Are you a Brit, intent on buying a property in beautiful Sitges? If so, you’ll be pleased to know that buying your dream Sitges home will now be less painful on your bank balance. This is because the pound recently hit 1.4256 versus the euro, its highest in 7.5 years, or since November 7th 2007!
What this means for you is that, when you transfer money to your Spanish bank account to buy your Sitges home, you'll now get far more euros. For example, let's say you send £250,000 to Spain. With that sum, you’ll now get +€56,000 more than if you’d bought a property in Sitges back at the start of 2014, when the pound was far weaker. In other words, that's an extra +€56,000 sitting pretty in your Spanish bank account, at no additional cost to you, just because the exchange rate has strengthened! With that sort of money, you could buy a more luxurious Sitges property, decorate the place to your taste, or just pocket the sizeable saving for a rainy day!
Moreover, it could soon become even more affordable to buy a Sitges property, if sterling continues to climb versus the euro. The pound could exceed this 7-year high, first, if Greece exits the Eurozone, as looks entirely possible. Second, the pound may also continue to climb, because the UK economy is easily outpacing the Eurozone’s.
With this in mind, make the most of this advantageous exchange rate while it lasts, and buy your dream property in Sitges!
By Peter Lavelle - Pure FX
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