Global Real Estate & Currency Exchange News from Propertyshowrooms.com

Tourism push 'will benefit Spanish property market'

Fri, 27 Apr 2012 00:00:00 GMT

A new campaign to promote the Costa del Sol to overseas visitors is likely to have a positive effect on Spain's real estate market.

Such is the opinion of Marc Pritchard, sales and marketing manager at Taylor Wimpey de Espana, who explained British holidaymakers in particular are being targeted by the region's tourist board.

However, he noted Brits are not the only demographic who are heading to Spain, citing research by Fastighetsbyran - a division of Swedbank - which revealed the number of Swedish and Norwegian investors entering the Spanish property market is up significantly.

"The Swedish economy has been performing better than the UK given the strength of the krona and low house prices and, as a result, Swedes are fast becoming Spain's biggest fans," Mr Pritchard asserted.

Although it is not performing as well as the krona, sterling recently climbed to hit a 19-month high against the euro, with Mallorca Sotheby's International Realty pointing out this is an advantage for any Brits planning to purchase a Spanish property at present.

Spain 'still affordable for British buyers'

Wed, 7 Mar 2012 00:00:00 GMT

British buyers can still look forward to paying less for a Spanish property, despite little improvement in the exchange rate between sterling and the euro in February.

This is according to Currency Index, which noted Spain is among the destinations where real estate has become cheaper for those purchasing in sterling.

Overall, the cost of buying a property in the nation fell by 1.72 per cent in February, based on changes in the exchange rate.

However, the organisation urged potential buyers to be aware of several key events coming up in March that are likely to have an impact on currency values around the world.

Among them are the release of the eurozone's gross domestic product (GDP) figures for the final quarter of 2011, the quantitative easing decision in the UK, US retail sales performance and the UK's GDP data for the end of last year.

The eurozone Q4 GDP figures are due out today (March 6th), however, Eurostat released preliminary findings last month which revealed the region's GDP fell by 0.3 per cent compared to the previous quarter.

Currency exchange 'important when making overseas property purchases'

Tue, 28 Feb 2012 00:00:00 GMT

People looking for a property investment abroad need to make sure they consider their currency exchange needs early on the purchase process.

According to Currency Index, buyers often end up paying over the odds for this service because they leave it to the last minute.

The firm is therefore advising those hoping to pick up real estate in Spain, or elsewhere overseas, to look into all their options well before the transaction is nearing completion.

Shopping around for the best rates is one step buyers can take, with the organisation noting banks can sometimes be four per cent more expensive than a specialist currency exchange provider.

Other advice includes fixing the rate in advance and researching any charges levied by banks in the country in which the property purchase is being made, as there may be ways to avoid them.

Earlier this month, Carlos Baos, a lawyer with the White & Baos law firm, told Round Town News any owners of Spanish property need to make sure their records with the country's tax office are up to date.

The legal expert explained the authorities are starting to crack down on those who have never paid any tax in the nation.

Exchange rates 'favourable for Brits buying property in Spain'

Wed, 8 Feb 2012 00:00:00 GMT

UK buyers who want to purchase a property in Spain may decide now is the time to do so after one currency exchange organisation pointed out the favourable rate between sterling and the euro.

According to managing director of Currency Index Robin Haynes, those who are keen to invest in real estate in the south European nation could benefit from the strength of the British pound.

"Overseas property buyers should rest assured that the single currency devaluation will mean that they will currently be able to get over eight per cent more for their money than if they were buying euros in July last year," he stated.

The firm noted the highest proportion of its currency transactions were sent to Spain in 2011, indicating the nation has not lost its appeal among tourists and expats.

Bob Atkinson, travel expert at Travelsupermarket, recently highlighted Spain's popularity as a holiday destination, which may bode well for anyone investing in a rental property in the country.

He noted it is "cheap" and "accessible" for Brits and, in the current climate, Spain offers good value for money, especially for families.

Investors 'still keen to buy property in Spain'

Mon, 30 Jan 2012 00:00:00 GMT

Despite the current financial problems in the eurozone, Brits are still interested in buying property in Spain.

This is the assertion of the Currency Index, a firm specialising in foreign exchange services, which recorded a 32 per cent increase in the volume of euros transferred to Spain by Brits in December 2011, compared with the same month a year earlier.

