Tumbling property values and favourable exchange rates for the pound against the euro have meant that demand for Spanish property among British buyers has never been higher. (The euro is still around 25% weaker against the pound than it was four years ago.)
In some parts of the country, property prices have fallen by as much as 60%. And despite ongoing fears for the Spanish economy, this favourable situation for UK buyers is unlikely to change any time soon.
It’s a very different situation from in France, for example, where new property taxes are being imposed this autumn.
But, strong draw or not, it’s still a fact that buying a property overseas is still a major undertaking, and not for the faint-hearted.
With so much to think about, it can be all too easy to get so excited about the process of buying your new property that you end up thinking about all the international money transfers and other financial aspects only at the very last minute.
And if you play your cards wrong when you transfer money abroad for your house purchase, you could lose out badly.
If you leave things to the last minute when buying a property abroad, you may just turn to your bank as a final resort. But you will almost certainly be better off with a foreign currency specialist offering access to experts who can help you maximise your profits on the transaction.
Play the game shrewdly and pick your provider wisely and you could beat bank rates by up to 4%. There’s more online.
