What will Brexit mean for British expats? The Telegraph

[OhSusana]

What will Brexit mean for British expats?
http://www.telegraph.co.uk/news/0/eu-fa ... or-expats/
Article from a few days ago - a short extract -
Could expats be barred from EU healthcare and benefits?
It's possible, but unlikely - not least given that it would open the door to retaliatory measures from the UK, which hosts its own share of expats from European nations. There are as many as three million EU nationals living in Britain.
British expats can also claim to pay their own way in Europe, as the UK paid £674 million in 2014-2015 to other European countries for the treatment of UK nationals.
However, the UK received just £49 million from other European nations in the same year to treat those from other countries residing in the UK.

What could they do to my property?
It's not all good news. The remaining EU nations could consider a variety of measures, depending on vindictive they feel towards Britain, like making foreigners homeowners pay more in tax.

see also in The Telegraph
Brexit: what would it mean for your EU holiday home?
http://www.telegraph.co.uk/money/ask-a- ... iday-home/
some good info, but note, from June last year.

This in the Financial Times - a few months ago -
Don’t be tempted to buy a holiday property abroad
https://www.ft.com/content/8fe70442-54a ... bdc13c3bef
It would be interesting to know how Brexit has impacted on house prices and house sales in Cyprus.

Impact of Brexit on British Expats in Cyprus. 2017 Update.
http://worldwidegroup.eu/impact-of-brex ... 017-update
(remember this is a property website!)

[josef k]

It would also be interesting to know if those who were thinking of leaving were going back to the UK or moving on somewhere else. Were I to leave Cyprus, the UK wouldn't be on my list of potential destinations.

[OhSusana]

It would also be interesting to know if those who were thinking of leaving were going back to the UK or moving on somewhere else. Were I to leave Cyprus, the UK wouldn't be on my list of potential destinations.

Me also. But good question... And hard to find a definitive answer. Statistics seem hard to come by.
Anecdotal evidence by way of Moneycorp is interesting on this - apparently they have 40,000 clients! -

....Mark Horgan, chief executive of Moneycorp, which runs airport exchange booths and consumer and corporate money transfer services, said foreign house purchases had fallen by a quarter compared to a year ago......
"There has definitely been a big trend back in from euro to sterling," Horgan told Reuters. "For us that is bad news because it probably means its people selling up and exiting the market....
The volatility in currency markets since the Brexit vote has driven Moneycorp's overall volumes 55 percent higher since July 1. But private client transfers from pounds to euros, are down 30 percent, while transfers from euros back to the UK are up 80 percent.

I found this here -
Brits shun new home purchases in Europe post-Brexit -Moneycorp
http://www.reuters.com/article/britain- ... SL8N1DI5KI
That seems to indicate people are heading back to the UK.

What else - the biggest expat market for Brits is Spain -

Expats Selling Their Spanish Property in Record Numbers (dated Feb 17)
https://degtev.com/expats-selling-spani ... d-numbers/
Since the referendum in June last year home sales in Malaga province, for example, jumped up16.5%

But the market there is still quite good. Why -
The high turn-over in the property market is a result of an increasing interest of non-EU expats in Spanish homes.
... there has been a 2500% increase in the number of buyers from the Middle East. Also, buyers from Russia and Lithuania are up nearly 200% compared to 2012.
So despite Brexit fears and British expats selling their homes in high numbers, property experts hope that the positive trend will keep on through 2017 and onwards.

This from Dec.,
Brexit vote dents British demand for Spanish property
https://www.theguardian.com/money/2016/ ... rket-spain
....“We have carried out a survey of the sector and it appears that house purchases by Brits on the Costa del Sol and the Costa Blanca have fallen by around 50% since the referendum,” said Mark Stucklin, of the Second-Home and Resort Industry Observatory....

Expect more from China, UAE, .... and fewer and fewer Brits, would seem to be the message.

[Lynsab]

Nearly all my viewers have been foreign, two so far have been middle eastern and have flown in to view.....one 'property investor' was British but a complete time waster...

[geoffreys]

Nearly all my viewers have been foreign, two so far have been middle eastern and have flown in to view.....one 'property investor' was British but a complete time waster...

I am very surprised it hasn't sold yet Lyn, generally houses are selling like hot-cakes around here.
Not my bizz but are you maybe asking too much for it?
Geoff.

