How Does The Euro Pound Rate Affect Overseas Property?

The euro pound exchange rate is a huge issue for many buyers. Right now investors completing on properties they may have purchased over a year ago are now having to find 20% more euros than they envisaged.

This is impacting values, and deterring UK pound buyers from buying overseas. We may see the UK pound vs euro in parity territory for some time.

So what are the best options for UK buyers in pounds?

Well, one country still seeing property priced in UK pounds, is Egypt. This is in spite of a devaluation of the pound against the Egyptian pound. This removes currency risk and is an obvious attraction.

I have been commenting for some time that for the foreseable future, that some of the best buys right now are in Egypt. In Hurghada there is a unique set of circumstances combining. Low cost land with low build cost.

Such value is attracting buyers whose budgets in  their own country do not buy anything. But just £12,000 (€14,000) is drawing investors from Eastern Europe who cannot afford to buy in their own country but believe, like I do, that these prices will look very low in five years time.

So do click here for details of La Place. Click here for Cairo’s Royal Residence from Jet2Let Property Ltd.

What do you think? Your comments are welcome. Please register for up to date comment on overseas property, more due diligence advice and be sure to be in the know to benefit from this market.