At least we know a decision: so it's Business as Usual at Cerro Novo
BREXIT - The situation as we know it.
Whilst the reverberations of the UK’s Exit from Europe will continue for some time and market volatility will be monitored and supported by banks and politicians worldwide, to small businesses like Cerro Novo it’s very much ‘Business as Usual’.
We’re conscious that many of our Clients past and present, will have questions that at present no business can reliably answer, but we’re committed to providing accurate information to everyone as it becomes available.
In the short-term, if you’re a property owner here in the Algarve, there will be no immediate changes. With the UK now deciding to change their Leadership, Article 50 of the Lisbon Treaty won’t be invoked until the Autumn (or at the point that the British Prime Minister changes). At that point, the UK will have two years to negotiate their exit from the EU and during that process, the rights of ex-patriates will become clear: although Portugal is likely to want to affirm it’s supportive position to visitors and ex-patriates before this.
For those UK purchasers looking to buy, as we’ve said before it’s very likely that Portugal will continue to welcome foreign investors, support all current agreements and also continue with support (such as non-habitual residency - NHR) at least in the short to medium term.
The market continues it’s buoyancy here and prices are still lower than pre 2007 prices, therefore quality properties in good locations are still great value and good investments. We’re happy to work with you to find you a great property that’s a perfect fit to your lifestyle and budget, so make the first move and contact us today.
If you’re in the process of buying now, very little has changed overnight. We’d strongly recommend that all buyers review their foreign exchange circumstances and if necessary contact your FOREX providers for latest currency purchase rates. At the time of writing, the GBP / EUR rate has recovered a little and all financial institutions are working to provide stability.
It’s also important to state that GBP vs USD is likely to be much more volatile than it’s Euro counterpart, therefore many exchange rate ‘scares stories’ are likely to involve Dollars not Euro.
We would also recommend that all purchasers keep a close eye on market conditions and ensure any funds are transferred in plenty of time to avoid any delays in bank transfers whilst the banking system is working at high capacity.
Please don’t hesitate to contact us if you’d like to ask us questions or have any concerns. In the meantime, we’ll be working on a Q&A / FAQ page on our website which we’ll launch as we have factual information.
With 35 years of experience in the Algarve Property Market, trust us to help you make the right decisions on central Algarve property.
Robert Edwards - Sales Director
Ana Penisga Amorim - Partner and Office Manager
Lesley Cuss - General Manager, Management and Rentals