Posted on July 8, 2016 in Property
The Professional Association of Real Estate Experts (Apei) believes that the Brexit will affect the holiday sector within the real estate market in Spain, although it will not affect prices because, although the British market is very important for the Spanish real estate sector, the effect will be offset by other markets which are greatly strengthening their investment interests on the coast, which will compensate for the fall in the British demand.
For this reason, El Economista reported that the Association considers that the departure of the United Kingdom from the EU will not negatively affect prices. The President of Apei, Óscar Martínez, said: “We have investors from both European and non-European countries, such as the Chinese, who are greatly increasing”, and added: “I think that you must not fear the negative impact the Brexit may have, because it will be adjusted to these other markets and will not affect the prices”.
According to the President, the Brexit will “especially” affect the holiday sector, both in terms of sales and rental transactions, as the Spanish coast is the holiday destination of many British families.
Martínez predicts that British buyers will find it more expensive to buy or rent in Spain as a result of the fall in the pound, while the operations and transactions will become more complicated as a result of not being in the EU. However, he added that although the impact, i.e. the slowdown in transactions, has been noticed, it has only so far been slight, because of the uncertainty of the whole situation.