MONEY BUYS MORE SPANISH PROPERTY THAN EVER
Jack Pot / 2012-05-19 09:36:09
The Euro has now fallen to a three and a half year low against Sterling making Spanish property, which has already been heavily discounted over the past few years, more attractive to UK buyers.
It is unlikely that the Euro will collapse but it has declined heaviliy in value over the last few months reaching a low of just EUR 1.25 against the pound. And the chances are that there is more to come with 1.30 to 1.35 not being off the radar.
The reason for the decline in the value of the Euro is the level of discontent throughout Europe with the austerity measures which have been imposed by Governments. There is an open revolt which started with Greece and has moved on to France, one of the founder members of the single currency.
Now there exists a massive opportunity for UK buyers to snap up key-ready property. Many Spanish banks have been in denial and refused to accept the fact that they had to accept massive losses through property write-downs on their balance sheets. This has sparked a fire sale of distressed Spanish property being offered to overseas investors for a fraction of their original cost and with 100% mortgages at just 1.5% above the Euribor. Today, for instance, you can purchase a 2 bedroom front-line golf apartment for as little as EUR 6.000,00 and just EUR 230,00 per month over 20 years.
Murcia is one region where there is a recovery in Spain. The construction of the Paramount theme park has now been finalised with £10.8million already invested to start the development. Murcia to benefit heavily. The opening of Murcia's new international airport is also planned for next year and it is anticipated that this will bring an additional three million visitors and with Murcia short of 15,000 hotel rooms.
Tags: Spanishproperty, Propertyportal