A BREXIT would be ‘bad news’ for British homeowners in Spain, property experts have warned.
A report from Spanish Property Insight highlights the fact the pound could fall further if Britain votes to leave the EU on June 23.
The pound has fallen around 10% against the Euro since last summer.
“If the referendum ends in a Brexit result (vote to leave the EU), it will be bad news for the Spanish property market and British owners of property in Spain,” the report states.
“The implications of a Brexit are complicated for expats and holiday-home owners, and the pound might fall even further, given what the currency markets are already saying about even the possibility of a Brexit.
“None of which would be good for British demand for property in Spain.”
The report also said that a vote to remain in the EU would see the pound rally and a surge in demand for housing in Spain from British buyers.
“If the British vote to stay in the EU, then all the uncertainty holding back demand could evaporate on the day of the referendum,” the report said.
“It could be a great second half of the year for home sales in areas popular with British buyers.”