Decline in value of the euro likely to encourage investors

Property in European destinations such as France could be boosted by the decline in value of the euro, Overseas Property Professional (OPP) has reported.

According to the news provider, overseas investors are likely to take advantage of the financial crisis currently developing in Europe as it devalues the currency.

This will lead to real estate in eurozone destinations across the continent becoming cheaper for those purchasing with foreign money.

In addition, brokers are confident that sterling is set to rise against the euro later this year, despite initial concerns over the formation of a new government.

"The euro is overvalued at current levels and we will tend to see it move back to its long-term average against the pound and the dollar," Jeremy Cook, chief economist at World First, told OPP.

"We've already seen interest in buying property start to increase … some people have been putting off buying for a year - they have the finance and are all ready to go but want to get the best rate they can."

According to Reuters, the current value of the GBP against the EUR, as of Wednesday May 12th, stands at 1.1820 EUR.

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