Robin Haynes, managing director of the firm, commented: "Buyers who are worried about any currency devaluing could even consider holding debt (such as a mortgage) as well as assets (such as property) to balance out the perceived risk."

Next week (January 30th) will see leaders from the European Union meet at a summit to discuss further measures to bring greater stability to the euro.

Currency Index stressed, though, that with the exchange rate for the single currency at an almost 16-month high against sterling, now is "one of the cheapest times to buy a place abroad in recent memory".

Earlier this month, A Place in the Sun magazine revealed Spain remains the top choice for Brits looking for real estate overseas. The publication added seven out of the ten most popular destinations are in the eurozone.

Foreign investors 'returning to South African property market'

Tue, 8 Nov 2011 00:00:00 GMT

International investors are increasingly considering the merits of buying a property in South Africa, it has been claimed.

Berry Everitt, managing director of international property group Chas Everitt, explained that a favourable exchange rate between the South African rand and major currencies such as the euro, US dollar and sterling has helped drive interest.

"Since May, the value of the rand has shown a sharp decline that was bound to catch the attention of overseas investors, especially in light of the economic distress in Europe," he stated.

Mr Everitt added that around 30 per cent of the enquiries received by his firm now come from foreign investors, with many people from the UK, China, Germany and the US contacting the company.

In terms of the assets being targeted, holiday homes and buy-to-let properties are the most popular among overseas buyers in South Africa, he noted.

However, the recent FNB Estate Agent Survey for the third quarter of 2011 found that domestic investors are less enamoured by the prospects offered by buy-to-let housing in the country.

According to the organisation, just eight per cent of transactions were made in this sector during this period, with more people concentrating on purchasing a primary residence.

French Alps property 'a target for Swiss buyers'

Mon, 17 Oct 2011 00:00:00 GMT

Investors from Switzerland are becoming increasingly interested in purchasing real estate in the French Alps, one estate agency in the region has noted.

According to Alpine-Property, the relative strength of the Swiss franc against the euro makes buying a property in France an attractive option for those living over the border in Switzerland.

"The buyers we speak to tell us that they can now get a lot more for their money by turning to resorts like Chamonix or Morzine rather than their Swiss equivalents," Gareth Jeffries, a representative from the firm, explained.

Due to this surge in interest, the agency revealed that property prices in many of these locations are now higher than they were when the market reached a peak four years ago.

Last month, the Knight Frank Ski Index showed that many of the French resorts have seen real estate values rise over the year to June 2011.

Among the best-performing French ski destinations in terms of sales activity are Megeve, Courcheval and Val d'Isere, the organisation stated.

Buyers of Spanish property 'need to be aware of exchange rates'

Wed, 27 Jul 2011 00:00:00 GMT

Investors who are purchasing a property in Spain - or elsewhere in Europe - could stand to save a substantial amount of money by doing some research into exchange rates.

This is the opinion of Tom Highham, director of currencies.co.uk, who told the Telegraph that many people are losing out by failing to look for the best deals.

"Despite the huge savings that can be made on large currency transactions by using a company such as ours, we're astonished that so many people don't shop around and just use their bank," he stated.

According to the newspaper, just ten per cent of foreign currency sales occur via a specialist provider, even though they usually offer more competitive rates than high street banks.

Finding a favourable exchange rate could make a big difference to investors looking for Spanish real estate.

Research published by the Overseas Guide Company in A Place in the Sun earlier this month indicated that more Brits are turning their attention to the country's property market, with the firm seeing requests for its Spain mini guide rise by 24 per cent between January and May, compared to the same period in 2010.

Spanish property investors could 'lock in' to currency rate

Tue, 17 May 2011 00:00:00 GMT

People considering purchasing property in Spain are among those who could benefit from 'locking in' to a foreign exchange rate.

According to Karl Pierre Sieha, marketing assistant at Currencies Direct, people purchasing overseas property can "lock in a rate now and then choose to do a transaction later on within the next two years or so".

This will allow them to access a foreign exchange rate that might not be available on the open market in a couple of years.

Mr Sieha added: "Because the market is changing and fluctuating all the time, it is all about getting the best rate.

"The ball is in the client's court as to when they want to make the transaction."

