I am happy to see the pound strong against the Euro.
These days it is at more that 1.20. You actually need to go back to a couple of years to find similar quotations, and comparing to Autumn 2009 you are looking at nearly 20% difference….
What that does mean for a buyer of our Italian properties?
For example if you purchase three bedroom house Faggio at Borgo in Chianni today it would be around 400.000 pounds, which means you would save more than 30.000 pounds compared with lower quotations that Sterling had even recently against Euro.
With the saving you could easily furnish and fit your Italian Home, working out your personalised Realitalia Furniture Package, and you probably will get back same change!
Having said this, especially when pounds was particular week against the Euro, we have always suggested to evaluate the possibility to find a local mortgage for your home in Italy to mitigate this currency exchange effect.
This was (and is) particularly appropriate because a Realitalia Property in Italy – thanks to the Management System – is able to produce a solid letting income in Euro (if you want to let it out when you do not use it) and so your Italian investment would have been (and is ) well sustainable in the local currency.
Of corse it is true that if you were waiting for more purchase power, the pound around 1.20 Euro gives you a more advantageous position and certainly better value for your money then even recent months.
Contact us to discuss your holiday home in Italy via our on-line form or call us 020 78514456
I look forward to meeting you soon in Italy.