apartment in spain euro exchange rate fix exchange rate pounds euros property in spain sterling euro rates a
As I write, sterling has recovered to 1.16 euros to the pound. This is an incredible leap from the depths that were plumbed at the turn of the year, when the sterling euro exchange rate was hovering at around 1.02.
This improvement really does have an impact on the spending power of anyone looking to buy a property in Spain. If you had purchased an apartment in Spain at a price of €200,000 in January at a rate of 1.02, this would have cost you the equivalent of £196,078.
If you made the purchase today, the same property would cost you the equivalent of £172,414. That´s a whopping saving of over £23,000!!
It´s no coincidence that we have noticed a correlation in demand for Spanish property and the strengthening value of sterling. Buyers seem to have set themselves target exchange rates as which point they are prepared to enter the market and buy. Whilst I think that most potential purchasers may be holding out for a rate of €1.20 to the pound, it may be time to trade at today´s levels for 2 reasons. Firstly, nobody can be sure if we have yet seen a full-blown recovery for sterling, and secondly, the more buyers that enter the market, the more competition there will be for the property in Spain that has taken your fancy.
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