The advice follows news from the Spanish Ministry of Industry, Tourism and Trade, which revealed that there was a 2.9 per cent increase in the number of international tourists visiting the country in the first quarter of 2011.

Indeed, nine million visited Spain between January and March, suggesting a strong interest in the region.

Brits advised to use currency exchange brokers

Fri, 29 Apr 2011 00:00:00 GMT

Brits looking to buy property abroad have been advised to take advantage of the services offered by specialist currency companies.

Paul Collins, editor at BuyAssociation, said that using accredited organisations will help to protect investors from unexpected currency fluctuations, noting that they can have a "huge impact" on the cost of a home overseas.

"As long as you know what you are investing in and when you will need that cash available, you can fix the exchange rate so that you know exactly how much it is going to cost you, regardless of the exchange rate fluctuations," he explained.

The news could lead to an increase in the number of individuals hoping to purchase property in the Dominican Republic looking to change their money through a currency broker.

It comes after a recent study by insurance firm Aviva found that some 54 per cent of 18-to-54-year olds would consider relocating overseas.

Investors eye opportunities further afield

Thu, 21 Apr 2011 00:00:00 GMT

Economic uncertainty in a number of European destinations has prompted foreign real estate investors to look “further afield” for the best returns, it has been suggested.

This is the opinion of Nick Marr, chief executive officer at Homesgofast.com, who believes that volatile domestic markets and unpredictable currency exchange rates have led to a move away from traditional destinations.

It could prompt an increase in the number of individuals looking to buy property in Brazil, with the South American nation considered as one of the best prospects for this year.

"Volatile foreign currency rates and housing markets as a result of Portugal's bailout and rumours of Spain and even Italian economic difficulties, have led to investors looking further afield,” Mr Marr explained.

The expert’s comments follow the publication of research from leading property portal uv10, which found that at the end of 2010 some 9.1 million Brazilian families had intentions to purchase a home in the country this year.

Could demand for French property be set to rise?

Fri, 18 Feb 2011 00:00:00 GMT

Demand for property in France could be set to increase following the results of a recent survey by the Worldwide Property Group.

A significant majority of respondents to the survey believe that now is a good time to buy real estate overseas, with France cited as one of the most popular destinations to do so.

Brazil, Spain and the US were also named as favoured countries to invest in property in.

According to the results of the survey, confidence in UK property is also being boosted by the current trend for low interest rates, with 72 per cent of respondents seeing the benefits of depressed base rates in the country.

Meanwhile, in a recent interview with Overseas Property Professional, international mortgage broker Baydonhill has urged UK-based investors to consider the openings in the French market at present.

The firm explained that opportunities are being missed as a result of "common misconceptions" surrounding prices and currency.

Brits can capitalise on opportunities in French property market

Fri, 4 Feb 2011 00:00:00 GMT

Opportunities are being missed in the French property market as a result of "common misconceptions" surrounding prices and currency.

Speaking to Overseas Property Professional (OPP), international mortgage broker Baydonhill has urged UK-based investors to consider the openings in the market at present.

Those looking to buy property in France may be interested to learn, for example, that base rates in the country are currently at their lowest level for over 60 years.

"The weak pound has led many to believe, incorrectly, that they cannot secure a French euro-based mortgage without transferring sterling," Baydonhill told OPP.

"UK investors are also not fully aware of the drop in prices relative to the UK, with values having fallen from 2008 levels by as much as 30 per cent in some areas."

The views are echoed by another mortgage specialist in the country which believes that there are still plenty of good deals available to British buyers.

Athena Mortgages has highlighted the fact that not all banks in the country have decided to increase their margins, meaning that there is still an opportunity to capitalise on competitive lending rates.

Second home owners look to sell, survey finds

Wed, 12 Jan 2011 00:00:00 GMT

A large number of Brits who own a second home abroad are considering offloading their property during 2011, the results of a new survey suggest.

The news could be of interest to those looking to buy real estate in Spain, with a number of these homes likely to come onto the market at discounted prices.

Specialist currency broker currencies.co.uk has found that 56 per cent of Brits with eurozone property are considering selling up.

The brokerage claims that this is a direct result of the current volatility between sterling and the euro, which it says is making it difficult for second home owners to work out how much rental income they will receive over the course of the year.

