With the result of the Brexit referendum and the eminent exit of Britain from the European Union the dream of moving to a home in the sun in Spain has taken on a new angle. At present there are approximately 1,700,000 Brits living in Spain. British PM Theresa May is set to put Article 50 into action by March 2017. Only once Article 50 (the official mechanism which allows a country to leave the EU) has been activated will the clock start ticking down two years until the final British exit from the EU must be completed. In those two years the terms of the exit will be negotiated. This means that Britain will most likely only leave the EU in the summer of 2019 leaving plenty of time for British home owners in Spain and new property buyers time to get their affairs in order.
In addition to Brexit there are more contributing factors which effect Brits considering buying property in Spain including the state of the Pound and the potential recession in Britain. But perhaps the most worrying factor to both potential British buyers and to those who already own property in Spain is the chance that Brexit will mean a change in British rights to live in Spain and a change in laws pertaining to assets owned by Brits in Spain. Of course this goes for all of Europe not just Spain. The question facing many is whether the same volume of Brits would retire in Spain if they were not eligible for Spanish health care, pensions and residency etc. There is uncertainty about whether post-Brexit laws will make living in Europe more complicated and less financially viable.
The bottom line is that we will have to wait and see. Brits who want to buy property in Spain and live in Spain will no doubt continue to do so regardless but those who were on the fence and only considering the prospect will probably abandon their dream of a home in the sun. This will no doubt lead to fewer British buyers in Spain but the question is to what extent.
