Many of us dream of owning our very own ‘place in the sun’.
The lure of warmer climates, fabulous food and the desire to feel more fit and healthy and the opportunity to spend more time outdoors can indeed make purchasing a property abroad an attractive prospect to all of us.
The great news for Britons considering a purchase at the moment is twofold:
The falling price of property brought about by the recent recession means there are some amazing bargains to be had
The weak Euro against Sterling means that buyers are enjoying being able to get much more for their money
To illustrate the impact of the weak Euro, at the end of 2008 your £1 would buy you €1.03, which is the lowest rate since the euro was introduced and whilst the recession continued to have a major impact across Europe, the British pound struggled to regain its strength.
In 2015, the good news for Britons coming to Spain, is that there has been a huge change in the exchange rate as Sterling has become much stronger and at its peak in August of this year, your £1 would buy you €1.44. That’s a MASSIVE 39.8% increase in the rates since the end of 2008.
Whilst the continuing strength of the Pound against the Euro cannot be guaranteed, the trend is remaining steadily around the 1.4 mark and experts predict this will continue to remain as such certainly for the short term. During this time also, again due to the recession there were significantly less buyers as investors became nervous about their financial future and confidence in the market, which in turn had the effect of forcing many home owners to reduce the price of their home.
In this case the Math is simple, better exchange rates AND lower property prices mean this is the ultimate golden opportunity for those wanting their little piece of paradise in the sun! Bear in mind though, that we are seeing a huge upturn in interest from Britons wanting to take advantage of the best opportunity in years and therefore this means that with added interest in the overseas property market, the prices will start to rise and although nobody can predict how quickly this may happen we can see that this trend has already begun.