Saturday, 29 April 2017

Weak Pound Melts the British Dream of a Place in the Sun

THE GUARDIAN: Demand from Britons for holiday homes in Spain and Greece has fallen sharply as Brexit uncertainty and the fall in sterling drive house hunters away

Brits abroad? Not so many, it seems. Uncertainty about the future of Britain in Europe and the fall in the value of the pound are taking their toll on the number of UK buyers investing in a little place in the Mediterranean sun.

A report by Spain’s Association of Land and Commercial Registrars last week revealed British demand for second homes in Spain was down nearly 30% on last year’s pre-referendum levels.

In Greece, where property taxes have soared amid the debt-stricken economy and there are lingering fears that the country could yet be ejected from the eurozone, estate agents on some of the more popular Greek islands are reporting an even bigger plunge in the number of Britons looking for homes since the Brexit vote. » | Stephen Burgen in Barcelona and Helena Smith in Athens | Friday, April 28, 2017