Brexit a mixed message for Almeria property market

BREXIT DOUBT: Declines have been reported in property buying in Almeria since Brexit

ALMERIA province was once revered as a clear property choice for British expatriates in Spain.

In 2016, data from Spanish registrars showed that Almeria property sales were up by 93 percent. As of February 2017, however, property firm Kyero has reported a decline in the number of enquiries for Spanish properties for the first time as British people adopted a ‘wait and see’ policy on Brexit.

Ongoing doubt and speculation as to the ramifications of the UK’s withdrawal from the UK has hit made Britons extra cash conscious about investing abroad. Research shows Britons are increasingly focused on value for money and that Almeria remains a cost-effective destination for property investments.

Head of research at Kyero, Richard Spiegel, is optimistic, saying: “On balance, we think the majority of British buyers will (at most) be mildly inconvenienced by Brexit; it’s unlikely to materially change travel access, property rights or availability of credit.”

He added: “British buyers still want to buy, but they’re becoming less likely to progress their search to a viewing. Listening in on buyer chatter shows Article 50 is the obvious culprit. Brits are now in a holding pattern while they wait to see how Brexit negotiations progress.”