Sotogrande: British authorities keen to guarantee Brexit will have limited impact

BrexitThe British consular staff, in collaboration with the British-Spanish Chamber of Commerce and local Spanish authorities, have been quick to guarantee residents in Sotogrande and businesspeople that Brexit will have a limited impact on them.

Speaking on behalf of the British government, the ambassador to Spain, Simon Manley, has been offering assurances that regardless of the course of Brexit to be negotiated and decided over the coming two years, the reality on the ground for foreign residents, homeowners, businesspeople and investors in Spain – and in particular on the Costa del Sol – will remain very much the same.

He emphasised at a recent gathering organised by the British Chamber of Commerce that it is in everyone’s interest to not uproot those residents and businesses already settled in areas such as the Costa del Sol. And that there would be no desire from either Britain or Spain to creative obstacles to future tourism, home-buying and investment between the two countries, which were mutually important trading partners even before they joined the EU.

While Brexit has undoubtedly had a knock-on effect since the unexpected result was announced last June, already the more sophisticated and internationally active British buyer and investor has adjusted to the situation and is once again prepared to be privately and commercially active in Spain, a country with which the British have a longstanding love affair. “Intrinsic demand for the properties and lifestyle that places such as Sotogrande offer remains very strong,” says Ben Bateman, CEO of Holmes Property.

The official assurances come in advance of the commencement of negotiations between the UK and the EU, which are expected to last for two or more years and which in spite of many highs and lows will have to produce a sensible, mutually beneficial result. “In the short run Brexit has taken many a buyer and investor by surprise, but like all changes of this kind it presents both challenges and opportunities, which both the UK and countries such as Spain are keen to maximise.”

The drop in the value of the pound and the uncertainty raised by Brexit initially put many off their buying decisions, but the higher euro also favours British homeowners looking to sell their properties in Spain and makes it possible for them to be more flexible with their asking price. This creates localised bargains that buyers, British or otherwise, will be keen to take advantage of.

“Moreover, after the initial media attention around the negotiations dies down people have a way of getting back to business and on with their lives. The authorities on both sides are already guaranteeing British residents in Spain that there will be no change to their status. Our area might well attract new business ventures and investment as a possible by-product of Brexit. So we hope to welcome more British residents to Sotogrande just as the percentage of buyers from other parts of Europe and beyond continues to grow.”

With the authorities keen to offer guarantees and provide information, it looks as though for many an Anglo-Spanish relationship, it will be ‘business as usual’.

By The Holmes Team · February 20th 2017