Outstanding time to buy Mallorca property, as exchange rate rockets
Are you thinking about buying a property in gorgeous Mallorca this year? If so, whether you’ve got your heart set on Villa Pagoda, with 8 bedrooms and a spectacular sea view, or Finca Binicanella, with 4 bedrooms, private gardens and a swimming pool, you’ll want to transfer your money to Spain at a fantastic exchange rate.
This is because, when the exchange rate is flying high, you receive a much higher euro total in your Spanish bank account, to buy your dream Mallorca real estate! With this in mind, how can you get a great exchange rate in 2017? Well, let’s take a look.
Mallorca property more affordable, as exchange rate hits 4-month high
To start with, the good news is that, if you plan to buy a Mallorca property this year, it’s currently a fantastic time to transfer money to Spain. Why? Well, because just this week, the pound to euro interbank exchange rate has hit 1.1407, close to its highest in 4 months, or since early June.When you transfer money to your Spanish bank account, you’ll hence get a far higher euro total than any time in the recent past! By contrast, back in late August, sterling was as low as 1.0790. Hence, this +6 cent rise will significantly boost your exchange rate, to buy your Mallorca property!
Strong exchange rate makes gorgeous Mallorca property less costly
After all, just think what you could with the extra euros, thanks to the stronger exchange rate. For instance, you could pay off the legal fees and administrative costs of buying beautiful real estate in Mallorca. This would get your new life in your Mallorca home off to a fantastic start.
Alternatively, you could even buy a more luxurious Mallorca property than you’d originally had in mind, with an extra bedroom, a larger terrace, a swimming pool, or close to a golf course. Whatever gorgeous Mallorca property you’ve got your eye on, the stronger exchange rate helps you make it yours!
Pound could rise further, as Bank of England set to hike interest rates
Sterling has strengthened against the Eurozone’s common currency, because the UK economy is standing tall. For instance, just this week we learnt that UK retail sales grew at the fastest pace in 2 years in September, according to the CBI. What’s more, UK consumer confidence has hit a 4-month high, says GfK.
Moreover, the pound is also strutting its stuff, because the Bank of England looks set to hike interest rates for the 1st time since 2007, as soon as November. This could give sterling a further rocket boost, making buying a beautiful Mallorca property less costly for you!
With all this in mind, it’s looking like the ideal time to buy a Mallorca property, as the exchange rate has significantly risen. Make the most of it!
By Peter Lavelle at foreign exchange broker Pure FX https://www.purefx.co.uk