Buying your first home in Spain is a huge milestone, and one that will likely bring up many fond memories. Because of this, it’s understandable that the thought of putting your Spanish home on the market may be daunting.
Whether you’re selling property in Spain to upsize, move locations or to cash in on a clever investment, you may be wondering if now is the right time. Below are some of our most frequently asked questions regarding selling property in Spain, and our answers.
If I sell my property this year, will I make a profit?
Tinsa is one of the largest, and most trusted independent property valuation companies in Spain. For 2019’s second quarter, they have reported a 3% nationwide annual increase in house prices for the last 3 years.
In fact, every quarterly total since the first quarter of 2014 has shown an increase when compared with the corresponding 3 months of the previous year. Of course with the property market, nothing can be guaranteed, however this is definitely a promising set of statistics that should give some comfort to those thinking of selling property in Spain.
Is there still a demand for the Spanish property market?
The Spanish property market is going from strength to strength. Not only have the property prices increased, as mentioned above, but the number of sales overall has also seen a steep incline.
The Institute for Statistics reported that property sales in Spain increased by 20% just between 2017 and 2018. This certainly suggests that the appeal of Spain’s beautiful regions, all-year sunshine and desirable lifestyle is still a huge draw, and so those selling property in Spain should not be concerned.
Plus, if you’re thinking of selling property in Spain, it’s no longer just families looking for holiday homes or people looking for a retirement property that could be your potential buyers. According to a recent study, Spain ranked 2nd out of 33 countries when it came to being the best for first-time buyers! This means that your potential buyer circle may be bigger than you’d think.
Are Brits buying in Spain with Brexit still under negotiation?
It may be surprising to hear that Brexit has not stopped us Brits from pursuing our dream homes in Spain. The Statistical Information Center of Notaries in Spain reported that Brits continue to make up the largest proportion of buyers (after Spanish nationals themselves of course), making up approximately 17% of all Spanish property foreign sales.
So it certainly seems like the uncertainty of a Brexit outcome hasn’t put off British buyers in Spain. To put even more clarity to the picture: sales of Spanish properties to British families have actually increased by over 10 times when compared with figures from 2009!
Can Brits still buy property in Spain after Brexit?
Yes! British citizens will not be prevented from buying property in Spain, even in the event of a ‘no deal’ Brexit. The right to own Spanish property is not restricted to just EU citizens, so there is no risk of these rights suddenly being stripped for British buyers.
Not only this, but many financial experts are predicting a surge in property sales across Spain after Brexit because of indications that property in London will become less of a draw for investors.
All of this is great news, however, there are a few things that will need to be considered by new buyers, such as potential healthcare changes, and new residency procedures. You can learn more in this article by A Place in the Sun.
Ready to sell, or want to know more?
We hope that the information outlined above will go some way in reassuring you that now is a good time for selling property in Spain. If you’ve decided that you’re ready to take that leap, or simply would like some more information on the process and how we could help, our friendly team would be happy to help. You can give us a call on 01202 971614, or fill in our selling property in Spain contact form.