In addition to this, those with real estate in Spain or Greece have also seen the value of their homes fall as a result of economic troubles in the countries.

Stephen Hughes, chief analyst at currencies.co.uk, commented: "For many the reality of owning a second home abroad has become intolerable and what started as a lifestyle aspiration and canny investment opportunity has become a financial millstone."

The group added that this trend had been growing over the past five years, with sales now accounting for a significantly higher proportion of its property-related transactions.

Eurozone destinations to rise in popularity

Tue, 11 Jan 2011 00:00:00 GMT

Popular eurozone destinations such as Spain will see a resurgence in popularity this year as holidaymakers take advantage of the strength of the pound.

According to Tom Hall, travel editor at Lonely Planet, traditional countries will "twist around" the deficit in visitor numbers that they have seen in recent years.

The comments could encourage a number of individuals to consider buying property in Spain, with an increase in holidaymakers likely to boost the country's buy-to-let market.

"When we start thinking about August it remains reasonably expensive to go anywhere. So if you are thinking about going somewhere in the Mediterranean you can certainly look at Spain and Greece as places that offer more good deals at this time of year," Mr Hall said.

Meanwhile, according to the Travel Trends 2011 report from ABTA, enthusiasm for European destinations is set to be "reignited" next year as the pound is likely to rally against the euro, making them a more attractive prospect.

Portugal could face euro exit, minister warns

Tue, 16 Nov 2010 00:00:00 GMT

Individuals interested in looking for property in Portugal may be interested in the latest comments from one government minister from the country.

Speaking in an interview with the Portuguese weekly Expresso, foreign affairs minister Luis Amado said Portugal faces "a scenario of exit from the euro zone" if it fails to tackle its economic challenges.

He explained that there needs to be a political-wide coalition to confront the economic challenges and win the support of the market.

"There has to be an effort by all political groups, by the institutions, to understand the gravity of the situation we're facing," Mr Amado said.

The country has seen a sharp fall in investor confidence over the past few weeks as concerns over fellow eurozone struggler Ireland intensified - pushing Portugal's risk premiums to their highest levels since it adopted the euro.

Mr Amado added: "The country needs a grand coalition that allows it to get through the situation. I believe the (political) parties understand that the alternative to the situation we confront is eventually leaving the euro."

Eurozone offers ‘great value for money’

Thu, 14 Oct 2010 00:00:00 GMT

The eurozone currently offers excellent value for money for Brits looking to get away for some winter sunshine, it has been claimed.

According to Travelex, the pound remains up six per cent on the euro compared to the same period last year, this is despite sterling recently sinking to a five-month low.

"This could mean that popular eurozone destinations, like Spain and Greece, could provide holidaymakers wanting some half-term winter sun great value [for money]," said David Swann, currency strategist at the money business.

His comments come just after it was announced by the International Currency Exchange that although the pound has strengthened in the eurozone, Brits are heading farther afield to get the best value for their money.

However, the news could also be of interest to potential property investors, with the current exchange rate meaning the there is an opportunity to pick up some bargain property in Spain.

In particular, those wanting to take advantage of the trend could start searching for one of the distressed properties available on the market.

Overseas property 'can be a very profitable purchase'

Tue, 7 Sep 2010 00:00:00 GMT

Investing money in overseas property can be a good way for people to make their money work for them, it has been claimed.

According to Lloyds TSB International, if people make good decisions about where to buy and how to finance their purchase they can make a healthy profit from property abroad.

"With the help of extensive research it is possible to identify foreign property markets which are about to take off. For instance, areas which are close to planned new airports or high-speed rail links often see a sustained rise in house prices," the bank stated.

"Buying in the right areas at the right time can allow you to make healthy profits from capital appreciation and rising rents in just a few years."

However, the bank warned that investing in property abroad can be affected by factors such as economic events and exchange range fluctuations, meaning it is important to have a flexible exit strategy in mind.

It also advised anyone thinking of investing in property abroad to consult an independent local lawyer as it is important to follow all regulations carefully.

Last week, financial commentator Katerina Nikolas wrote an article for Helium advising property investors to look at repossessed and distressed properties in Spain, which can be picked up for a bargain price.

