The scaremongering caused by Brexit has had very little effect in the overall scheme of things.
Yes, there have been less buyers from the UK due to the current pound to euro exchange rate. You will probably recall, on the 24th June 2016, the day after the Brexit vote, the rate fell from £1.00 / €1.28 down to £1 / €1.18
This has now fallen even further, with todays rate being £1 / €1.14.
The strong euro has had a positive effect when UK owners in Spain are selling up and repatriating the monies back into sterling.
To give you some examples, we have sold the following properties on behalf of UK owners in recent months :
Paraiso Hills, Estepona – a four bedroom townhouse sold for €445.000
Marberia, Nagueles – a two bedroom first floor apartment sold for €200.000
Dama de Noche, Nueva Andalucia – a three bedroom first floor apartment sold for €285.000
Balcon de Benavista, Estepona – a two bedroom ground floor apartment sold for €155.000
El Campanario, Estepona – a three bedroom ground floor apartment sold for €280.000
Cortijo del Mar, Estepona – a three bedroom duplex penthouse sold for €285.000
Although all of the buyers for the above properties can consider that they have had a “good deal”, all of the UK owner’s have made gains by simply converting the euro’s back to sterling.
Of the five sales we have arranged over the last few weeks, two of the buyers are from the UK.
One client has purchased an apartment in Ventura del Mar for €500.000 and the other has purchased a two bedroom apartment in Cabopino for €280.000. Another UK client has signed for a luxurious three bedroom apartment in the Nine Lions development in Nueva Andalucia. These apartments will be ready in around 12 months time and our client secured a ground floor unit for €980.000. We are also delighted to have agreed a sale to a Russian client in Las Adelfas, San Pedro. Mr P. is purchasing a lovely apartment in the beachfront development for €690.000.
With the clock now ticking towards the Brexit date of 29 March 2019, we remain confident that there will be a market whatever the outcome.
If there is an agreement reached between the UK and the EU, we are hopeful that sterling will become stronger, bringing more UK buyers back into the market.
If there is no agreement and the UK falls out of the EU with no deal, it is likely that sterling will remain where it is, or even fall slightly. This will enable UK owners to be far more competitive when selling their Spanish homes.
All in all, Marbellapads remain extremely confident that 2019 will be a successful year. Going by the activity levels in January, we have every reason to feel that 2019 will be a good one!
If you have a property in the Marbella area and would like a “Free Valuation”, please contact Shane Sprenger now on +34 952 882 775 / shane@marbellapads.com
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