Brits selling property in Spain look set to profit

'Clasico' style villa

'Neptuno' style villa

According to Spanish property specialists, Mercers, British vendors who successfully sell their properties in Spain look set to make considerable profits from the sale of their homes, due to the impact of the currency exchange rate when converting euros back into pounds.

While the pound bought 1.61 euros seven years ago, now it'll buy a little more than one euro after reaching its weakest point since the euro's inception a decade ago. However, while this is a blow to the Spanish property market, at Costa Calida-based Mercers, they've proven that there are ways to beat the currency crisis.

"The good news is that prices are already falling, either naturally or due to us putting pressure on our vendors to be realistic if they want a prompt sale, and this has taken much of the sting out of the weak pound," explains Chris Mercer, the director of Mercers.

"Even better news is that in the Costa Calida, many of our vendors are Brits who stand to make sizeable profits from the situation as they convert their euros back into pounds. In some cases this exchange rate profit can see them making as much as 30% - 60%, so they can afford to reduce their selling price accordingly."

The Spanish property market has also rejuvenated the art of bargaining, with buyers securing some substantial discounts.

"Six months ago we had a buyer keen to secure a two bedroom two bathroom 'Rosa' style detached villa on the ever-popular Camposol golf development in Mazarron. He viewed a total of six similar properties priced between €235,000 and €255,000. Not overly picky between the six, he made a flat offer of €150,000 for any of them," says Mr. Mercer.

"As an agent we had a duty to inform each vendor of his offer, however low it seemed, and whilst five vendors said an outright 'no', the sixth agreed as was keen on a quick sale. A saving of €100,000 more than outweighed any embarrassment on the purchaser's part for going in with what appeared to be a crazy offer. Six months later any of those five vendors yet to achieve a sale are possibly kicking themselves having seen both prices and the pound fall further."

Mercers has a wide selection of Camposol properties on offer, ranging from the two bedroom, one bathroom fully-furnished terraced 'Clasico' style villa with sunny roof terrace from as little as €58,000, up to the three bedroom, three bathroom detached furnished 'Neptuno' style villa with private swimming pool from €150,000. Of course these prices are before any haggling…

For more information, visit www.spanishproperty.co.uk

Information courtesy of Purple Cake Factory SL and Mercers Limited

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