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Exchanging Sterling into Euro using GOLD

Exchanging Sterling into Euro using GOLD

Old Dec 8th 2008, 2:26 pm
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Default Re: Exchanging Sterling into Euro using GOLD

Originally Posted by oliklom
Thank you everyone for your comments, I think we will just sit tight and wait!
I liked the suggestion of just transferring some money now and taking out a mortgage, which is what we did.

The other point to consider perhaps, is the fact that house prices are lower than they have been in Spain at the moment (but could of course fall further) so now could be a very good time to buy even if the exchange rate is poor.

If you wait until the exchange rate improves, house prices may have increased again. All swings and roundabouts I know.

When is a good time to buy - when you feel you want to in my book. You can always look back and think why did I not do this that or the other!

Best of luck,

Peter
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Old Dec 8th 2008, 3:04 pm
  #17  
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Default Re: Exchanging Sterling into Euro using GOLD

Looking at house prices in Spain, they have gone down but not much yet!

On the website fotocasa, once you select a proprety there is an option that shows you the "precio medio" ie. the avereage price per square m2 and the graph goes back to 07 which is interesting, is it accurate? this I do not know!
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Old Dec 8th 2008, 3:28 pm
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Default Re: Exchanging Sterling into Euro using GOLD

Originally Posted by oliklom
Looking at house prices in Spain, they have gone down but not much yet!

On the website fotocasa, once you select a proprety there is an option that shows you the "precio medio" ie. the avereage price per square m2 and the graph goes back to 07 which is interesting, is it accurate? this I do not know!
I think one of the * big * problems is the amount of properties for sale here where people have them up for sale just waiting to touch the lottery, so they don't need to sell them, although they would like to... at double their value... and the market is flooded with them, this is why property prices do not seemed to have dropped very much overall, the ones that drop 40 to 50% are the ones that sell, at prices nearer to their true value.

I know someone who has a house in an area of La Cala, it's a small residential area consisting of 1 street. There are 2 properties left for sale by the original builder, these where 220,000 2 years ago when the last homes where finished, the two remaining properties are now up for sale at 420,000 from the promoter (These actually started selling at 180,000 around 5 years ago when the first ones where built). At times one of these properties comes up for resale, the owners that look for lower prices have sold while the others do not seem to (Although the 3rd one of the last of the promoters sold at 410,000 to a Dane last summer... so it does happen). A Spanish family who bought one a couple of years ago just put his up for sale at 420,000 furnished when he probably paid half that (if not less) not very long ago. I am sure this has been put on the market and at that price because of the high prices the promoter has put on the two remaining homes, so the current owner is probably of the thinking that he can touch the lottery on say 400,000, pocket 200,000 of profit and look for a bargain at 200,000 (or similar). Basically it's no big deal if it doesn't sell, but if it did....

I think this is the thinking of many people who have property on the market.

Last edited by Econ; Dec 8th 2008 at 3:31 pm.
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Old Dec 8th 2008, 3:43 pm
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Default Re: Exchanging Sterling into Euro using GOLD

Originally Posted by valenciatim
Is that very recent? I just drew out the cash, no certificate.
It has always been the case that a non-resident purchaser is required to prove the importation of funds for property purchase.
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Old Dec 8th 2008, 3:51 pm
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Default Re: Exchanging Sterling into Euro using GOLD

Originally Posted by Peter Squires
I liked the suggestion of just transferring some money now and taking out a mortgage, which is what we did...
This may be becoming increasingly difficult. I can't give a direct link to this quote because it is in the form of a daily email from Ian Maitland of International Property Alerts to which I subscribe but this is one paragraph from it:

"If you are buying in Spain right now, be very, very careful. Apart from all the banks going under and all the valuations coming in so that only 60 rather 80 per cent lendings are made, I am told that only about 7 per cent of mortgage offers are actually getting to completion. There are 101 reasons for that but if you are buying be aware that, even with encouraging noises from the bank at an early stage, the chances of completing without a hitch are stacked against you. So, do please think very carefully about handing over money and deposits and what have you – take professional advice – as the most common question to SPA at present is “how do I get my money back?” If you are asking that question too, drop me a line and we will see what we can do."
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Old Dec 8th 2008, 4:01 pm
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Default Re: Exchanging Sterling into Euro using GOLD

Originally Posted by Beachcomber
It has always been the case that a non-resident purchaser is required to prove the importation of funds for property purchase.
Well I never had to! Or would it be dealt with by the solicitor?
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Old Dec 8th 2008, 4:16 pm
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Default Re: Exchanging Sterling into Euro using GOLD

I don't know but the notary would not have granted the escritura without one and if he had it would not have been registered.
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Old Dec 8th 2008, 11:11 pm
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Default Re: Exchanging Sterling into Euro using GOLD

gold oil and metels are on a world market so be the same price across the board , think you going around and around there , look at the stock exchange
dont for get you looking at Expenses every time you trade ,

http://en.wikipedia.org/wiki/Stock_exchange very good read and list off london and madrid link to there sites
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