Spain: British expats face threat of return to UK warns expert
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Properties in Spain could become more expensive soon, say experts. Britons who wish to buy a house and relocate should keep a very close eye on the market.
Buying a property and moving to Spain is a dream many Britons have.
Good weather, food and a change of scenery are all enticing British expats to Spain.
Moving to another country requires a lot of planning, and Brexit has made it even more difficult.
For Britons who want to buy a property in another country, there is a lot to think about.
The European housing market is getting more expensive, with experts even saying there could be a threat of a bubble.
El Pais quoted Julio Rodríguez, former president of the Banco Hipotecario and a member of the Superior Council of Statistics, who is certain “Europe is experiencing the most intense price hikes since 2015”.
In Spain, it’s not all that bad, yet. The property market is seeing a surge in prices, but it’s not yet a bubble, say Spanish analysts.
Houses, however, are expected to get more expensive.
Spain is so far excluded from what the European Central Bank (ECB) is calling “exuberance” – another word for bubble – in the property sector.
But with other countries already experience property bubbles, it could soon contaminate Spain.
Bloomberg analysis said: “Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run-up to the 2008 financial crisis.”
The US, Canada and the Netherlands already have out of sync housing markets.
Housing has got more expensive in Spain in 2021, and even the most optimistic of analysts are expecting it to continue going up.
One of the main problems in Spain is the lack of new housing development.
With demand high and little new supply, prices are rising.
El Pais reported: “Since last summer, both home sales and mortgages have reached levels not seen in more than a decade.”
Britons looking to invest in a property in Spain should keep a very close eye on the Spanish housing market.
Those who wish to relocate may have little choice if they want to get a golden visa.
Under the scheme, a property investment of at least €500,000 gives non-EU citizens a two-year residence permit that can be renewed.
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