Algarve property more affordable as Pound jumps versus the EuroBy Quinta Properties • May 21st, 2014 • Category: Property News & Info
Another great reason to buy on the Algarve! In addition to the sun, sand, and more relaxed way of life, 2014 is turning out to be a great time to buy an Algarve property, because the pound has jumped against the euro. To whit, sterling hit 1.2258 versus the common currency late last month, it’s highest in 14 months, or since early January last year.
To put this into context for you, were you to transfer £1,000,000 to Portugal to buy an Algarve property, you’d get +€85,504 more now than in January 2013! It goes without saying, this makes buying an Algarve property much more affordable.
Sterling has leapt, chiefly because the UK is doing a great job shaking off its financial crisis blues. For instance, Britain’s economy grew an eye-boggling +1.0% between January and March, reckons the Bank of England, the most in 4 years.
Meanwhile, across the Channel, the Eurozone is not only chugging along a bit more slowly, but also faces possible deflation. So, all that’s keeping the pound high, and the euro low, which translates into lower prices for Algarve property this year!