There is some uncertainty with regard to the possible consequences of Brexit in our real estate system, although there should not be cause for alarm. To this day, experts on the matter believe that the British exit from the European Union will have no negative consequences in our real estate system. In any case, it is advisable to exercise the greatest caution and to see what happens in the coming months. Between 800.000 and one million British citizens own property in Spain, even though only 300.000 live in our country. These facts and figures show that the main property buyers in Spain are British as they account for 14% of foreign investors. However, it has been noticed that there has been a decrease in the number of deals carried out by British investors in these last years. Indeed, in the first term of 2016, British property investors in Spain amounted to 22% of all foreign investors, a figure which is 8 points above the current numbers. It is obvious that in recent years there has been a fall in the purchase of Spanish housing on the part of the British. According to experts, we have already left behind the most difficult times. In any case, we must be very cautious and observe how the market acts once the implementation of Brexit is consolidated.

SUPPRESSED OPTIMISM

As we have already said, experts state that the worst effects of Brexit have already been observed in our real estate system. Nevertheless, they insist on the fact that we must wait and see how the market acts in the coming months. There is no doubt that the Spanish real estate market is very attractive for the British buyers as they find our country a perfect place in which to enjoy the best climate and the best gastronomy. As we have already seen, from 2016 onwards, there has been a drop in the number of deals carried out by British buyers. It is considered that the devaluation of the pound was a key factor in this decrease, as we must not forget that in 2016 the pound lost 13,6% value with respect to the euro. Experts consider that the Brexit effect is already deducted with regard to currency. Now, it is very important to observe what kind of agreements the British can achieve concerning taxation or healthcare when buying property abroad. Be that as it may, it seems clear that a hard Brexit would have shaken our real estate system much more. Precisely because this possibility has vanished, experts are optimistic and they believe that the Brexit will not cause great changes in our real estate system.

A PROPERTY IN SPAIN, AN IMPORTANT ASSET

In the absence of knowing what will happen in the future concerning the British as regards taxation and foreign residence, there exists an unquestionable circumstance: having a good property in Spain is equal to having at one´s disposal an important asset in a country with sound currency, as is the euro. The British are aware of this reality and thus they will always consider the option of investing in property in our country. If, in addition to what we have said, we take into account that Spain is regarded as an appealing place to have residential housing not only to live in throughout the year  but also just to spend a holiday, then we can conclude that regarding the British there is no reason why these investments will stop taking place. Paradoxically, they can even increase due to the incentive to invest in the Euro zone and the security that this provides if they have the necessary funds to invest by diversifying the risk of having all assets in Britain.