Buying property abroad has always been attractive to many UK-based investors, and it would appear that demand from the UK for homes overseas, particularly in eurozone countries, remains solid, despite the UK’s decision to leave the European Union.
A survey of more than 1,100 UK residents interested in a property related project in the eurozone, found that British buyers, including many investors, are still pursuing their European property dreams.
The British are still the top foreign investors in France, with 32% of non-resident transactions last year, while Spain and Italy are also among the favourite for British buyers, according to the research conducted by BNP Paribas International Buyers.
Of the people who are still planning a property purchase, 701, or 65% of purchasers, claim Brexit has not incited them to abandon or postpone their purchase, and for the remainder, just 27% intend to postpone rather than abandon plans altogether.
The study reveals that 52% of respondents who still have a eurozone project underway are optimistic about Brexit negotiations. But British buyers are also being realistic about Brexit outcomes, with some hesitation around legal uncertainties once the UK leaves the EU.
Forecasts concerning the economic future of the UK compared to the eurozone are also working in favour of real estate projects on the continent, according to the survey.
François Laforie, general manager of BNP Paribas International Buyers, said: “We noted that the Brexit announcement provoked a slight downturn in requests and the postponement or even cancellation of some projects during 2016. However, the non-resident market has existed for several decades and has had to face many changes, as much political as economic, which generally have had little impact on the level of transactions.
“In 2017, British interest in France remains high, notably due to prices which are still attractive and favorable borrowing conditions. In the first four months of 2017, we have already noted a healthy level of investment requests which are up by 6%. This is also reflected in the survey carried out by Ipsos for BNP Paribas International Buyers which shows that some buyers have accelerated their projects.”