BRITISH people with their hearts set on buying a Spanish home shouldn’t let coronavirus or Brexit shatter their dreams.
Market conditions, technology and innovation continue to make purchasing property in the Costas attractive this year.
Demand and prices across Spain dropped for most of 2020, before stabilising towards the end of the year.
Current sentiment indicates a downward curve again, during the third (and hopefully final) lockdown.
Expectations are that the market will bounce back in the second half of 2021, and all of this means prices are negotiable right now, especially where owners are keen to sell.
Favouring British buyers is the buoyant pound with its value holding up well since January 1 and is now back to levels not seen since last May.
The speed of the UK vaccination roll-out could inject further strength into the pound.
Borrowing remains cheap in Spain. With the European Central Bank’s Euribor rate at -0.5%, Spanish mortgages are very affordable, including for non-resident/holiday home-owners.
Lockdown means currently it’s not possible to view properties on the ground.
But clients who know where they want to buy are using Zoom to do much of the groundwork for their purchase from the UK.
With ‘virtual viewings’, we have helped a number of clients complete purchases from the UK during lockdown.
Meanwhile, for British people hoping to move to Spain in 2021 but concerned about residency options, the door is still open with different visa schemes available.
Looking ahead, Spain may introduce a visa for British people wishing to come and work or one that allows Brits to come and go relatively freely, similar to the one that exists for Swiss and Norwegians nationals who are also not EU citizens.
Sun Lawyers was started in 1985 and has helped over 5,000 people buy a property in Spain. It has offices in the Costa Blanca and Costa Calida and was named ‘Best Spanish Expat Law Firm 2020’ – AI Legal Awards.
Sun Lawyers Head Office: Calle Cielo 9, 3PB, Cabo Roig, 03189 Orihuela Costa (ALICANTE), Spain.