News: ​Pound strong versus euro, cutting cost of buying Costa Blanca property

​Pound strong versus euro, cutting cost of buying Costa Blanca property
14 Apr 2016


Excellent news if you intend to buy a Costa Blanca property! Whether you've got your eye on a 3-bedroom apartment with a pool in Orihuela Costa for €185k, or a detached house with a garden in for €165k, it's now less costly. This is because the pound has hit 1.26 versus the euro today, +6 cents higher than in early 2014, meaning you'll get far more euros when you transfer money to Spain.

So to put this into context for you, let's say you plan to transfer £180,000 to your Spanish bank account, to buy a townhouse close to the beach in La Zenia Beach. With this sum, today at the exchange rate of 1.26 you'd receive €226,800, +€10,800 more than if you'd bought the same property 26 months ago. So, this strong exchange rate will help you buy your Costa Blanca property!

Moreover, it could soon become an even better time to buy a Costa Blanca property, if the pound to euro exchange rate strengthens further. Sterling could continue to climb against the common currency, because it's most likely that the UK will vote to remain in the European Union in the upcoming referendum on June 23rd, according to bookmakers including Ladbrokes and William Hill.

With this in mind, it's a fantastic time to buy a Costa Blanca property, thanks to the favourable exchange rate!

By Peter Lavelle at foreign exchange broker Pure FX

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