Brexit Property Deals Good Bad Or Ugly
News Posted On: 16 November 2018
So as the ever looming Brexit date draws near and we continue to debate the impact on the overseas property market we take a look at what we know is happening in the property market abroad today.
It's no secret that the overseas property market has encountered many turbulent years during the last decade or so and many people have been caught short in one way or another. We ask the question - is Brexit going to be Good, Bad or Ugly for the upcoming generation of overseas property buyers.
What do we know so far? Prices are starting to stabilise in many popular choices abroad with many sellers reporting positive feedback on sale prices. Buyers are returning to the markets according to many of the main stream lenders with Spain, France and Cyprus reporting an upbeat in enquiries and recorded sales.
General enquiries across some of the main property search sites are also reportedly up on last year so confidence appears to be returning to the market. There's the Good - so what about the Bad then?
The exchange rate continues to come under pressure affecting those eager to transfer the proceeds of their sale back into their home currency with some sellers reporting hesitation for want of a better deal.
There have been many panic property deals as a result of the uncertainty of the impact of Brexit on potential sellers - with some sellers reporting massive discounts on prices in an effort to offload ahead of a Deal or No Deal.
So is it a good time to dip your toe into the overseas property market or do you wait and see ? That's the Ugly - because we still can't say with total confidence. It's still open to personal interpretation of what we believe.
My gut instinct - if you're buying to live abroad then the time is right for you when its right - rent first until your comfortable with the local market conditions if in any doubt. If you're buying for investment think and look out for the slightest hint of one way or another before jumping in.
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