Spanish Update: How are property investments fairing since Brexit and Covid?
Spanish property update
For many years now, Europe has been the go-to destination for many Brits. The weather conditions in France, Greece, Portugal and Spain are far superior, and the properties are perfect for a second home. Those looking to invest may be wary after the implications of COVID-19 and Brexit, and understandably so. But how much of an impact have they actually had on the market this past year?
Taking Spain as a prime example, due to its easy links with the UK and Mediterranean climate, it is clear that the pandemic has been impactful. Travel restrictions have been in place, making it impossible for Brits to visit and view properties in person. The country’s economy also took a hit, with lockdown restrictions halting businesses and rental income for property owners nosediving.
Taking Spain as a prime example, due to its easy links with the UK and Mediterranean climate, it is clear that the pandemic has been impactful. Travel restrictions have been in place, making it impossible for Brits to visit and view properties in person. The country’s economy also took a hit, with lockdown restrictions halting businesses and rental income for property owners nosediving.
Although this has been the case, the demand for Spanish properties has not dwindled. Taylor Wimpey Espana reported a 39% increase in virtual viewings during the first week of 2021. Kyero also reported a 446% increase in Britons aged 18–24 viewing Spanish property on their site. When restrictions are completely lifted, we could see a sharp increase across the Spanish market and a return to the popularity it had seen before the coronavirus crisis began.
It is expected that the pandemic will have a temporary effect, one which will not detract from what Spain has to offer. Investors can be ensured that, when things are fully back to normal, Brits will once again look to rent or buy within the country.
Spain has always been an affordable location for Brits to enjoy their holidays or retirement. Brexit has, however, ended some of these hopes, with free travel being removed entirely. A Visa is now essential for living in the country permanently; those without one can only stay for 90 days over the course of six months. Holiday goers may not see this change as many do not stay for more than 90 days, but this is something to keep in mind for investors.