Monday, July 06, 2015

Not all doom and gloom

First off, the crisis in Greece has seen the Euro fall against the pound. At one point the exchange rate was 1.43 euros to the pound meaning that visitors had more to spend and those of us who receive pensions from Britain got a little more in our Spanish accounts. Compare that with the 1.14 euros to the pound we were getting at one point and you can understand why many Brits are smiling.

Prices of houses on the Costa Blanca have at last seen an upturn albeit just 0.69%. The average price of homes now stands at 1,457.90 euros per square metre. Variations exist between homes that are less than five years old and older properties and there are flats still available for 20,000 euros.

At current prices, which are still 30% down on those of 2007, investment in property in Spain is a gamble worth taking. From the rock bottom position, prices can only rise as the excess stock of houses is reduced.

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