Turkey 'a magnet for holidaymakers'

Tue, 31 Aug 2010 00:00:00 GMT

Turkey has been described as a "magnet for holidaymakers", which is great news for anyone thinking of buying property in the nation.

The Daily Mail recently featured an article on Turkey, suggesting that the nation's Turquoise Coast is particularly popular with property buyers as it offers beautiful surroundings and value for money when compared with some other holiday hotspots.

Speaking to the newspaper, Angela Campbell of Properties Away said that UK buyers also like the fact they can buy Turkish property in sterling, as the strength of the euro is putting them off many other nations.

The newspaper suggested that the country is popular with both private buyers and investors looking to generate rental income.

Select Resorts recently stated that Turkey is one of the most exciting markets for property investors, having seen a significant increase in sales over the past two years.

The firm also stated that property prices in the region remain good value.

Estonia set for euro adoption

Thu, 15 Jul 2010 00:00:00 GMT

Investors may be interested to learn that Estonia has been given the all-clear to enter the eurozone next year and adopt the single currency.

The European Union finance minister gave the country the final approval to become the 17th eurozone member last Tuesday (July 6th).

Potential property investors in the region are sure to see the news as a much needed boost for the eastern European destination whose economy faltered after falling into recession during the financial crisis.

"The euro … by itself does not make us smarter or increase our productivity," Reuters reported the central bank as saying in a statement.

"However, joining the euro zone means that trust in the Estonian economy is growing."

Politicians agreed that the exchange rate should be fixed at 15.6466 kroons to one euro.

Earlier this year, the International Monetary Fund predicted that thanks to a low budget deficit of 1.7 per cent, Estonia was on target for euro adoption by 2011.

Strength of sterling 'could put off investors'

Tue, 13 Jul 2010 00:00:00 GMT

Recent exchange rate improvements could force UK-based investors to distance themselves from the overseas property market until sterling reaches its peak, it has been suggested.

According to Rightmove.co.uk, real estate speculators may wait for the pound to achieve its strongest point against the euro before buying property, as they try to call the "top of the market".

Robin Wilson, head of overseas at the company, explains that rather than encouraging people to buy, the improvement in rates could have the opposite effect.

"Without time pressure, rising sterling rates may have the opposite effect as people sit on their hands and try to call the top of the market before splashing out," he said.

Meanwhile, the Worldwide Property Group reported that 65 per cent of individuals questioned believe that now is a good time to buy a foreign home.

Among some of the more popular locations for potential investment are the European destinations of Spain, France, Italy and Cyprus.

French property market to benefit from weak euro

Mon, 5 Jul 2010 00:00:00 GMT

British buyers looking to the French property market will be able to capitalise on the current strength of sterling against the euro, Property Wire has reported.

According to Athena Mortgages, the market is currently experiencing a tightening of bank policy towards lending because of the economy, but it is unlikely to deter serious buyers.

John Busby, director of the company, said that the current return on investment for many individuals buying property in the country was "impressive".

"The pound is at a 19-month high against the euro and the horizon for rate increases still seems a way off and mortgage rates remain at their historic lows," he added.

"So for the meantime the buying conditions in France are improving overall."

A recent survey, conducted by HomeAway.co.uk and Savills, claimed that there is likely to be a resurgence in interest in property from wealthy lifestyle buyers this year.

The real estate portal stated that established markets such as France are likely to benefit from the return as many buyers shy away from more risky markets in light of the economic climate.

Current exchange rates and falling prices attracting investors to Spain

Tue, 9 Feb 2010 00:00:00 GMT

Property searches are up for Spain as investors look to capitalise on falling prices and favourable exchange rates, it has been claimed.

According to British newspaper the Financial Times, many agents have said that price falls in Spain are drawing investors back to the country.

Furthermore, thanks to a strengthening GBP, Spain has become eight per cent cheaper for Brits in the last 12 months.

The number of people searching for properties in Spain in particular rose by 48 per cent in the same period, while they were up 341 per cent since December 2008.

Ann Wright, of property website primelocation.com, told the paper: "Interest in overseas property has shot up in recent months.

"The encouraging signs of recovery in the UK property market and economy and the resulting upturn in consumer confidence appear to have had a knock-on effect on the overseas market."

