Do you intend to buy a property on the Costa Blanca in 2016? If so, whether you’ve got your eye on a 2-bedroom apartment with a terrace and sea views in La Cala for €210,000, or a townhouse with 3-bedrooms in a prestigious part of Benidorm for €241,000, there’s excellent news. The pound to euro exchange rate has hit 1.29 today, +9 cents higher than back in January 2014, 2 years ago.
How this benefits you is that, when you transfer money from the UK to your Spanish bank account to buy your Costa Blanca property, you’ll now receive more euros. For instance, were you to transfer £182,000 to buy a 2-bedroom apartment with a huge terrace and mountain views in Benidorm, today you’d receive €234,780, or +€16,380 more than if you’d bought the same property 2 years ago.
So, it goes without saying that this favourable exchange rate will help you achieve your dream of buying a Costa Blanca property! With an extra €16,380 in your Spanish bank account, you could buy a more luxurious Costa Blanca property, with an extra bedroom for guests, or a swimming pool, for instance. Alternatively, you could decorate your new Costa Blanca property to your taste too.
What’s more, the pound to euro exchange rate could continue to climb, further cutting the cost of buying a property on the Costa Blanca. The euro may weaken, because last week the European Central Bank cut interest rates to 0.0%, to prevent the Eurozone economy from stagnating and to get a handle on deflation. However, this could simultaneously devalue the common currency!
Given all this, it’s a fantastic time to buy a Costa Blanca property, as the strong pound cuts your costs!
By Peter Lavelle at foreign exchange broker Pure FX http://www.purefx.co.uk