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Posted April 3rd, 2013 by Charles Purdy

The real cost of an Portuguese property…

Portugal apartments

Can you guess how much one of these smart new apartments in Tavira 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 one-bedroom property, on a development in a quiet area of Cabanas just 300 metres from the beach, is €140,000 (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 £6,377 enough to cover the cost of some refurbs if you were to buy the property!

Price table

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 – thanks to their bank-beating exchange rates. Speak to us today though, 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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