National Association of Estate Agents International recently suggested individuals looking to buy property in Spain should do so in the early part of 2010.

Estonia 'likely to be first Baltic eurozone member'

Wed, 16 Dec 2009 00:00:00 GMT

Estonia will be the first of the Baltic states to become a member of the eurozone, it has been predicted.

Writing for the New York Times, Reuters columnist Paul Taylor said many economists believe that all three nations should be admitted now.

He noted that the argument for this is that their combined gross domestic product would only amount to one per cent of the eurozone and therefore could have little negative impact.

Moreover, Mr Taylor noted that there have been complaints that the convergence rules were applied more strictly when denying Lithuania membership in 2007 than in granting it to Italy and Belgium in 1999.

He concluded that EU authorities will only let Estonia in "to avoid creating any precedent for larger newcomers".

Such a situation could mean that Estonia's property market benefits from the economic stability of eurozone membership and takes investor market share away from Latvia and Lithuania.

Earlier this year, EU commissioner for monetary affairs Joaquin Almunia said the Estonian government was doing the right things to ensure the economy meets its convergence criteria.

Turkey 'boosted by exchange rate'

Wed, 21 Oct 2009 00:00:00 GMT

Turkey's exchange rate with sterling has made it more popular with British holidaymakers, Marks & Spencers (M&S) has said.

The M&S Travel Money Report for the third quarter of the year put the Turkish lira third in the list of most sought-after currencies for sterling conversions, with the cheap cost of visiting the country making it more attractive to holiday in.

M&S travel money manager James Yerkess remarked: "The Turkish lira is one of the few currencies against which the pound has held its value since last year, meaning tourists heading to Turkey will still see their cash go further."

Such a situation may boost those looking to invest in buy-to-let property in Turkey, as this year's trend might help establish it as a favourite destination with many people who might otherwise have opted for somewhere in the eurozone.

Earlier this week, founder of brokerage firm Istanbul Mortgage Bahadir Teker listed a number of reasons to suggest why now is a good time to buy in Turkey.

He told the Financial Times mortgages are plentiful, interest rates are dropping and affordability has improved.

Euro rate held

Sat, 10 Oct 2009 00:00:00 GMT

The European Central Bank (ECB) has announced its decision to hold interest rates again.

Yesterday saw the governing council maintaining its three rates at their current levels, a move that came shortly after the Bank of England's decision to keep sterling rates the same.

Explaining the move, president of the ECB Jean-Claude Trichet remarked that the eurozone economy is "stabilising and is expected to recover at a gradual pace," although progress will be "uneven" in the months ahead.

This may suggest that the inflationary pressures in the eurozone will remain low for the time being, which could help keep down the cost of mortgages for those buying property in countries like France.

Revised data from the European Union published this week has stated that the eurozone as a whole saw an economic contraction of 0.2 per cent in the second quarter.

The figures confirmed that France achieved 0.3 per cent growth during the period.

Warning over non-European currency values

Sat, 26 Sep 2009 00:00:00 GMT

Those changing sterling into currencies outside the eurozone may not know enough about the value of goods in the countries in question, it has been stated.

Chief executive at foreign exchange firm FairFX.com Stephen Heath stated that as the pound has fallen nearly 20 per cent in value against the euro in the past year, consumers are looking father afield for their holidays.

"So people rep have looked at other destinations like Turkey and Egypt and have less knowledge about the currencies in those countries and the value of those," he observed, advising that consumers should seek more information.

While such advice may be useful for holiday makers, it could also be handy for people looking to buy a property in a country such as Egypt, both to show if their possible house purchase represents good value and to understand general living costs better.

Purchasing in a country like Egypt may be more attractive due to the weakness of the pound against the euro.

Comments by Bank of England governor Mervyn King this week suggesting a weak pound will be good for Britain because it will boost exports have been seen as causing a further drop in the value of the currency against the euro.

Thai developers 'adjusting to the economic downturn'

Fri, 7 Aug 2009 00:00:00 GMT

The economic downturn has resulted in developers in Thailand making changes to the types of properties they have available.

This is the view of Marcus Burtenshaw, director at Knight Frank Chartered Thailand, who told Property Report Asia that many are carrying out more market research to ascertain trends among those looking to purchase real estate in the country.

