MALAGA: Local expat estate agents not afraid of Brexit

A collapse of the expat housing market in southern Spain is unlikely, according to local estate agents who say they are not afraid of Brexit.

Despite reports to the contrary British tourists have less of an effect on the market, despite more than a quarter of a million Brits living in Spain.

Simon Chapman, company director at Malaga Estates, said Malaga is also a popular destination for other nationalities, meaning the possibility of Britain leaving isn’t all bad news.

“Britain leaving the EU won’t affect us whatsoever really,” he said. “I think the UK is just trying to make a better deal for themselves.”

The city of Malaga has a big expat property scene, as do the surrounding areas with resorts including Torremolinos and Marbella. In 2015, the amount of property sales to Brits moving to Spain rose by 50% with a total of 9700 properties sold.

But Chapman revealed they have sold only 40% of their properties to English buyers. In fact, he said, the majority of their clients were Scandinavian.

Jemma Cullum

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