Why 2020 is the perfect time to buy a Spanish second home

Why 2020 is the perfect time to buy a Spanish second home

  • Sterling hit 3.5 year high against euro in December 2019
  • Spanish mortgage interest rates at record low levels
  • UK’s departure from EU could present key opportunity for second home buyers

When Boris Johnson led the Conservatives to a resounding win in the December 2019 election, the pound rocketed, hitting a three-and-a-half-year high against the euro. Over the course of the full year, it rose by more than 6% against the euro – the first year since 2015 that it has done so.

2020 has the potential to strengthen the pound further, sensitive as it is to Brexit-based certainty. With legislation now in place for the UK to leave the EU on 31 January, we can reasonably expect a further surge. This presents an interesting opportunity for those looking to purchase holiday homes in euros.

Meanwhile, over in Spain, the cost of borrowing has never been cheaper. Interest rates are running at historic lows, making it the ideal time to take out a mortgage. There’s speculation that the rates will rise before too long, meaning that buyers need to move fairly swiftly to take advantage of them.

It’s an exciting time to be taking out a mortgage in Spain as there are some superb borrowing opportunities right now. With a stronger pound to play with as well, British buyers can suddenly get quite a bit more for their money when it comes to second home ownership in Spain.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

On the Costa Blanca, one development that is attracting keen interest from British buyers is Kiruna Residencial. Built by leading Spanish home builder Taylor Wimpey España, the key-ready, three-bedroom townhouses provide spacious homes for holiday use or year-round living. Nestled between the Sierra de las Aguilas Mountains and the coast, on the beautiful Alenda Golf Course, Kiruna Residencial’s homes feature private gardens and solariums, along with lovely communal garden and pool areas.

As well as British buyers, Taylor Wimpey España’s holiday homes attract Swedes, Belgians, Germans, French, Russians and a host of other nationalities, as well as buyers from Spain itself. Many of those who buy have previously holidayed in Spain, so rising tourism numbers can be a good indicator of a future surge in interest in second homes.

In 2018, the number of visitors to Spain hit a new record level of 82.6 million. 2019’s total figures are still awaited, but the latest figures from the Spanish central government’s statistics bureau show that visitor numbers in November 2019 were 2.8% higher than they were in November 2018. A total of 4.66 million people visited Spain in November, spending 1.15 million euros per hour over the course of the month (a rise of 3.7% compared to the same month in 2018).

“Spain remains the second most visited country in the world, as its superb climate, cultural heritage, delicious cuisine and pristine beaches – along with a huge range of other attractions – continue to charm visitors from across the globe. Some of those who visit are so delighted by Spain that they want it to play a more substantial role in their lives – hence the huge demand for holiday homes here.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

With the economic stars seemingly in alignment in the UK and Spain, the early months of 2020 look like the perfect time for British buyers to pick up their dream holiday home. Those buying at Taylor Wimpey España’s Kiruna Residencial can purchase a three-bedroom, two-bathroom townhouse from €178,000 plus VAT.

 

For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972.