Top time to buy Spanish property, as pound strengthens versus euro

Top time to buy Spanish property, as pound strengthens versus euro

27.05.2015

Are you a Brit thinking of buying a beautiful property in Spain? If so, you’ll be pleased to learn that it’s now far more affordable to do so, because the pound to euro exchange rate has hit a 7-year high. To be specific, sterling recently touched 1.4256 against Europe’s common currency, its strongest since November 7th 2007.

What this means for you is that, when you transfer money to your Spanish bank account, you’ll get far more euros than in the recent past. For example, if you exchange £250,000 to buy a Spanish property, you’ll now get +€56,000 more than if you’d done so back at the start of 2014, when the pound was far weaker.

In other words, that’s +€56,000 extra sitting in your Spanish bank account, at no additional cost to you, just because the exchange rate has risen! With that sort of money, you could buy a more luxurious property in Spain, decorate the place as you like, in brief really get the most out of Spain's property market!

Moreover, it could soon become even better value to buy a Spanish property, if sterling climbs higher versus the euro. The pound could exceed this 7-year high, first, if Greece exits the Eurozone, as looks entirely possible. Second, the pound may also continue to climb, because the UK economy is easily outpacing the Eurozone’s. 

With this in mind, make the most of this advantageous exchange rate, and buy your property in Spain today!

By Peter Lavelle