Murcia Golf Properties News
Pound hits 16 month low against Euro
Date: 06/02/2012The Pound has just hit a 16 month low against the Euro, encouraging UK property investors to develop more interest in the strengthening Spanish property market.
GBP/EUR currently stands at around 1.2000, a growth of more than 10% over recent months. The result is that a property in Spain which may have been on the market for GBP 200.000,00 just 8 months ago is now effectively GBP 20.000,00 cheaper!
There are a number of reasons for the weakening Euro, not least the general concern about the debt which is currently being carried by countries which use the Euro as their primary currency. There is some worry that countries such as Greece, Ireland, and Italy will not be able to repay their debt which is spurring investors to move their assets out of the Eurozone and, which, in turn is causing a devaluation in the Euro.
Governments from within the Eurozone are trying to find solutions to the debt crisis. If they are successful, it is likely that the Euro will strengthen again against Sterling, especially given the fact that it looks like the UK may be heading for another period of slow economic activity.
The exchange rate is an important consideration when purchasing a property abroad and in order to obtain the very best rates it is sensible to talk to a specialist. See our Currency Transfers page (above) for more information.
› Back
