Mallorca property falls in price
Are you thinking of buying a property in Mallorca? Then great news!
The pound to euro exchange rate has hit 1.29 last week, +9 cents higher than back in January 2014, 2 years ago. What this means is, whether you intend to buy an 8-bedroom villa with a swimming pool in Otros, or a 4-bedroom property in the mountains in Deia, you’ll now get far more euros when you transfer money to Spain.
So, to put this into context for you, let’s say you intend to transfer £250,000 to Spain, to buy a Mallorca property. With this sum, you’d now receive +€322,500, a full +€22,500 more than if you’d made the same transfer back in early 2014. Hence, it’s clear that this favourable exchange rate will go some distance to helping you fulfil your dream of owning a property in Mallorca!
After all, just think of what you could do with an extra +€22,500 in your Spanish bank account. This could contribute to paying off the legal fees and real estate costs that come with buying in Mallorca. Alternatively, the extra euros could help you to furnish the property entirely your taste. Equally, you could use the money to explore the Balearic Islands, from the base of your Mallorca home!
Whatever you have in mind, it’s a fantastic time to buy a Mallorca property, thanks to this favourable exchange rate.
By Peter Lavelle at foreign exchange broker Pure FX http://www.purefx.co.uk