Spain’s housing market is looking increasingly attractive to Brits as online currency exchange rates are proving favourable for investors from the UK.
This is according to head of Spanish Property Insight Mark Stucklin, who explained how the pound is currently up above 1.20 against the euro and this looks likely to continue throughout the year.
He commented that the strong pound combined with the downward adjustment of the price of homes in Spain has helped to make abodes in the country more attractive in recent months.
“Now you have prices in coastal areas that are not difficult to find with a 50 per cent or more decline,” Mr Stucklin remarked.
The expert described how those viewing possible investments in euros can find properties with “50 per cent or more price reductions”, which would be cheaper to buy than to build.
Mr Stucklin stated: “With the best property, I think we are now in [a period of] price stability and, with the euro getting cheaper compared to the pound, that will mean that it gets more interesting for British buyers.”
However, he claimed it is important to be aware that problems in the eurozone have not been resolved and it is likely the euro will continue to get weaker against the pound.
This may be beneficial for long-term investments, but those hoping to sell their overseas home in the near future could find they lose a substantial amount on their original purchase price.
Mr Stucklin concluded that 2012 “is going to be a key year” within the country’s housing market.