[OhSusana]

I am very surprised it hasn't sold yet Lyn, generally houses are selling like hot-cakes around here.

2017 with sales increasing in all districts during January (with the exception of Famagusta)
http://www.news.cyprus-property-buyers. ... d=00152145

Bitchy, and factually incorrect.

[geoffreys]

I am very surprised it hasn't sold yet Lyn, generally houses are selling like hot-cakes around here.

2017 with sales increasing in all districts during January (with the exception of Famagusta)
http://www.news.cyprus-property-buyers. ... d=00152145

Bitchy, and factually incorrect.

I know of 5 houses that have sold in Vrysoulles in 4 weeks last 2 months.
Geoff.

[Lynsab]

Don't worry Susana Geoffrey has his own agenda on forums.... likes reaction...so I don't give any...

Anyway properties are not selling like they were at all the start of sales again is tiny compared to what it was 10 years ago....especially since the bail in, but the new viewers are indeed from non eu countries, I can vouch for that, expat sellers I know are finding their buyers are not often British now....cypriots themselves don't move house much so it's is not local buyers either...

I'm guessing the exchange rate affects Brits to a huge degree now, but not so much from the Middle East or indeed the euro countries...like Germany....the surnames I've had viewing were all foreign, bar one, and he was a time waster...I think the average time to sell a property can be two to three years...depending on location etc. Plus many are developer repossessions sold by the banks at low prices...

They're not selling like hot cakes round there at all, I'm in contact Weekly with many locals business people and expats, they're all waiting for mine to go, hoping that's a sign they can sell too.....the ones that sell have been for sale for ages then sellers are dropping prices to gain that sale....reasonable offers and a genuine buyer wins the day....which is what sensible sellers do...

We've bought and sold property in Cyprus and the UK for years....

[geoffreys]

edited, double post

[Poppy]

It is indeed easy to deceive yourself on valuation. In fact I remember someone (no names mentioned) who seemed to think not so long ago that his place had actually doubled in value since bought!!

[geoffreys]

Don't worry Susana Geoffrey has his own agenda on forums.... likes reaction...so I don't give any...

Anyway properties are not selling like they were at all the start of sales again is tiny compared to what it was 10 years ago....especially since the bail in, but the new viewers are indeed from non eu countries, I can vouch for that, expat sellers I know are finding their buyers are not often British now....cypriots themselves don't move house much so it's is not local buyers either...

I'm guessing the exchange rate affects Brits to a huge degree now, but not so much from the Middle East or indeed the euro countries...like Germany....the surnames I've had viewing were all foreign, bar one, and he was a time waster...I think the average time to sell a property can be two to three years...depending on location etc. Plus many are developer repossessions sold by the banks at low prices...

They're not selling like hot cakes round there at all, I'm in contact Weekly with many locals business people and expats, they're all waiting for mine to go, hoping that's a sign they can sell too.....the ones that sell have been for sale for ages then sellers are dropping prices to gain that sale....reasonable offers and a genuine buyer wins the day....which is what sensible sellers do...

We've bought and sold property in Cyprus and the UK for years....

"..sellers are dropping prices to gain that sale.."
Exactly my point!
What do you expect post-crash?
I have no agenda as you put it, except for strongly objecting to those (incl you) who voted remain and still want to de-rail the Brexit process. I have called them the Prophets of Doom.
Geoff.

[PhotoLady]

It makes perfect sense that British folks won't be throwing their dosh at property within the EU until the terms of Brexit are made clear. Nobody should be surprised by it....

[Jimgward]

I'd be VERY surprised if ANY Brits bought in Europe at the moment, other than distressed or bargain sales.... We have seen punitive measures in recent years in Spain and France.... who knows what's to come?

[geoffreys]

I'd be VERY surprised if ANY Brits bought in Europe at the moment, other than distressed or bargain sales.... We have seen punitive measures in recent years in Spain and France.... who knows what's to come?

The Stats kindly posted earlier by Happy in Cyprus seem to suggest otherwise; plenty of Brits are now buying around here, clearly
thinking (correctly) that prices will drop post Article 50 and post-crash.
What is more, whatever Brexit brings, I am sure our Cypriot friends will still welcome us and our GBP dosh with open arms.
Geoff.

[Jimgward]

I'd be VERY surprised if ANY Brits bought in Europe at the moment, other than distressed or bargain sales.... We have seen punitive measures in recent years in Spain and France.... who knows what's to come?

