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The weak Euro makes Spanish property prices even more attractive - 2 February 2012

The Pound has recently hit a 16 month high against the Euro, meaning now is the best time to buy Euros since September 2010. But what affect does this have to the price of a Spanish property?

Well, if you were buying an apartment for €100k in July 2011 it would have cost you around £89k, yet if you bought it now it would only cost you around £83k - that is a difference of £6k!

The reason the rate is so much better is that there is a lot of concern over the amount of debt countries in Europe have, especially Greece. This is causing worried investors to move their assets out of the Eurozone which has the effect of devaluing the currency.

How long will this go on for?

The current situation in the Eurozone is not good and there is a great desire from the international community to resolve the issues and secure the future of the Euro. If they can come to an agreement on a solution and a way forward we will most likely see the Euro return to strength against the Pound. The UK on the other hand is facing a couple of years of weak growth at best so if this happens it is likely the exchange rate would be low for some time to come.

This illustrates just how much the exchange rate can affect your property purchase and it is essential you get as much information as you can before you commit to a property.

So where can you get this information?

You could speak to your high street bank, but they will simply tell you their daily exchange rate. Staff at your high street bank have neither the expertise nor the breadth of market knowledge necessary to monitor the currency markets on your behalf.

The good news is there are currency specialists like Moneycorp who have teams of trained and qualified dealers who can help consumers with all form of money transfers, no matter the size of the payment.

A foreign exchange specialist like Moneycorp will offer free information and guidance on the currency markets, helping you decide on the best time to buy. A personal dealer will always be on hand to understand your money transfer requirements and will always be available to answer any questions you might have.

More importantly, they are experienced in helping individuals with all kinds of money transfers and so appreciate your situation. They will take the time to understand your needs and deadlines and make sure you get the best exchange rates possible.

For more information on Moneycorp and how you can open a free no obligation account, click here.

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