Great news if you plan to buy a property in Marbella! It’s now significantly cheaper to do so, because the pound has hit a 2-year high against the euro, at 1.2699. This is sterling’s strongest since August 21st 2012.
If you plan to enjoy the sun and sand of Marbella, what this means is that you’ll receive significantly more euros when you exchange currencies. For example, were you to transfer £125,000 to Spain, you’d now receive +€17,000 more than if you’d done so 18 months ago, when the pound was weaker.
So with an an extra +€17,000, you could buy a more luxurious Marbella property, install an extension or swimming pool – whatever you like!
Sterling has shot up, because the UK’s economic outlook is looking so much brighter than the rest of Europe’s. For instance, while the UK is forecast to grow +3.6% this year, just yesterday the European Central Bank cut interest rates to emergency levels of +0.05%, to fend off deflation in the Eurozone.
In other words, 2014 is looking like a great time to buy a property in Marbella, as the strong pound gives you a significant discount!
By Peter Lavelle at foreign exchange broker Pure FX. For free expert currency advice when you buy a property in Marbella, call me on +44 (0) 1494 671800 or email firstname.lastname@example.org. I’d be delighted to help.