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Grey pound keeps Menorca buoyant

Monday, November 17, 2008

Source: Catherine Deshayes

Currency buying options increase the appeal of this Spanish island for property buyers wanting to escape the UK...

Demand for property on the island of Menorca has remained buoyant this year due to a large influx of the grey pound.

Colin Guanaria, founding partner of one of the island's leading estate agents Bonnin Sanso, says older buyers have been citing the UK economy, inconsistent weather and a deteriorating British society as the main reasons for relocation.

Purchasers have also regularly declared their strong position when buying on Menorca, knowing they can finance their move with either Sterling or Euros.

At present around 95 per cent of properties for sale on the island are resales and 75 per cent of these are being sold by British vendors, meaning clients buying resale properties from people returning to the UK can complete the transaction in Sterling.

Alternatively, the company has been able to negotiate reductions in the asking price that compensate for the fall in value of the pound against the Euro.

"British people buying in Menorca can fund their move to best suit their circumstances and the current market conditions," says Colin.

"We are all very aware of what is happening to the worldwide economy, and this means there are some fantastic deals available.

"That said, the island's declaration as a Biosphere Reserve by UNESCO, a very low crime rate and a good education and healthcare system, to name but a few points, ensure house prices and demands are not as hard hit as elsewhere when the market slows."

Bonnin Sanso, which was founded 19 years ago, is a member of Agentes de la Propiedad Inmobiliaria (API) and has seven offices across the island."

Source: www.bonninsanso.com