Noting that the high-end market in the country has suffered of late, he told the news source: "Developers might find that projects directed to the mid-range or budget end will be more successful."

Mr Burtenshaw added that construction is still continuing despite the financial crisis, with lower commodity prices meaning that developers are "pushing ahead with carefully considered projects".

Elsewhere in Asia, the Global Property Guide for 2009 recently stated that the effects of the global economic downturn on the property market in Malaysia have been minor.

It ranked the country as ninth out of a total of 91 territories.

ECB cuts rate

Mon, 9 Mar 2009 00:00:00 GMT

The European Central Bank (ECB) has announced a cut in the main euro interest rate.

In its monthly meeting yesterday, the board of governors voted to trim the main refinancing rate from two per cent to 1.5 per cent.

Such a move may encourage foreign property investors seeking to buy in countries such as Spain, Cyprus, France, Portugal or Italy, as it could see mortgage rates reduced in those countries.

Any effect the cut may have on exchange rates between the euro and the pound may also be monitored, as if these become more favourable it could increase the buying power of British investors.

The cut this month comes after the ECB decided to keep rates on hold in February.

That decision represented a hiatus in a series of reductions, which have seen the rate lowered from 3.25 per cent before the November 2008 meeting.

Bank rally lifts sterling

Wed, 28 Jan 2009 00:00:00 GMT

The pound advanced on Wednesday as UK banking stocks surged higher following an upbeat assessment of Lloyds Banking Group...

China denounces US currency accusation, warns of trade protectionism

Mon, 26 Jan 2009 00:00:00 GMT

A Chinese central banker denounced accusations by US Treasury Secretary-designate Timothy Geithner that China was manipulating its yuan currency, calling them misleading and warning against “excuses” for protectionism...

Pound fights back on Barclays statement

Mon, 26 Jan 2009 00:00:00 GMT

Sterling pared early losses against the dollar on Monday as UK financial stocks recovered some ground after last week's sharp losses following an upbeat statement from Barclays...

Pound still close to 23-year low

Thu, 22 Jan 2009 00:00:00 GMT

Sterling remains close to a 23-year low against the dollar, erasing earlier gains made on G7 speculation...

Pound heads down towards lows

Thu, 22 Jan 2009 00:00:00 GMT

The pound suffered on Thursday, falling back down towards the 23-year low it hit against the dollar on Wednesday...

Pound's value 'making Brazil more popular'

Mon, 19 Jan 2009 00:00:00 GMT

Brazil's popularity as a destination for holidaymakers is increasing, Halifax has stated.

According to the lender, the country is seeing an increase in visitors as tourists look for affordable countries located outside the euro zone during the credit crunch.

Economist for the Halifax Suren Thiru stated that Brazil's currency has fallen in value against the pound due to the country undertaking substantial amounts of trading with the US.

And this, he said, is making it more attractive to Britons looking for cheaper holidays.

"A lot of traditional destinations in Europe like Spain and France have become more expensive than they were a year ago," he explained, noting that many places outside the euro zone are now "more affordable".

Mr Thiru's comments follow those of BuyAssociation editor Paul Collins, who earlier this week stated that Brazil is increasing its efforts to attract property investors to the country by making it easier for developers to build on what is often undervalued land.

Exchange rate 'will not affect Spanish attraction'

Thu, 15 Jan 2009 00:00:00 GMT

The fluctuating exchange rate is likely to have little effect on Britons' attraction to Spain, one independent travel expert has stated.

According to Simon Calder, the country will remain a popular destination, even if the falling value of sterling makes visiting Spain more expensive.

Noting that even though "the pound has been down in relation to the euro", he stated that this "doesn't mean we are going to turn our back to" the country.

"Spain is going to retain its position as our absolute favourite country," he added, news which may bolster the confidence of overseas property investors who have been considering purchasing homes in the country.

Mr Calder's comments echo those of UK-based property developer Taylor Woodrow.

The managing director of Woodrow de Espana, Victor Sague, argued that buyers in the country are continuing to "vote with their feet", despite recent reports of price crashes taking place in Spain's property market.

Pound 'worth more' in Brazil and Australia

Thu, 15 Jan 2009 00:00:00 GMT

Brazil and Australia are among the destinations Britons may chose when going on holiday this year, new research has suggested.

