I really don’t know if this works for you, but it worked for me.
I took a sterling view.
It sounds as if you are going to convert back to sterling once you have sold. If that is correct, could you not look at this in terms of you receiving back that which you paid in sterling?
What did you pay in 2005 for your €250,00? I don’t actually want to know it is just a view, but if it was perhaps at 1.45 at that time; if you then actually purchased for say £172,00 could you not see yourself selling for far less in euros now but not actually losing too much in sterling terms?
If indeed you are also considering that given all the market conditions, both here in the UK as well as Spain, you would even take a reduction simply to sell and move on, you could perhaps even drop your sterling requirement by say 10%. Creating an even more attractive euro price.
Now I am not advocating this, but if you do simply want to sell up and move on with different objectives and priorities in future, it is perhaps another perspective to take. Now would be the time to do that, I don’t think this issue of parity to the euro will last that long.
It would make your property perhaps far more likely to sell and I am sure open you up to the Spanish market, and saves the whole issue of renting and all the associated hassle and possible costs with that, and free’s up your capital too.
Not that you will get any decent interest on that capital anywhere of course. But at least you will move on far quicker, it is a possible moment in time, if you miss the exchange rate opportunity today, and by the year end the pound moves upward again, this opportunity could be lost to you.
As I say I don’t know if this works for everyone but it did work as a mindset and view for me.