Money Transfer News: Spain pulling on overseas buyers

Money transfers to Spain could be of interest to foreign property buyers, as the country has been flagged up as having a number of "investment hotspots".

Taylor Wimpey Espana, a leading property builder in the Mediterranean country, observed that the Costa del Sol has maintained its popularity throughout the economic crash.

Its 300 days of sunshine a year, wide range of leisure and cultural amenities and notable health and educational facilities have helped to maintain its international appeal.

According to the developer, buyers from the UK, Russia and Scandinavia are starting to show a rekindled interest in the region.

The substantially reduced purchase prices following the crash have played a role in attracting buyers.

However, British buyers could see some of these reductions lost if they transfer their funds to Spain at a poor rate of foreign exchange.

This is a particular risk at the moment with the pound's foreign exchange rate is not performing very well against the euro.

Today (May 17th), sterling was trading at €1.60 at 15:30 BST, down from the month's high of €1.65.

Using a foreign exchange broker to make money transfers to Spain with a competitive foreign exchange rate and no transfer fees will help overseas buyers to avoid paying excess costs on their purchases abroad.

Meanwhile, Ignacio Osle, sales director of Taylor Wimpey Espana, explained that foreign buyer enquiries at the firm's office on the Costa del Sol have gone up by 43 per cent in the first quarter of 2011.

He added that around 14 per cent of the transactions made in Malaga at the end of 2010 were from buyers located outside of Spain.

Furthermore, 30 per cent of the 905 sales to foreigners in the region last year were from property purchases in the popular coastal town of Marbella and came from German and British buyers.

Given these figures, "it is hardly surprising that estate agents and property developers are looking towards foreign buyers to play a significant role in Spain's recovery," he remarked.

Posted by Sarah Pitton

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