Pound Hits 7.5-Year High Versus Euro
Are you thinking of buying a property in beautiful Cyprus? If so, it may interest you to learn that buying your ideal Cyprus home will now leave less of a hole in your bank balance. This is because the pound reached 1.4416 against the euro recently, its strongest in 7.5 years, or since October 5th 2007!
What this means for you is that, when you transfer money from the UK to your Cyprus bank account, you'll get far more euros. For example, if you transfer £250,000 to Cyprus, you’ll now get +€60,400 more than if you’d bought a Cyprus property back at the start of 2014, when the pound was far weaker.
In other words, that's an extra +€60,400 sitting in your Cyprus bank account, at no cost to you, just because sterling has strengthened! With that sort of money, you could buy a more luxurious property in Cyprus, decorate the place to your taste, or just pocket the sizeable saving for a rainy day!
Moreover, it could soon become even better value to buy a Cyprus property, if sterling continues to climb versus the euro. The pound could exceed this 7.5-year high, first, if Greece leaves the Eurozone, which looks very likely. Second, the pound may also continue to climb, because the UK economy is growing much faster than the Eurozone's.
With this in mind, make the most of this advantageous exchange rate while it lasts, and buy your ideal Cyprus property!
By Peter Lavelle