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Is a weak pound and the uncertainty accompanying the Brexit vote having or likely to have an impact on the British demand for property in Spain?

MarbellaWhile demand for property has been growing since 2013, a reversal is anticipated given that the market for UK buyers is driven by the strength of sterling.

It is also expected that the buying pond for British owners wishing to sell and return to the UK may also evaporate somewhat in the short term.

However this is not a view shared by those on the ground. Gary Oliver, sales director of Remax property agents, thinks not.

“We do expect some buyers may hold off to see what the coming weeks and months will bring but with little long term impact,” he says.
...continue reading "Brexit has not affected property sales so far, say Costa del Sol real estate experts"

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Spanish acting Prime Minister Mariano Rajoy has shown his clear opposition to Scotland’s ambition to remain part of the European Union despite the UK’s recent decision to leave.
United Kingdom and Scotland“If the UK goes, Scotland goes,” said Rajoy, speaking in Brussels at a meeting to discuss the effects of Brexit.

While he did not mention Catalonia, the caretaker PM has the northeastern Spanish region clearly in mind, as Scottish membership in the EU would set an example for Catalan separatists.

Rajoy’s Popular Party (PP) and other Spanish mainstream parties opposed to Catalan independence have often used the argument that an independent Catalonia would be automatically kicked out of the EU club.

The Spanish leader, who won a repeat national election on Sunday and is hoping to secure enough support to get himself reinstated for four more years, said he is “radically opposed” to the idea of negotiating Britain’s exit with anyone other than the British government.
...continue reading "Spain against Scotland negotiating EU membership"

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The United Kingdom's exit from the European Union is a terrible piece of news for the Costa del Sol, where the British are its biggest and most important customers, and also some of the highest spenders. From now on there are just unknowns and a lot of nervousness.

brexitLast week, the president of the CEA (Andalusian Employers' Association), Javier González de Lara, warned that Britain leaving the European Union would have serious consequences for the Spanish economy, with tourism, although not just tourism, being the main loser.

Since the referendum there's been a 10% fall in the value of the British Pound. This means that Britons' holidays in Spain have become more expensive overnight as, although the Euro has also fallen, it hasn't done so as much as the Pound. This will mean less tourists will visit and less buying power for those that still come. The current average daily spend by the British is 105 euros, higher than the Germans (101 euros) and the French (80 euros).
...continue reading "The effect of Brexit on the Costa del Sol"