Lucas Fox International Properties is one of the leading real estate agencies in Spain and it has registered an increase in the number of enquiries from UK-based clients. These are people who are interested in potentially relocating to Spain following the UK’s recent decision to leave the EU.
Since then, the company has been contacted by a number of British citizens and residents who are disillusioned by the referendum results and are considering moving to Spain, with the cities of Barcelona, Madrid and Valencia being particularly popular. These are areas where there are job opportunities in the local economy is rapidly recovering.
This surge in enquiries backs up a report last week claiming the number of British citizens looking to move abroad had increased by 30%, with Spain being the third most popular destination after Australia and Canada. Another study carried out by the London School of Economics, suggested that approximately 10% of 18 to 25-year-olds who had voted to Remain are now thinking of moving abroad.
Sebastian King, a 22-year-old living in the south of England and working in Financial Services is one such person interested in moving. He contacted Lucas Fox just a few days after the results saying he felt ‘disconnected’ with the UK following the decision to leave the EU. “I have been looking to move to Valencia for a year or so now but the Brexit result made me want to get a move on” said King. “For me Valencia has it all-the climate, it’s exciting, full of history and culture as well as having a beach. Overall, I think Spain has lots of potential and for my business it is an ideal place to expand, thanks to a cheaper workforce. When I compare the UK to Spain I see Brits simply surviving while the Spanish are really living.”
At the moment British buyers account for less than 10% of Lucas foxes total sales throughout Spain, buying properties that are mainly in resort areas such as the Costa Brava, the Balearics and Marbella. The company did lose a small number of potential offers that were on hold pending the referendum result, but no offers accepted before the vote have been lost.
Lucas Fox Costa Brava partner, Tom Maidment said “We feared the referendum result would impact immediately on pending deals, but this doesn’t seem to have been the case and the increase in enquiries from UK buyers and UK-based EU residents looks set to more than compensate sellers. Additionally, we have been offered several interesting properties by British couples who now want to sell up and return to the UK to profit from the weak pound.”
Even though the pound may have weakened, Spanish property is still attractively priced at around 30% to 35% below the peak of 2007. Additionally, Spanish banks are continuing to offer competitive mortgage packages.