Will your Sotogrande property dream still be possible after Brexit?

The already inherently uncertain nature of life as a real estate agency in Sotogrande has only been made even less certain since June 2016 by the decision of the UK electorate to vote in favour of leaving the European Union. It’s a similar story for those who are considering working with such an estate agency, with many asking whether they’ll even still be able to purchase Spanish property.

Given that negotiations between the UK and the EU over the post-Brexit relationship are still underway, many aspects of life after the UK’s departure from the bloc remain unclear.

Nonetheless, there are still some solid conclusions that can be drawn.

You will still be able to buy property in Spain!

Yes, there are a lot of questions still to be answered with regard to such matters as the free movement of people between the UK and the EU, as well as trade agreements, and the eventual arrangements may greatly influence whether you ever move to Spain at all.

However, one thing you can be confident of after Brexit, is that you will still be able to purchase Spanish property, even if Britons become subject to the same rules as current non-EU citizens. After all, it isn’t only citizens of the EU that have the right to purchase property in Spain – it is an option open to anyone who can afford to do so.

What about expats’ rights?

This is another question that remains stubbornly unanswered amid the ongoing UK-EU negotiations.

Nonetheless, reassurance for British expats in Spain has been provided by Spanish foreign minister Alfonso Dastis, who said on The Andrew Marr Show in October that he would ensure British residents of Spain did not experience disruption to their lives in the event of a no-deal scenario between the UK and the EU.

Other implications are yet to be decided

On the most basic level, the cost of property in Sotogrande does not change simply because the prospective buyer is outside the EU instead of inside. Such costs include not only the agreed purchase price for a given property, but also the likes of the purchase tax, Notary’s fee and property registry fee.

However, there may still be a real-terms difference to how much you pay for Spanish property as a result of Brexit, given the changes in currency rates and the implications this has for how much your money is worth. Indeed, it has already been suggested in some quarters that the weaker pound since the June 2016 referendum vote may have forced some British buyers to reduce their budgets.

The ultimate implications are yet to be seen – and much the same can be said for freedom of movement, which may be replaced with complex rules and visa restrictions.

Keep an eye on the Property Sotogrande news page, and we’ll issue the relevant updates as we have them on the applicable arrangements and what this will mean for Britons considering working with a real estate agency in Sotogrande to make their Spanish property dream come true.