Pound Boost For British Buyers
17 May 2012: The pound climbed to its highest level in over three years
against the Euro this week reaching €1.25. The last time the pound stood at
this level was November 2008 (Reuters). The pound hit a low of €1.02 at the end of 2008
so its appreciation since that point alone has had a big effect in reducing
prices for British buyers. A similar story applies to other European customers including
Norwegian, Swedish and Danish buyers.
So a 23% rise in the currency is a big help. But the main
story is not the climb in the pound. The main effect for prices is the drastic
reduction by the banks we deal with for the near brand new properties we have
left on the Polaris World golf resorts in Murcia.
One of our Spanish bank partners has recently broken all
records reducing the price of its last properties on Hacienda Riquelme resort to
a staggering 63% below the original price being
marketed by the developer in December 2008. That was before the town centre (a
converted mansion) around a central courtyard was completed and the golf course
hosted the Spanish Pro Championship. The 1800 owners on Hacienda Riquelme now
enjoy one of the most picturesque resorts in the area with a superb community
of owners maintaining the standard of the resort and the golf now managed by
IRM as part of the Murcia Golf Experience.
Back in 2008 a two bedroom apartment was priced at €178,888.
Today that same property having taken the long legal journey from developer to
bank is back on the market and can now be purchased through ourselves as
designated agent for the bank for an incredible €65,700 a 63% reduction in the
Anybody buying in sterling back in December 2008 at an
exchange rate of €1.02 to the pound will have paid £175,000. Today at an
exchange rate of €1.25 that very same property is £52,500, a 70% reduction in
sterling terms. .
Being bank properties all these apartments come with
excellent mortgage terms with up to 90% loans for overseas buyers which we help
to administer. In the last few years we have dealt with several hundred British
and other overseas buyers of bank properties in Murcia across six resorts including
Hacienda Riquelme, arguably our biggest seller. Contact us today on 0208 429
7115 for full details of all our properties available at Hacienda Riquelme.