When it comes to buying property or investing in real estate, timing is of paramount importance. If you are someone who is looking to buy a property in Spain, then right now might just be the perfect time to do so, according to Mac McDonald, a properties Javea agency owner.
Not only is the Spanish housing or real estate marketing recovering, but the house prices have fallen considerably in the last decade and a half. The number of foreign property investors that are coming in has played an important role in this. The prices of residential property transactions are dipping and the British are taking advantage.
If you are not convinced, then the following 3 reasons why it’s the right time to buy property in Spain might help:
- The pound is much stronger against the euro
One of the main reasons to invest is that the value of Pound is very strong against the Euro. As of March 2011, the value of Pound to Euro was 1.10 euro but this has increased by 21% in 3 years and was 1.40 euro as of March 2015.
This means that if you are investing in a 200000 euro property in Spain now, compared to 2011, the amount of money that you would probably be saving is £40,000. Also, the pound that you invest when purchasing a property in Spain now goes further. This means that you can get more for less.
- Spanish house prices are dropping
Another reason why this may be the right time to buy a real estate property in Spain is because the house prices in the country are falling faster than ever. This has been happening for the last 6 years but since the pound is strong against the euro, its benefits can be felt now more than ever. Foreign investors have now started coming back to the Spanish market after the crisis hit the country in 2008. Property that is up for sale in the country is currently at its saturation point, which means that it favors the buyers.
- Cheaper mortgages
Post the 2008 crisis in Spain, the average mortgage or borrowing rate has become a lot more stable and currently, the mortgages are cheaper than ever. Therefore, it is just the perfect time if you are interested in borrowing money to invest in Spanish real estate. Spain currently offers the most value, or ROI for both property enthusiasts and home buyers.
So what are you waiting for? Go buy that property of your dreams before this golden period ends.