Sterling work

Overseas property investors have been advised to use sterling to purchase homes in Spain...

According to Martin Dell, of Kyero.com, converting funds into euros could make properties more expensive due to the decline in the value of the pound, reports Homes Worldwide.

He noted that a property costing €100,000 would cost £86,000 at the moment but if purchased last week it would have been priced at £78,000.

Mr Dell said, "If you are contemplating purchasing a property in Spain worth hundreds of thousands of Euros, the extra cash you now need represents a significant hike in an already difficult market."

He added that UK investors may find that the currency differences will work in their favour if they acquire a home in Spain using sterling rather than euros.

Shelter Offshore recently stated that investors are looking at the downturn in the country's property market as an opportunity to make a profit.

The online portal claimed that buyers are viewing Spanish property as long-term money-making acquisitions.

Source: www.bancajahabitat.co.uk