The Stats kindly posted earlier by Happy in Cyprus seem to suggest otherwise; plenty of Brits are now buying around here, clearly
thinking (correctly) that prices will drop post Article 50 and post-crash.
What is more, whatever Brexit brings, I am sure our Cypriot friends will still welcome us and our GBP dosh with open arms.
Geoff.

The figures from LLoyd are for general sales, not Brits.... Brits aren't buying, Geoffrey....

[geoffreys]

In fact I remember someone (no names mentioned) who seemed to think not so long ago that his place had actually doubled in value since bought!!

I stand by that claim. We bought off-plan in around 2002 (well before the property boom) in what is generally regarded as a prestige golf development, in a good location, and with it's fair share of wealthy Russian and Chinese buyers.

...plenty of Brits are now buying around here, clearly thinking (correctly) that prices will drop post Article 50 and post-crash.

So let me get this straight: Brits in your area are 'now buying around here' in anticipation that prices will drop post Article 50 and post-crash?

What kind of investors would they be I wonder: buying a property now in the expectation that it will plunge in value

Another example of Geoffreys obtuse, befuddled logic.


An article from Bing which might interest Geoffreys (my blue highlight):

Chinese investors help Cypriot construction sector spring back: expert
2017-04-14 09:50 Editor: Mo Hong'e ECNS

Chinese investors have contributed to a large extent to the revival of the construction sector in Cyprus following its collapse after the 2013 economic crisis, an expert in the property market said on Thursday.

Kyriakos Talatinis, president of Cyprus Association of Valuers and Property Consultants, told Xinhua that investment by Chinese in the Paphos area was one of the reasons the property market jumped 40 percent in 2016 compared to 2015.

They are buying because prices HAVE fallen post crash + post A50.
Have a happy day.
Geoff.

[jeba]

They are buying because prices HAVE fallen post crash + post A50.

On the other hand the drop of the pound against the Euro might incentivise potential sellers since in pound terms they might still get a good price now while on the other hand cost of living in Cyprus increased for the same reason (assuming they get their income in pounds).

[geoffreys]

They are buying because prices HAVE fallen post crash + post A50.

On the other hand the drop of the pound against the Euro might incentivise potential sellers since in pound terms they might still get a good price now while on the other hand cost of living in Cyprus increased for the same reason (assuming they get their income in pounds).

True. On the other hand different people have different agendas, some want to retire here, some want to sell up etc etc.
This aspect of the thread started when I commented that Lyn had not yet sold her house here in Vrysoulles, when other houses recently have been selling quite quickly. My point was that she is maybe asking too much. In today's market there are buyers but more sellers so to sell you have to bite the bullet and drop the price.
All in all, however, the market is on the mend this side of the green line.
The "Remainers" blame the falling pound purely on Brexit, which was a factor but not the only factor or even the most significant factor. Low productivity in the UK for example is one such factor. These scaremongers want to de-rail the Brexit process. and as you allude a low pound ain't good for a seller if they are back in the UK and want the proceeds in GBP!

Geoff.

[jeba]

The "Remainers" blame the falling pound purely on Brexit, which was a factor but not the only factor or even the most significant factor. Low productivity in the UK for example is one such factor.

Well, if that´s to explain the drop of the pound productivity seems to have decreased a lot after June 23rd.

as you allude a low pound ain't good for a seller if they are back in the UK and want the proceeds in GBP!

??? Of course it´s good for the seller because the Euros he gets paid will tranlate into the more pounds the lower the exchange rate of the GBP is.

[geoffreys]

The "Remainers" blame the falling pound purely on Brexit, which was a factor but not the only factor or even the most significant factor. Low productivity in the UK for example is one such factor.

Well, if that´s to explain the drop of the pound productivity seems to have decreased a lot after June 23rd.

as you allude a low pound ain't good for a seller if they are back in the UK and want the proceeds in GBP!

??? Of course it´s good for the seller because the Euros he gets paid will tranlate into the more pounds the lower the exchange rate of the GBP is.

Correct, but I must have mis-read your earlier post as I thought you were suggesting the opposite.
A weak pound though means the buyer is looking for a price reduction so that he/she doesn't have to pay more.
Which is what is taking place, there are buyers around but sellers are having to drop their price in €.
Hence my comment about Lyn's situation (which she first mentioned).
Geoff.