Are you thinking of buying a property in Moraira? If so, you’ll be pleased to know that buying your ideal Spanish property will now leave less of a dent in your bank balance. This is because the pound to euro exchange rate recently hit a 7.5-year high, at 1.4256, its strongest since November 7th 2007!
What this means for you is that, when you transfer money from the UK to your Spanish bank account, you’ll get more euros. For example, let’s say you transfer £250,000 to Spain. With that sum, you’ll now get +€56,000 more than if you’d bought a Moraira home back at the start of 2014, when the pound was far weaker.
In other words, that’s an extra +€56,000 sitting in your Spanish bank account, at no additional cost to you, just because the exchange rate has strengthened! With that sort of money, you could buy a more luxurious property in Moraira, decorate the place to your taste, or just pocket the sizeable saving for a rainy day!
Moreover, it could soon become even better value to buy a Spanish property, if sterling continues to climb 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 while it lasts, and buy your ideal property in Moraira!
By Peter Lavelle