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Britons` Holiday Home Fears Allayed by Overseas Experts

Date Added 26/07/2016

According to a variety of experts in foreign property sales, there is no need for British buyers of foreign property to be concerned about the United Kingdom leaving the European Union as it will have little to no effect on the cost of buying property abroad. While purchasing the likes of a holiday home overseas will now become a little more complicated, it should not become prohibitively complicated and the most important factor, the prices, should remain the same as they were before Brexit.

French Experts Confident That Buying Costs will Stay the Same

Francois Marchand is the Director of Erna Low Property (who specialise in property in the French Alpine region) and he said, `We are sure that there will be no change in buying costs for those looking to buy property in France, and there are no planned changes in taxations for the income made from property rentals, as well as no difference in capital gain tax as since January 2015 a single rate was applied for EU and Non-EU members.

`In time, UK residents might be limited regarding the amount of GBP investments and the amount of wealth that can be sent abroad when a new government is in. A safe investment risk strategy has always been to diversify your portfolio. It will make no difference for our clients investing in a French property whether they have bought, are planning to buy, or are currently in the process of buying a property in France. The mountains were there before EU existed, and will be there tomorrow to welcome any international property investors, part of the EU or not.`

Spanish Experts Less Certain but Remain Unworried

Talking about the need to wait and see what effects the Brexit results would have on the property markets, the Managing Director of Mallorca Sotheby`s International Realty, Alejandra Vanoli, said, `This [need to wait and see how things pan out] of course will be most prevalent in the Spanish market due to the high concentration of British expats. However, these changes will undoubtedly need some time to take effect. Despite this, the Balearics are still a very attractive second home destination to British buyers due to our short flight time from the UK, secure lifestyle, warm climate and favourable legal framework for expats looking to invest in the property market.`

Obviously, the Spanish advice to wait and see what happens is probably the best to take right now as so much is up in the air. But it`s reassuring to hear that overseas property experts are not overly concerned about the impact of Brexit on the chances of Britons purchasing homes abroad.
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