On 29-05-2014
Great news if you're a Brit planning to buy a rural property in Abruzzo! It's now much more affordable to do so, because the pound recently its highest versus the euro in 17 months. To be specific, sterling reached 1.1371 against the common currency earlier this week, its highest since December 12th 2012.
What does this mean if you're buying a rural property in Abruzzo?
If you're buying a rural property in Abruzzo, this means you'll now receive a far higher euro total when you transfer your money to Italy to buy the property. In fact, if you transfer £250,000, you'll receive €25,050 more now than if you'd done so on March 12th 2013, when the pound was at 1.1371. So, this puts an Abruzzo rural property closer within reach!
Will the pound continue to rise against the euro?
It could! This is because, first, the UK economy is roaring back to life. For instance, food sales in the UK rose by their most since January 2002 last month. Moreover, the Bank of England is set to hike interest rates before any other major central bank. So that could boost the pound further!
How can you get the best exchange rate when you buy a rural property in Abruzzo?
1. The biggest thing you can do is to compare the exchange rate you're offered. This is because a specialist currency dealer will offer you an exchange rate up to 4% better than your bank. If you're transferring a lot of money to Italy to buy a property, that can add thousands to your euro total!
2. If you like the current exchange rate, but don't yet want to transfer your money to Italy, you can 'lock in' the exchange rate with what's called a 'forward contract.' What this means is, even if the exchange rate falls in future, you can still get today's good exchange rate; you're protected.