July 20, 2005
Why Property in Spain Costs More This Week
There are a lot of questions and confusions on the buying market since the recent moves in the Sterling-Euro exchange rate on the UK buyers of European properties. Cries such as “What is happening to the Pound nowadays?” hounded across the region. This is just one of the question being heard at the dealing room of Halo Financial, a currency broker specializing in foreign exchange for clients and private investors.
The first five months of 2005 experienced the Sterling-Euro exchange rate increase in an organized manner, peaking at 1.5150 dollars and showing to those property buyers that they have a lot of assistance of currency specialist with the opportunity to get their money at the top of the game and to cover stage payment and delayed completion dates.
But when June came, the increase in the Euro suddenly came to a screech as the US Dollar apparently became stronger in the currency game and the UK economy suddenly showed dipping signs of falling behind. The dip in manufacturing output and retail sales gave the Bank of England a couple of problems as they struggles to weigh in their next move: other than decreasing the interest rate at some point in the hope that this will regain back the economy and charge the consumers.
But when the bombing in London suddenly took place in July, the market suddenly had doubts about holding the Sterling market into its pure form. The pound dipped once again but maintained its rate at 1.4460 euro which went on for about a week or more.
But then several days had passed and on July 19, the pound suddenly regained its shock when the merger of Shell and Royal Dutch oil suddenly transpired. The move was then to settle the Amsterdam listing by having unspecified amounts of euros on the London stock exchange. And for those foreigners who would want to buy Spanish Properties or French properties, their luck dipped as the GBP/EUR exchange rate went below the supported buying level.
Posted on: Spain
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