According to a new survey, over half (55%) of Brits considering buying property in Spain aren't worried about Brexit affecting their future, and still plan to pursue a deal.
This is backed up by the fact that more than two fifths (41%) of people planning a purchase are either at the serious planning stage, ready to buy, or in the midst of the buying process.
Some people still have worries about buying in Spain, however. For instance, a third (33%) are delaying their move over concerns about getting affordable healthcare in the country. Other reasons for a delay include the complex Spanish legal process (30%), being able to maintain a property in the UK (32%), and the current weak pound (20%).
The findings come from a survey of 1,500 Brits planning on acquiring property in Spain, which was carried out by advice website Property Guides. The questions spanned a range of topics, each delivering an insight into the hopes, fears, and plans of those considering investing in the UK’s favourite expat destination.
Brit buyers are still determined in spite of Brexit’s uncertainties
The survey looked in more detail at Brits’ determination to move to Spain in spite of the uncertainties around Brexit.
Though some people expressed concerns about a weak pound impacting their move, two thirds (66%) of respondents said that they understood the risks of currency volatility, with the same number indicating that even a 5% loss of the pound’s value wouldn’t make them change their mind.
And, while a third of people questioned are worried about getting affordable healthcare in Spain, there is confidence among Brits that they’ll be taken care of when they need it. Nearly a third (32%) expect there to be a similar system to the European Health Insurance Card (EHIC) in place after Brexit, while 41% are willing to pay for private health insurance in the future. Some (15%) simply plan to return to the UK when they need assistance.
A healthy retirement full of food and relaxation is the main motivation
For those looking to buy, finding a place in the sun to retire remains the biggest motivation for a move to Spain, with 47% of respondents looking to settle down for their golden years. Another big reason for purchasing property is as a second or holiday home in a warmer climate (41%).
When asked what they were looking forward to most about a move, more than 7 in 10 (71%) said that the prospect of a healthy lifestyle was most exciting. Other perks included a peaceful retirement (65%), great food (44%), relaxation (44%), friendship (31%), and the exciting arts and culture on offer (23%).
The Costa Blanca and Costa del Sol are still the most desirable regions
For those looking for Spanish property, the most popular regions remain the Costa Blanca (42%) and Costa del Sol (38%), which have attracted Brits for decades. However, it seems some traditionally popular areas are in decline, with the Balearics (8%), Costa Brava (14%), and Canary Islands (13%) attracting less interest than up and comers like Valencia (17%) and Costa Almeria (31%).
When quizzed over what type of property they were looking to buy, respondents revealed that more than a third (35%) are looking to invest in a villa, while almost a quarter (24%) are looking to buy an apartment. Townhouses (18%) and farmhouses (14%) were also fairly popular choices.
Chris Nye, senior editor at Property Guides said: “It’s quite easy to see that, in spite of Brexit, British people remain determined to pursue their dream move to Spain. Even faced with the uncertainties around the process, such as the strength of the pound and healthcare access, many have an unshakeable confidence that they will still be able to enjoy a high standard of life.
“Simply put, the lure of the beautiful weather and a healthy retirement offered by Spain is too strong to be dampened by Brexit concerns, especially among retirees. Many of the people planning a move to the country will have been doing so for years, so it will take a monumental shift in the status quo to make them think twice about investing.”
