisions made out of panic.

Therefore, we thought it would only be right to give our professional opinion on the situation with our 8 reasons to buy and sell property in Spain.

Our 8 Reasons To Buy & Sell Property In Spain

  1. The flux in the Pound to Euro has brought exciting opportunities for sellers and buyers alike.
  2. If you are a Brit selling, you will have seen the value of your property increase by 20% since Brexit.
  3. If you are a Brit buying, you will find some Brits have reduced their prices by 20%. So, for Brit buyers, there is no increase in price.
  4. In the UK market, there is a 3% uplift on stamp duty if you are buying to rent, whereas in Spain there is no uplift.
  5. Spanish banks like Santander and Sabadell (part of TSB), offer mortgages that are not as stringent as the UK.
  6. You don’t need a buy-to-let mortgage when purchasing property to rent in Spain.
  7. All buying and selling costs in Spain are considerably lower than the U.K.
  8. The Spanish Government has said they do not want to loose the 500,000 British people that currently live in Spain, despite Brexit and will put steps in place to protect Brits.

Related Post: Brexit Healthcare Deal Offers Good News

Brexit Has Had No Impact On Brits Buying In Europe

Despite the panic in the media, stats are showing that Brits are showing no sign of giving up their dream of owning property in Spain, or anywhere else in Europe for that matter. No doubt, most of the reasoning behind this is linked to our top 8 reasons above.

Currently, 55% of Brits who were previously considering to buy property abroad have said that Brexit will have no impact on their decision, with 10% saying they are more likely to buy because of it.

To read more about the stats, provided by The Express, take a read of their article: http://www.express.co.uk/life-style/property/818267/brexit-buying-property-in-spain.

Also, do remember to take a read of our related post: The Impact Of Brexit On Property In Spain.

Considering Buying Property In Spain?

If you are considering to buy property in Spain, you will need to make sure you follow the correct processes and procedures. To help you do everything right, we have put together a handy guide to buying property in Spain, so do make sure you take a read: Our Guide To Buying A Property In Spain. Remember to also see our Brexit Opportunities page for special offers and deals on Spanish properties.

If you have any questions, or want more information, give our friendly team a call today on (+34) 95 247 78 54 or drop us an email at sales@propertyinmijas.com.

Selling A Lifestyle

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Selling properties is more about selling a lifestyle, than selling bricks and mortar. This is particularly relevant to holiday homes in premium locations such as Puebla Aida, at Mijas Golf in the Costa del Sol, according to Jane Cooper at Dressed2Sell, one of the UK’s top home staging consultancies.

As Jane comments, “Potential buyers are seeking an aspirational lifestyle – somewhere to relax and really enjoy life. Our job is to make that as simple as possible for them to imagine – from the first time they see the property on the internet to the moment they walk through the door.”

“At Dressed2Sell, we advise clients to consider who their target audience will be – a young family, retired couple, young professionals …. this will influence how best to present and market a property. It’s good to put yourself in the buyer’s shoes.”

That said, there are several key tips that will increase a property’s appeal to all audiences and put you ahead of the game when selling. Whether you are looking for properties in Mijas, or any other premium location, the same rules will always apply. “When buyers are comparing properties, you want to make sure that yours is the property they remember ….. for all the right reasons!” says Jane.

Property Preparation Tips

Dressed2Sell’s top tips when preparing your property for market:

  • Show off your assets! A beautiful marble tiled floor is a selling point needs to be shown off. By removing runners and busy patterned rugs, your property will also look lighter and more spacious. If you have a stunning fireplace, don’t put things in front of it or clutter it up with ornaments etc. Let it stand out as a focus of attention.
  • You are selling a lifestyle – and nothing sells that like the thought of a chilled glass of wine on the balcony while the sun goes down! So, make sure the balcony is immaculate and that your furniture is good quality and attractive. It can be difficult to keep pots and plants watered if you are away, so instead, invest in some attractive lanterns and candles. For marketing photographs and viewings, make sure there are wine, glasses, olives etc on the table to suggest a relaxed, aspirational lifestyle.
  • Keep all surfaces free of clutter, cut down on over personalised family photos, thin out books and remove items from the top shelves of units (this gives the illusion of even higher ceilings).
  • Keep things fresh – place fragranced diffusers in bathrooms. Go for light, spring like scents. Use cling film over plug holes to protect against any stale drain smells which tend to build when the property is empty, it really works!
  • In bathrooms, hide away all clutter and cleaning materials. Have fluffy white towels for viewings and marketing photographs and display only premium brand toiletries and perfumes. This will give a more luxurious hotel/spa feel.
  • As it is impossible to maintain fresh flowers inside a property when you are not there, invest in some good quality faux flower displays. White orchids, lilies or amarylis work particularly well. They look very elegant and go with most décor. Never have dried flowers – they look dull and dusty!
  • Avoid too many strong colours, patterns and heavy fabrics, which soak up light. Keep things simple. Freshen up a tired sofa with new cushions in light neutral colours. Light coloured wood or glass furniture will make a room look bigger, and simply removing unnecessary items of dark heavy furniture can have good results.
  • Mirrors are great at creating the illusion of more light and space, so if you have a dark area in a room, hang a mirror, not a picture.
  • In the kitchen, keep surfaces clear, except for smart chrome appliances such as a toaster and kettle. If you have one, a coffee maker is also a nice aspirational touch.
  • To avoid white kitchens looking bland, add pots of artificial herbs, and glass jars of coloured pasta or lentils on surfaces. These also photograph well.
  • Get the cleaners in regularly to maintain a fresh, smart appearance and air the property.
  • Finally, make sure you are 100% happy with your marketing photos – the crucial first step to getting those viewings!

To find out more about how Dressed2Sell can help you maximise the appeal of your property and achieve its best price, visit www.dressed2sell.co.uk

Contact Property In Mijas Today

When it comes to Costa Del Sol Properties and other premium locations, like properties in Mijas, we have been selling high quality villas and apartments for over 30 years. Make sure you keep up-to-date with all our latest property special offers or call us to arrange a viewing on (+34) 952 477 854.

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