Data from Halifax has indicated that many holidaymakers may seek alternative countries during 2009, due to the recent weakening of the pound against the euro and the dollar.

And these two countries are among those where the pound's value has risen, with sterling being worth 15.3 per cent more in Brazil now than six months ago and 6.8 per cent more in Australia.

The exchange rate fluctuations may also benefit property investors, as those looking to make purchases in either Brazil or Australia may be able to use the strength of sterling in these areas to their advantage.

However, investing in some areas of Europe may prove more costly, with chief economist at Halifax Martin Ellis noting that "the pound has fallen significantly against both the euro and the US dollar in recent months".

Tom Falcao of Brazil's tourist office in London recently stated that the country's north-west region is well-prepared to cater for foreign visitors.

Economists warn dollar likely to stay low

Tue, 13 Jan 2009 00:00:00 GMT

The Australian dollar has staged a sharp fall as the bleak news on the economic front continues...

Weak pound causes problems for Ireland

Mon, 12 Jan 2009 00:00:00 GMT

The recent weakness of the pound against the euro is causing difficulties for Ireland and the currency’s drop is effectively a “devaluation”, Irish Finance Minister Brian Lenihan said in a newspaper interview...

Dollar doesn’t bring down the growth rates

Mon, 12 Jan 2009 00:00:00 GMT

The new year started with ruble devaluation, Russian daily Delovoy Peterburg reports...

Insight: Quantitative steps mustn't end in dollar rout

Mon, 12 Jan 2009 00:00:00 GMT

There are dangers ahead that US quantitative easing could foster a run on the dollar. Mansoor Mohi-uddin suggests steps to avoid this...

Dollar edges higher after jobs data

Fri, 9 Jan 2009 00:00:00 GMT

The dollar edged higher against the euro on Friday after US jobs data came in better than some observers had feared...

Sterling makes a strong comeback

Fri, 9 Jan 2009 00:00:00 GMT

The pound staged a comeback this week, posting a record weekly gain against the euro and putting in its strongest performance against the dollar since 1985...

Monitoring ringgit speculation

Mon, 5 Jan 2009 00:00:00 GMT

RINGGIT speculation abroad should be monitored so that Malaysia does not become a victim of opportunistic groups seeking to gain from the fall of the local currency, Datuk Muhammad Salleh Majid said...

Euro rises as investors shun dollar and pound

Tue, 30 Dec 2008 00:00:00 GMT

The euro made headway against both the dollar and the pound on Tuesday after selling off in late trade during Monday's volatile session...

Dollar to emerge from doldrums

Tue, 30 Dec 2008 00:00:00 GMT

The dollar should stabilise in 2009 as the world follows the US into recession, says Peter Garnham...

Dollar and sterling slide further

Thu, 18 Dec 2008 00:00:00 GMT

The dollar and the pound fall against the euro as interest rate cuts undermine the two currencies...

Global currency unrest deepens recession

Thu, 18 Dec 2008 00:00:00 GMT

The U.S. dollar and British pound are plummeting, Danish daily Dagbladet Borsen reports...

Exchange rates influencing travel choices

Fri, 12 Dec 2008 00:00:00 GMT

Economic pressures mean that a growing number of British travellers are checking the exchange rate before choosing their destination.

In a survey of holidaymakers conducted by the Telegraph last month, almost half admitted that exchange rates have become an important factor in deciding where they travel to.

This is because pound sterling is currently experiencing unprecedented falls against the world's other major currencies, making holiday destinations which were previously 'good value' less appealing to travellers.

As a result, countries where the pound has not seen major drops are growing in popularity, with Turkey one of main beneficiaries.

The Telegraph reports that Turkey's tourism industry enjoyed its "best ever summer" this year, as UK holidaymakers are attracted to a country where the pound has fallen by just 5% so far.

Shelter Offshore recently highlighted Turkey's growing status as a property investment destination, which has been boosted by the international profile of Istanbul.

Visit our off-plan property Turkey page.

Dollar slides to 13-year low against the yen

Fri, 12 Dec 2008 00:00:00 GMT

The dollar slid to its lowest in 13 years against the yen as the senate failed to agree on a bailout for the three US automakers...