Excellent news if you intend to buy a property in Malta! Whether you plan to purchase an apartment with a sea view, or a home with a swimming pool, its now more affordable to do so, because the pound to euro exchange rate has been rising steadily. To be specific, sterling has touched 1.43 versus the common currency this week, +23 cents higher than at the start of 2014, 22 months ago.
So what this means for you is that, when you transfer money from the UK to your Maltese bank account, you’ll receive a higher euro total than any time in the recent past. For example, were you to transfer GBP 2,500,000 to Malta to buy a 5-bedroom designer villa in Mellieha, you’d now receive €3,575,000, or €575,000 more than in January 2014. That’s a significant rise to your euro total!
Hence, it goes without saying that this favourable exchange rate significantly eases the financial burden of buying a property in Malta. After all, with an extra half a million euros, your spending power is significantly increased and you would alsocover both the legal costs and real estate fees of buying your Maltese property, whether that’s a designer apartment with 360 views, or a converted country house with 300 square metre landscaped garden.
With this in mind, it’s the ideal time to buy a property in Malta, as the strong pound cuts your costs!
By Peter Lavelle at foreign exchange broker Pure FX