Welcome everyone Sandra in Spain - FlamencoI’m Sandra Piddock, and I’m a freelance writer, dividing my time between Spain and the UK. I’ll write about anything that interests and/or challenges me, and I like to focus on the lighter side of life whenever possible.. Read more
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Now is the best ever time to buy property in Spain – really!

Property in Spain has never been better value - the strong Pound makes your Euros go even further.

Property in Spain has never been better value – the strong Pound makes your Euros go even further.

Okay, you’ve been hearing this for the last 5 years or so, as property prices in Spain went into freefall and the parachute persistently refused to open and ensure a safe landing. However, now that Sterling is strong against the Euro, this really is the best time to buy in Spain, because not only can you snag a bargain property which probably won’t need any refurbishment at all, it will cost you less to maintain it, as your Euros will go much further.

I’m not a ‘What If?’ kind of girl. I take opportunities as they arise, and never look back in anger or regret, because it’s a pointless exercise. We bought our property in early 2008, just before the economic slump, and at a time when property prices were unsustainably high. We paid €157,000 for our 2 bedroom garden apartment on La Finca, which, at the prevailing exchange rate of around €1.34 to the Pound Sterling worked out to around £116,700. We fell in love with the property at first sight, it was within our budget – just – and we had enough from the sale of our house in the UK to buy without a mortgage and leave us comfortably off, so that’s exactly what we did.

Today, almost 7 years to the day since we signed on the dotted line, the exchange rate is pretty much identical at €1.345 to the Pound. The difference is, we could now buy the same property for around €100,000, or £74,300. That’s over £40,000 less than we paid, but this isn’t a whinge about how much we’ve ‘lost’ on our property – it’s a clear illustration of the economic sense of buying in Spain at the moment.

Our 7 years of happiness in Spain are way beyond price, and that’s why I’ve done the sums here to encourage others. What goes down also goes up, and vice versa, and while nothing is certain, it’s likely you’ll be much better off in the long run if you buy in Spain while property prices are still low and the Pound is strong against the Euro. And even if your home in Spain doesn’t perform as expected and increase in value, you still have somewhere to go where you can enjoy your investment. You couldn’t do that if your money was sitting safely in the building society.

Don’t take my word for it though. Steve Hall of This Is Spain is highly experienced in this sort of stuff, and his latest article clearly illustrates that there are real bargains to be had.  In Algorfa, which is a lovely village 10 miles inland from Torrevieja on the Costa Blanca, €30,000 – €50,000 (£22,300 – £37,200) will give you a wide choice of two bedroomed apartments, most with the use of a community pool. So, what are you waiting for? Now really is the best time to buy property in Spain!

15 Responses to Now is the best ever time to buy property in Spain – really!

  • Freya says:

    I live in a country that has the EURO, so for us buying property in Spain is currently about 20 pct more expensive than it was a few years ago. Nevertheless it is still cheap. It’s great to see that you are so happy in Spain. I’m not sure whether I could live permanently in another country myself.
    Freya recently posted…10 Amazing Places to Hike before you DieMy Profile

    • Not everyone can, Freya. Although I love travelling, I’m not really a nomadic type. I like a home base, and Spain feels more like home than England for me. Thanks for stopping by.

    • Even if I was an estate agent Matthew, I would still have to be honest. It’s what matters most, particularly for writers who want to be respected. Love your honesty too.

    • Have to agree there Molly. I wish we’d have thought of renting first – although we love our apartment. I think we’d have decided to buy in the village, rather than on the urbanisation.

  • Marcia says:

    Those are some pretty impressive numbers, Sandra, especially compared to those here in NYC. That alone would make me interested but does buying property in Spain automatically give you permanent residence? Does it help? Back in the 70, I know, the Stone Age, when I studied in Barcelona, we had to leave after 3 months to get our visa extended. In Costa Rica this year, I met an American woman who had just bought a 2 BR near the sea, who was crossing the border into Nicaragua to do the same thing. It would be nice to know that buying property confers some kind of permanent residence status as well. Also, what about the language? Did you find a lot of English speakers when you bought first?
    Thanks for your post, very enlightening. Enjoy Spain, it’s a beautiful country!
    Marcia recently posted…Up Close to a Volcano in Granada NicaraguaMy Profile

    • Hello Marcia. You’d need to check on that, but I do know that the government are giving automatic residency to some nationalities, as long as they spend a certain amount on the property. Europeans can spend 180 days a year in Spain without taking out residency. The rules are certainly more relaxed than they were back in the 70s.

  • Penny Sadler says:

    Ah if only I got paid in pounds or euros. I’d love to buy some property there, but seems highly unlikely. Unless of course I win a lottery. Great idea to encourage your mates to buy land and move where you are though! ;))

    • Hello Cathy, and welcome to the blog. Yes,Spain is a good place to buy now, and the lifestyle is great. And of course there’s the weather. Sitting outside a cafe beachside in February and getting a sun tan has to be good!

  • I too bought in 2008 and have never regretted it even though I could buy my house for half price today. But what you cannot buy is being able to sit on a roof terrace at the end of October enjoying the sunshine of Andalucia and views of the olive groves whilst typing this. Priceless.
    Phil Morrison recently posted…How to make Home-made Sriracha SauceMy Profile

    • Hello Phil – you took the words right out of my mouth! The experiences we’ve had are beyond price. And I became a writer as a direct result of moving to Spain, so it literally was life changing for me.