Strong pound cuts the cost of buying Quinta do Lago propertyBy Alison Hojbjerg • Dec 3rd, 2015 • Category: Company News, Tax Issues
There’s some encouraging news today if you intend to buy a property in the Algarve: the pound to euro exchange rate has risen steadily, cutting the cost of buying in Quinta do Lago. To be specific, sterling has jumped to 1.43 versus the Eurozone’s common currency this week, +23 cents higher than early 2014, making this the ideal time to buy a luxury villa in the Algarve, with a view or a pool.
So what this means is that, were you to buy a grand luxury villa with a sea view in Quinta do Lago for £2,500,000 for example, you’d now get €3,575,000, or +€575,000 more than if you’d bought your Algarve property back in early 2014. Hence, it goes without saying that this favourable exchange rate will lend a helping hand when you buy in Quinta do Lago, whatever the villa you’ve got in mind!
After all, with an extra half a million euros in your Portuguese bank account, you could pay off the legal costs or real estate fees of buying your Algarve villa. Moreover, you could even buy a more luxurious villa than you’d hand in mind, for example a Moorish-style villa with 5 spacious bedrooms, a modern villa with a golf course and swimming pool, or a lakefront plot in central Quinta do Lago.
Hence, whatever the Algarve villa you’ve got your heart set on, this favourable exchange rate makes it more affordable!