Gecko Towers
Update 09.04.24: An announcement has been made by the leader of the Socialist Government in Spain, that his government plans to amend or repeal the “Golden Visa” legislation. Currently no timetable for these changes has been suggested and there is opposition to any revision. That said, this discourse, that started in May 2023, may result in some material changes. We will endeavour to keep you up to date with these as we are made aware of them and their precise impact.
Post Pandemic there was much talk of pent-up demand from many countries around Europe, especially the UK, for Costa del Sol properties. A sigh of relief from traditionally Spain’s biggest foreign buyers group – the British – to finally be able to get their swimsuit on and again revel in all that the Costa del Sol has to offer.
Well, it kind of happened, but didn’t really until the first quarter of 2022 with a marked increase in buyers hailing from the UK. It was noticed by the regional property registers, the office of various Notaries between Malaga and Estepona and by the industrious men and women of the Costa del Sol estate agency community. See our previous post here Brits are buying property, again, in Marbella.
In my experience there were several fears that have been roundly dismissed. The fear that the Brits, post the disastrous Brexit debacle, would be unwelcome. Simply inconceivable, far from it, is in fact the case. The fear, with the limited number of days of visiting the EU, would destroy the whole notion of enjoying your Marbella property to the full. The Non-Lucrative and so-called “Golden Visa” now enjoyed by many Brits have effectively neutralized this latter concern.
See our previous post on Golden Visas here Could your Spanish residency concerns be solved by obtaining a “Golden Visa”?
And Non-Lucrative Visas here Nick Nutter’s Non-Lucrative Visa Post updated 11.01.22.
This huge increase in British interest has now been picked up by the UK’s leading Daily Mail. Here is Myra Butterworth’s excellent piece. Demand for Spanish property for sale among British buyers soars
I would suggest that we have entered a new era that has finally laid to rest the spectre of the Brexit limitations with the British coming to terms with what is now needed to be done in order to achieve their long held dream of owning a Place in the Sun. It may not be a perfect situation but the determination of those keen to explore the prospect of a home in Marbella is worthy of admiration as, in my long held experience, the benefits heavily outweigh the burdens.
With an incredibly active property market in the UK and a strong Pound/Euro exchange rate, it would appear there has never been a better time to take stock and to decide what future you really want for yourself and your family.
Over the last couple of weeks various discussions and fora have taken place that are starting to redefine the typical purchaser of a property in the Marbella region. The takeaways from these are the following:
- The typical age of new buyers is changing – it is decreasing from the typical retiree market to those between 45-55. They will often have families and infrastructure, school etc will be key as will lifestyle of climate and the natural environment.
- The new buyers are keen that properties benefit from more technology, both in terms of communications, sustainability and demotics.
- The new buyers are international both in nature and outlook. Far from “putting their feet up”, they are keen to grow their involvement with businesses that have an international reach regardless of where they are based. Online and teleworking is fast becoming the norm for many and Spain’s initiative to encourage Entrepreneurship and “Digital Nomads” will fuel this economy. See here our previous pieces on this Are you ready to become a Costa del Sol Digital Nomad? New Spanish visa proposals aimed at attracting Digital Economy talent. and Will you benefit from Spain’s “Startup Act”?
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our multi-disciplinary team of bi-lingual, highly experienced and wholly independent Abogados and Asesores Fiscales are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, or e-mail me at mark@roslegal.es
Please note that our posts are for general interest. There is no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal or financial advice.
© Mark FR Wilkins 2022. All rights reserved.