Are you a Brit thinking of buying a Mallorca villa with Balearic Properties? If so, you’ll be pleased to learn that it’s now far more affordable to do so, because the pound to euro exchange rate has hit a 7-year high. To be specific, sterling recently touched 1.4256 against Europe’s common currency, its strongest since November 7th 2007.
What this means for you is that, when you exchange currencies to buy a Balearic property, you’ll get far more euros than in the recent past. For example, if you transfer £250,000 from the UK to your Spanish bank account, you’ll now get +€56,000 more than if you’d done so back at the start of 2014, when the pound was far weaker.
In other words, that’s +€56,000 extra sitting in your bank account, at no additional cost to you, just because the exchange rate has risen! With that sort of money, you could buy a more luxurious Mallorca villa with Balearic Properties, for instance, or decorate the property to your taste. Either way, you’ll make the most of what Mallorca’s housing market’s got to offer!
Moreover, it could soon become even better value to buy with Balearic Properties, if sterling climbs higher versus the euro. The pound could exceed this 7-year high, first, if Greece exits the Eurozone, as looks entirely possible. Second, the pound may also continue to climb, because the UK economy is easily outpacing the Eurozone’s.
With this in mind, make the most of this advantageous exchange rate, and buy a Mallorca villa with Balearic Properties!
By Peter Lavelle
+44 (0) 1494 671800