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Brexit Update.

The UK officially left the UK on 31st January 2020. During the Brexit process, the Costa del Sol property market continued to attract buyers from inside and outside the EU Unabated. This situation is expected to remain while the official process of severing ties takes place and buyers and investors from the UK will find few practical effects.

Legal ownership of property in Spain is not effected by Brexit.

All foreigners are permitted to buy in Spain regardless of their nationality and the law applies in exactly the same way to buyers from the EU and those from outside it.

Spanish property prices have seen no effect from Brexit.

The country has seen continual rises in annual property indices and there are no signs this will change in 2020 and the forthcoming years.

Luxury Villas – Quinta Hills – Callow Estates

Brexit has not affected the Spanish property market.

Whilst it is true that the number of British buyers has dropped slightly, the interest in property purchase by other nationalities – particularly Northers Europeans – has risen. Foreign buyers have represented a steady 28% of the market share for the last three years.

British property owners in Spain may possibly pay higher property taxes because of Brexit.

Some taxes are applied different rates for EU citizens and non EU citizens, but the final outcome is uncertain since it is still not known whether the UK will belong to the EEA.

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