Buying property is a huge deal in itself. It is a big investment that requires careful thinking and contemplation before spending. It can become difficult to buy a property if there has been a major shift in the financial status of a place. This can also be a case with regards to Brexit which has led to quite a few changes in the market around the world.
After Brexit one might have quite a few questions regarding how difficult it is to buy a property in Spain after Brexit. And rightly so, since buying property is a major decision. One can have questions like if it is safe and wise to buy property in Spain at the present time and if there are any restrictions.
There are various ways in which one can buy property these days. One can use online services like javea.properties. Such services make it easier for new buyers to find what they are looking for in the property market and to compare the prices as well as facilities available in different property locations.
Hence if one is looking to buy new property in Spain after Brexit one can refer to such a website.
But before buying property in Spain it is important to know how difficult it is to do so. To find that it becomes important you know whether it is safe and advisable.
1. Is it secure?
The first question that comes to mind when considering buying property in Spain after Brexit is whether it is safe. The straightforward answer is yes. Purchasing property in Spain after Brexit is just as volatile as purchasing property before Brexit. There are no restrictions on the Spanish property market following Brexit.
As a result, whether you are from the United Kingdom or another part of Europe, you can own property in Spain with confidence. There are no specific rules prohibiting British citizens from purchasing property in Spain. It is a straightforward transaction: if you can afford to pay for the house or property, you can own it.
Moreover, the Spanish government benefits when people from outside the country, especially from countries like those in Europe and America, buy property in their country. This is also the reason why the Spanish government comes up with catchy schemes to encourage more people from these countries to buy land in Spain and live there.
2. Is it prudent?
After determining that it is safe and legal to purchase property in Spain, you may wonder whether it is prudent to do so. The answer to this question necessitates some thought.
One of the most exciting developments in Spain’s property sector is the beginning of a rise in the construction sector. As the construction industry grows, you will have more opportunities to expand or renovate your property to your liking. Then you can decide whether to live in Spain or rent out your property. Renting out your property is always a better option than sitting on it.
3. Is it more costly?
The next question is whether it has become more expensive to buy property in Spain since Brexit. The answer is also straightforward. Your nationality plays no role in determining how much you will pay for a property in Spain. You can be a member of the European Union or a British citizen and still spend the same amount of money on the same property. As a result, Brexit has not resulted in any unusual price increases in Spanish real estate.
There are four fees that must be paid when purchasing a property in Spain, and they are the same regardless of where you are from.
4. What is the general state of the Spanish property market following Brexit?
The Spanish real estate market has been volatile in recent years, but it is on the mend following a devastating 30% drop between 2008 and 2014. Right now, purchasing Spanish real estate is a good investment.
Is it thus prudent to purchase property in Spain after Brexit? Well, the average property price in Spain has risen by 6% at the start of 2019, making it an even better option for buying and selling property. At this point, the housing market price has slowed and stabilized, and it is a viable investment for 2019 and 2020.
So, despite rising property prices in Spain, it is a stable and sustainable investment.
Now for the most important question…
5. How difficult is it?
As we have already talked about how there are no extra restrictions please on Britain as compared to other countries in the European Union. Hence it is not as difficult to buy property in Spain as one might think. The only thing that one needs to be aware of are the prices of property in Spain and all the other payments that one would have to make to buy a property there.
Besides that, one should also focus on the different types of taxing and different amounts of taxes that can be levied on them based on different laws in Britain and Spain while renting out their property. Even though it is beneficial to buy property in Spain, the taxation while renting out the house might be a bit more in accordance with British law.
In conclusion, the procedure of buying property in Spain after Brexit is not very difficult as compared to before Brexit. There are no specific laws preventing someone from Britain from buying any property in Spain. If one has enough money to do so they can do it. Hence, even if you are in Britain after Brexit you can still safely buy any property in Spain without having to pay extra money.