British Still Buying Abroad Despite Brexit

Despite the Brexit process beginning, British overseas property investors are still interested in purchasing property abroad, and particularly in the EU.

The latest research from legal firm Spanish Legal Reclaims has shown that Brexit has not put off the British from buying in countries such as Spain, France and Italy.

In fact, the survey revealed that 10 per cent of those asked said they were actually more likely to buy in Europe now that Britain has decided to leave the EU.

Around 55 per cent of people surveyed that are considering buying a property abroad replied that Brexit will have no impact on their decision to buy.

Spain is still the most popular destination for British overseas property investors, with 45 per cent confirming it was their first choice. France followed closely behind with 37 per cent favouring our nearest neighbour, followed by Italy at 20 per cent.

A strong reason for the positivity of potential buyers is thought to be the Spanish Supreme Court ruling in December 2015, which means that those who bought a property off-plan that wasn’t delivered on time by a developer that has since gone bankrupt can now make a claim directly against the banks.

As reported recently, many British investors are now receiving compensation from the banks in cases where money was lost following the global financial crisis, including interest accrued on the money.

Spain has long been the country of choice of the British when buying abroad, whether for investment purposes or a holiday home, or both. The Supreme Court ruling has again instilled confidence in the Spanish property market.

Spanish Legal Reclaims CEO, Luis Cuervo, commented: ‘It’s not surprising to hear that Spain remains the favourite destination for British people who want to buy property in Europe. It continues to deliver on lifestyle, property prices and climate.’

It seems the love affair between the British and Spain will continue whatever Brexit may bring.