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Posted June 28th, 2013 by Charles Purdy

SMART move

The real cost of an overseas property…

Proerty

Can you guess how much this smart detached villa in Castro Marim in Portugal’s eastern Algarve costs? The truth is, for too many British people it’s impossible to say. Why? Because fluctuating exchange rates mean typical buyers from the UK don’t know until the day they make a currency transfer how many pounds they’ll need to exchange to meet the agreed euro price of their property.

The current asking price of this three-bedroom property, on a villa-only development in a quiet corner of Quinta do Sobral, close to Praia Verde beach, is €205,000 (for more details contact OGC on 0207 898 0549). But we thought we’d demonstrate how the actual price in pounds to British buyers fluctuated at various points over just three months, thanks to nothing more than exchange rate movements. The result is by a hefty £2,791 enough to cover the cost of some new furniture and a few meals out if you bought the place!

Date                      Approx. Smart £/€ rate Property price
June 26 1.1726   £174,825
March 20   1.1627 £176,314
February 27 1.1814 £176,117
January 27    1.1814 £173,523
December 27      1.1725  £174,840 

 

 

 


 

 

 

The good news is, you can eliminate the effect of fluctuating exchange rates on the cost of your overseas property purchase. Using Smart Currency Exchange to make all your currency transfers is the first step to making your pounds go further when buying abroad. But speak to us today and we’ll reveal how a forward contract could help you fix the cost of your overseas home in pounds, before you have to pay for it in a foreign currency. Call Smart on 0808 163 0102.

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