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British Property Investors Benefit From Weakening Euro - 17 June 2010

As the sterling gets stronger against the euro, British investors are taking advantage of overseas property deals, it is being reported.

The recent rise of the sterling-to-euro exchange rate—currently £1.2 to €1, formerly £1 to €1—has incited buyers to act fast, especially as property deals continue to linger after the recession.

Last year, home prices dropped significantly across Europe and many luxury properties had to reduce their asking prices by the millions in order to sell.

Now with that the recession has quelled, the apprehension to buy property is subsiding and the sterling is on the rebound, Brits with smaller budgets are also in a great position to invest in overseas property. According to a recent survey, about 68 percent of Brits agree that now is a good time to buy, with 53 percent saying that they are currently considering purchasing property in a foreign country.

Several European countries have already seen home and property prices increase from the first quarter of last year to this year. In Finland, housing prices jumped 11 percent, and in Norway prices rose over 7 percent. Even the U.K. saw a 5.4 percent increase.

On the other hand, one of the more popular investment and holiday markets in the Eurozone, Spain, has experienced a decline in property prices. This is great news for Brits looking to buy there, as values will inevitably rise again, despite the fact that Spain’s economy is rather questionable. Many experts agree that coastal Spain will continue to be a hot spot for travel and investment, especially among sun-starved Brits.

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