Local Spanish paper makes mention of July 2019 property sales slump in ‘foreigners favourites’ the Balearics, with sales down 22% over the previous July. This follows the introduction of strict new rental laws for owners to rent to tourists.
Year on year property sales deeds registered by foreign buyers are currently down 7%. That figure is for all non Spanish buyers.... I think that purchases by British buyers will be down by far more than 7%.
I’m friendly with a few sales agents on the Costa Blanca, and prices are definitely softening. A lot of elderly Brits are concerned about reciprocal health care no longer being available in the mid term and are trying to sell their property, move into long term rental and see what transpires.
Ive no intention of buying myself...far cheaper to get a long term (10 weeks in my case) winter rental and divi up costs with friends. The place where I am now, and returning again in November for 16 days, is a €450k property inc sales tax. In winter it costs us €370 a week gross, inc gas, electric, WiFi, laundry etc etc. Why on earth buy, even if you had the funds to do so ?
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