No hurry to purchase Spanish property

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Individuals looking to make a property investment in Spain and neighbouring countries are being urged not to hurry as property prices are expected to decline further.

Over the next few months, the cost of property in Spain is expected to drop further and as the exchange rate with the euro is especially favourable for Brits, investors are being encouraged to take a back seat and wait for the cost of homes to decline further.

According to recent data published by real estate analysts, Tinsa, since the peak of the Spanish property market in December 2007, the cost of residential real estate in Spain has dropped in value by 30.2%.

Marc-Da-Silva, international estate agent, said property prices will not experience any “major movements” other than “downwards”.

Da-Silva claimed that the French, Portuguese and Spanish housing markets are especially fragile, which will inevitably lead to a decline in property values.

As a result, Mr Da-Silva expressed the view that “any major rush” is unnecessary for individuals looking to invest in property in the eurozone.

He described the scenario as a “win-win situation” as some currencies are rising in value whilst the euro continues to fall which makes house prices even more appealing.

Areas in Spain gaining greater amounts of interest are the Costa del Sol and Costa Blanca regions, while Tuscany in Italy and the Algarve in Portugal are showing an increase in demand.

Transferring money to Spain

If you are looking to invest in Spain, think carefully about how you will send money from UK. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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