Jason MoorePalma04/09/2020 11:46
TW
3

British and German residents are heading back to their countries of origin, according to the latest figures, as the coronavirus bites into the local economy. The belief, among some, is that they will be better protected both economically and healthwise “back-home”. I am not surprised really; there has been a gradual fall in the number of German and British residents over the last decade according to official figures; everything from the cost of living to the lack of jobs and the education system has been blamed. The coronavirus has severely dented the local economy and obviously those businesses which depend on British and German tourists have been hard-hit, hence the minor exodus. For the British, it is not only the coronavirus which is causing uncertainty; there is also Brexit. There is concern that once Britain leaves the European Union the rights of British residents in Spain may change.

So for foreign residents there is plenty of uncertainty. In the case of the British I will also add another dimension - the fall in the value of sterling against the euro. If you look back in recent Majorcan history, you will notice that the British market has always been at the forefront when sterling was strong either against the peseta or the euro. But what recent history has also taught us is that the British will return sooner or later. The British love affair with Majorca has always been strong and I can’t see why this state of affairs is going to change in the short-term.