Spanish Could Buy 14,725 Homes with Unredeemed Pesetas
July 10th, 2012
According to latest data published from the Bank of Spain, Spanish citizens could buy 14,725 average-size households with peseta currency notes and coins which have not yet been exchanged for the single European currency, and the value of these unredeemed pesetas at the end of May totalled 1,700 million euros, a figure similar to that of a month earlier.
According to the Ministry of Development, between January and March the average price of a private home stood at 1,649.30 euros per square metre, putting the cost of an apartment of about 70 square metres at 115,451 euros.
In May, the number of unredeemed peseta notes held by members of the public and companies, both Spanish and foreign, amounted to the equivalent to 890 million euros, which was 13 million euros less than a year earlier, but money that would enable over 7,700 families to have access to housing.
Meanwhile, El Economista reported that the euro value of the peseta coins that have not been exchanged amounted to 810 million euros, compared with 812 million a year earlier – “small change” with which some 7,016 average-sized flats could be acquired.
The Bank of Spain reported that between January and May, 6 million euros worth of pesetas were exchanged, and at the end of 2011 the equivalent to 1,706 million euros worth of pesetas remained unredeemed.
According to the experts, although the exchanging of pesetas to euros is still going on, there will be a great number of pesetas which will never be redeemed, as they belong to coin collections, have left the country in the pockets of tourists, or have simply gone astray.
- Property Pulse Issue 385 – 10th July, 2012
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