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The number of homes in Spain sold to British buyers has slumped since the Brexit vote and the fall in the value of the pound.

Villa in Moraira 300x199 - Brexit vote dents British demand for Spanish propertySales in the third quarter of this year declined 16% after steadily increasing since 2011. Last year the strong pound led British buyers to purchase almost 10,000 Spanish properties, up 42% on 2014, giving them a 21% share of the number of homes acquired by international buyers.

No other nationality buys as much property in Spain as the British, and in recent years they have made a significant contribution to the recovery of the Spanish property market.

About 28% of holiday homes on the Costa del Sol are sold to Britons and 26% on the Costa Blanca. They also dominate the sales of holiday homes in Murcia, the Canary Islands and the Balearics.
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Brexit is bad news for the recovering Spanish property market with a real estate conference in Marbella hearing that it is already having an impact with a fall in British buyers.

Málaga playa de la Malagueta 300x225 - British buyers down in Spanish coastal areas due to BrexitInterest from British buyers in locations like the Costa del Sol where they have been the biggest group of foreign buyers for many years, began dwindling in the run up to the European Union referendum in June and since.

Property expert Mark Stucklin told the conference, organised by Spanish appraisal company Tinsa, that British buyers made up 36% of foreign market in the Malaga province last year, more than double the next biggest group from Sweden and 50% of the top six markets combined.

He believes that when reliable figures are made available they will show a big decline in British purchases, perhaps 50% or more in the six months after Brexit. Stucklin said that he also spoke to other property industry professionals at the conference, including lawyers and estate agents and most of them said that Brexit is having a significant negative impact on their business.
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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?

Marbella 2 300x199 - Brexit has not affected property sales so far, say Costa del Sol real estate expertsWhile 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.
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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 273x300 - Spain against Scotland negotiating EU membership“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.
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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.

brexit 300x210 - The effect of Brexit on the Costa del SolLast 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).
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