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March 2015

Spanish Property Prices Rise At Fastest Rate In 6 Years

Published: Friday 13 March 2015

Recent figures show that residential property prices in Spain have risen at their fastest level in six years. According to Spain’s national statistics office, property prices across the country rose by 1.8 per cent in the final three months of 2014 compared with the same period a year earlier, meaning that throughout 2014, property prices grew by 0.3 per cent – their first rise since the global economic meltdown of 2007. Positive price growth was recorded in a majority of Spain’s 17 regions during 2014 with Madrid (2.9 per cent), Valencia (2.7 per cent) and Murcia (2.7 per cent) leading the way. The only regions to record price depreciation last year were Navarra, Extremadura and Asturias. In spite of the recent positive data, prices remain well below their peak prices on the mid noughties, with many regions having experienced property prices falls of between 30 to 40 per cent over the past seven or eight years. However, with prices beginning to rise again, largely on the back of interest from overseas purchasers, if you’re considering making a Spanish property purchase it makes sense to safeguard against any price rise by ensuring you make the most of the currency exchange process. When exchanging large lump sums to cover the purchase of a property, even only slight fluctuations in the currency exchange markets can have a huge impact on the amount you’ll need to exchange. For example, if you were looking to purchase a Spanish property for, say, 150,000 Euros then as of yesterday you would needed to have exchanged approximately £106,707 to be able to fund the purchase. On 17th December, however, when the exchange rate was at its lowest point in the past three-months, you would have needed to exchange £119,607 to accrue the required number of euros - almost £13,000 more just because of a change in the exchange rate. Fortunately, you don’t have to be a financial whizz kid to make sure you get the best exchange rate – that’s what companies like us are here for!