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With the rapid demise of sterling (today´s rate is a record low of €1.02), it is thought that many people will be looking to scrap their plans for a 2009 holiday in Spain (or any other Eurozone country), and instead opt for countries that seemingly offer better value for money, such as Turkey and the United States.
Sky News research yesterday reported that instead of abandoning plans to holiday in Spain altogether, most prospective travelers were more likely to increase the frequency of their foreign holidays, but to spend a shorter period of time away from home during each break.
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While it may not be an ideal time to be buying property in Spain with hard-earned British pounds, the same cannot be said if you are looking to spend your euros back in the UK.
Sterling´s fall from grace has been well documented, with today´s exchange rate hovering at around 1.12 euros. This means that if you are looking to buy a property in Spain at 200,000 euros, it will effectively cost you £178,571
But for those who earn their wages in euros, it´s a great time to be heading to the UK.
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Target developers who will accept payment in sterling.
There are not too many developments in Spain that will entertain this type of deal, as most promoters want to protect themselves from sterling falling even further against the euro. Developers are far more likely to offer a fixed percentage discount off the purchase price to buyers.
However, one or two developers in Spain are bucking the trend.
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Take a Spanish mortgage in euros.
Seriously think about taking a Spanish mortgage. If you mortgage 70% of the price of a Spanish property, your immediate exposure to the currency risk amounts to only 30% of the property price. If you were going to pay cash for the purchase of a €100,000 property, this would cost you almost £85,000 at today´s exchange rate, a difference of over £16,000 from a year ago. However, if you are only exposed to 30% of the price in sterling, your payment of €30,000 would set you back just over £25,000, a difference of approximately £4,700 from last year. Continue reading »
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Sterling has weakened alarmingly over the last 12 months. From its near-peak of 1.45 euros in summer 2007, the rate is now nearer to 1.18 euros. This effectively means that property in Spain is now almost 20% more expensive that it was just a year ago.
The problems with sterling have undoubtedly contributed to the worsening Spanish property market, particularly when you consider that British buyers make up by far the largest single group of overseas buyers. There are simply fewer British buyers now in the market for Spanish property, reluctant to secure an asset that would have been 20% cheaper a year ago.
The current situation is proving frustrating for a lot of prospective purchasers, all keen to bag a bargain property in Spain as the prices have tumbled, yet still reluctant to buy a euro asset with their weak sterling.
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The volume of UK buyers of Spanish property has been shrinking over the last 6 months for a variety of reasons. One of the primary contributing factors to the decline is the strength of the euro against sterling.
From a 12 month high of 1.4811 euros to the pound in September 2007, today £1 is worth 1.2560 euros, a drop in real terms of 15%.
All of a sudden, Europe seems expensive to the Brits. So are there any ways of avoiding these currency fluctuations when buying a property in Spain?
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