The wildfires sweeping across southern France and parts of Spain this summer are more than a travel inconvenience for holidaymakers with flights and villas booked in Provence, Catalonia or the Costa del Sol. For the estimated 400,000-plus UK nationals who own second homes in these regions, and the wider pool of British investors exposed to Mediterranean holiday-let portfolios, the fires are a fresh data point in a slow-building repricing of climate risk across European property markets. When insurers, mortgage lenders and holiday platforms start factoring in recurring wildfire seasons, the economics of owning a rental villa near Marbella or a gîte in the Var start to shift materially.