Brexit Will Require a UK Parliamentary Vote - What it means to our Clients.
With the Euro and US Dollar seeing some of the greatest advances since June 23rd, the decision by the British High Court to require Parliament to be Consulted on the process of Brexit has provided a much needed if temporary boost to the Foreign Exchange Markets.
Whilst the judgment will likely trigger an appeal by the UK Government, the consequences of yesterday's judgment may only slow the progress of Brexit, which in itself may provide more market uncertainty, however for buyers and sellers of property in the Algarve, this delay could be beneficial.
It’s well known that Portugal has an enduring relationship with Great Britain and this is likely to be of significant importance when Britain leaves the EU. (We don’t believe today’s judgment will overturn the vote of the referendum). It’s becoming increasingly likely that Property Owners will enjoy the same benefits as now, and to many of our Clients, the lifestyle advantages and long term investment forecast of owning a Property in the Algarve far outweighs any short term instability.
Whilst FOREX rates are still comparatively low versus the same time last year, history shows us that rates can fluctuate over time and gains in property values plus the lower costs of living and inflation in Portugal mean that now could be the right time to invest in a second home or a longer term, tax efficient retirement property.
However you voted and whatever your hopes and dreams are for the future, we believe now is a good time to start making a buy or sell decision.
We look forward to hearing from you.
Robert and Ana.