Excellent Time To Buy Spanish Property, Thanks To Strong Pound

Great news if you plan to buy a Spanish Property For Sale in 2016! Whether you’ve got your eye on a 2-bedroom apartment with a private garden in La Quinta for €390,000, or a 4-bedroom townhouse with a swimming pool in Nueva Andalucia for €389,000, it’s now less costly. This is because the pound to euro exchange rate has hit 1.26 today, +6 cents higher than back in January 2014, 26 months ago. So what this means for you is that, when you transfer money from the UK to your Spanish bank account, you’ll get far more euros. For example, were you to transfer £300,000 to buy a 4-bedroom townhouse in La Cala de Mijas, today you’d receive €378,000, +€16,000 more than if you’d bought the same property 26 months ago, when the pound was weaker. Hence, that’s quite a helping hand! Sterling has strengthened versus the common currency, because the UK economy is outperforming the Eurozone’s. For instance, the UK economy has been the fastest-growing in the G7 for the last 3 years, out-pacing the USA, Germany and France. Meanwhile, the Eurozone is still struggling to overcome the financial crisis, with unemployment stuck at 10.3%. So that’s boosted the exchange rate! With this in mind, it’s a fantastic time to buy a Spanish property, thanks to this favourable exchange rate.