Portugal emerging as overseas hotspot
Tuesday, 06 May 2008 15:36
Madeira, Portugal
Fluctuations in the value of the euro are making Portugal an increasingly attractive overseas investment destination.
High net worth individuals, according to currency specialists FC Exchange, who traditionally targeted the south of France for holiday homes are now choosing Portugal because the cost of living and property prices are lower.
"We are seeing a distinct shift in the number of people choosing Portugal rather than France for property over €750,000 (£591,000)," said Nick Fullerton, managing director of FC Exchange.
"Property prices and the cost of living in the South of France are high and we have found that people are increasingly looking to get more for their money.
"They are buying property as long-term holiday homes and are less likely to sell in the short term for a profit."
Earlier today the exchange rate was 0.78 pence to the euro.
"Even though this week has seen the Euro at a five week low against sterling, overall the currency is still around ten per cent stronger than it was only five months ago against the pound," continued
"Experts are undecided whether sterling will bounce back to the same levels as before Christmas.
"However, there are a number of steps you can take to make the most of an uncertain market. You can remove the risk completely or set limits to make sure that you don’t miss the boat completely by waiting too long for the markets to move in your favour."
Chris O'Toole