Do you intend to buy a property in Italy? Then great news! It’s now significantly cheaper to do so, because the pound to euro exchange rate has jumped +18 cents since the start of 2014, to 1.38. What this means is that, when you transfer money from the UK to your Italian bank account to buy a property, whether that be an apartment in Tuscany or a villa in Liguria, you’ll get more euros.
So, let’s say you intend to transfer £250,000 to Italy, to buy an ancient abbey in Sienna, or a luxury castle in Chianti. With that sum, you’d now receive +€345,000, a full +€45,000 more than if you’d decided to buy your Italy property back at the start of 2014. Hence, it goes without saying that these extra euros will significantly ease the financial burden of making your Italian dream come true!
Moreover, the pound to euro exchange rate could continue to rise, looking ahead, further cutting the cost of buying an Italian property. The common currency may weaken, for instance, because the European Central Bank extended its emergency monetary stimulus this week, to spur the Eurozone’s economy and lift inflation. However, this same stimulus looks set to further devalue the euro!
With this in mind, it’s the ideal time to buy an Italy property, thanks to this favorable exchange rate.
By Peter Lavelle at foreign exchange broker Pure FX http://www.purefx.co.uk