The currency news for yesterday, June 2nd, was encouraging for overseas property buyers. The pound sterling was at 1.1957 against the Euro, a huge jump from the 1.10/1.11 levels of the past semester.
What does this mean in real times for a customer looking at property in Spain or Portugal? Let’s say you were looking to buy this two bed two bath apartment in the complex of Benatalaya on the road to Benahavis.
The price of this property is currently 225,000 Euros, reduced for a quick sale in a complex where the next most economic unit is at 287,000 Euros. If you had purchased this property two weeks ago, the price in Sterling would have been 199,115 pounds. If you buy it this week it will cost 188,174 Pounds. So this amounts to a saving of 11,000 sterling for the same property.
Of course it begs the question, if I wait another six months then at this rate will it drop to about half its value? We never know, however it might drop more or indeed it could also go back up. However, we must always take into account the “Dutch Auction” nature of this market. There are people out there who have a set budget and when the price drops, for whatever reason, they act. A great property like this will not be there for ever. So if you were holding out for a Spanish luxury apartment for under 200,000 sterling, you can now get this fabulous two bed two bath in Benatalaya for 188,000. If you add the closing costs of around 9% then you pay 204,000 sterling and move in! This unit comes with TWO garage places, under floor heating in the two bathrooms and a fully fitted SIEMATICA kitchen.
If you wish further information on this or other properties overseas please email us on info@amazingresorts.co.uk or contact us via the website www.amazingresorts.co.uk
Whatever you do,
Enjoy the journey!
