So far most people have focused on the negative effects of the low pound following Brexit, but where the weaker British currency makes holidays and property purchases more expensive for people from the UK, it also produces opportunities for buyers.
Just as a pound now buys fewer euros, making euro-zone products and services more expensive for holders of sterling, so the opposite applies too. In other words, a strong euro relative to the pound gives British homeowners an edge when putting their Marbella properties on the market. This is especially true if they are moving or buying back in the UK, where the money they received for their Spanish property suddenly buys more – not just because of the currency exchange but also as Marbella real estate is gaining value more quickly than most UK property markets.
Greater Price Flexibility
This enables those British homeowners in Marbella who are looking to sell to be more flexible when it comes to price, having the edge over other vendors as they can accept a somewhat lower price in euros and still achieve the same pound return as they would have done with a much higher euro price (and stronger pound) some months ago. For the lucky – or savvy – home seeker who is buying from a British owner this can mean savings in the tens of thousands or higher, depending on the price category of the property in question.
For now the opportunities are localised and their overall impact on the Marbella property market is limited, though the greater downward flexibility in price is having a gently calming effect on rising property prices in the area. If British homeowners here were selling in large numbers, the impact on price rises would be more significant, but not only is the number of vendors from the UK by no means high, the British market remains among the top buying nations when it comes to the Costa del Sol.
That said, if you do know of a British-owned property on the market be advised that it could offer excellent price opportunities. Altavista Property can offer such properties, as well as advising buyer and vendor on a transaction that is beneficial to both. Please contact us for more information about the opportunities available in the Marbella market right now.