Weak pound proves boon for euro buyers
As a result of the weakening pound, buying in euros from British sellers planning to take their money home presents a further savings opportunity in a generally distressed property market. This currency discount is in addition to the market discount currently benefitting buyers in all transactions.
Today, in mid-May 2009, a British seller wanting ₤300,000 for his Costa del Sol property can ask for €335,000. Exactly a year ago, the corresponding asking price would have been €402,000 while, going back to February 2007, the same conversion would have yielded €450,000. This amounts to a 16% discount over the last twelve months and a 26% drop over the last two years.
These deals will be of special interest in the Costa del Sol where so many UK citizens have invested in holiday or permanent homes. British sellers should not be too hard to find, with many needing a cash influx during these financially trying times.
Posted on May 8th, 2009 filed under Costa del Sol Property News.
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