Brexit has dominated the headlines over the last few years and now that it is finally done, things aren’t drastically different. The Withdrawal Agreement signed by the British allows for a transition period until 31st December 2020.
If you live in Spain for three months or more a year you should get your documents in order. That means becoming a resident with an NIE and Spanish drivers licence. This will entitle you to free healthcare here in Spain.
The process of buying and selling property in Spain will not change for the British. It’s already the same process for non-EU nationals like the Swiss, Norwegians and Americans, so there’s no reason to expect it to be any different.
We don’t yet know whether Brexit will affect British demand for buying property in Mallorca, but it shouldn’t. The British were buying here long before they were in the EU and if anything, buying a home here is now more straightforward due to legislation passed in 2019.
Why buy here?
The Spanish government encourages other nationalities to invest here and The Golden Visa is a prime example of that. Over the last decade the Spanish property market has seen a steady increase in prices, standards and quality. Last year the price of property in Spain generally was up 3.6% in the 12 months to December 2019 according to valuation firm Tinsa. These statistics are a national average and the price of property in Spain does vary from region to region.
The real thing to watch is the value of the GBP. Choosing the right time to buy when you will get the most for your money is wise. Speak to one of our property specialists who can introduce you to currency specialists who can lock in an excellent rate for you on the exchange.
If you are thinking of buying or selling your property in Mallorca, talk to us today. Our team have many years’ experience in dealing with EU and non EU property transactions so they can guide you through a stress free process.