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Bulgaria Property Investment News
Exchange rate 'can affect overseas property deals'
Changes in the exchange rate can have an impact on overseas property deals, according to a national newspaper.
The Times stated that throughout the duration of a foreign property purchase, exchange rates could change "dramatically", thereby altering the financial impact of the transaction.
As a result, people have been advised to deal with foreign currency exchange specialists who can help mitigate the effects of changes on the market.
Mark Bodega from HiFX told the Times: "Fluctuating currency rates can make a huge difference to the final price you pay for your overseas property."
He said that since property buyers would not commit to a purchase in Britain without knowing the final cost, they should not do the same when buying abroad.
If the pound gets weaker during the buying process, this will result in the cost of the property being higher in sterling.
Although a strong pound was said to have the opposite effect, the Times stated that many investors did not want to leave this to chance.
According to the Association of International Property Professionals, the growth of the budget airline sector has helped encourage people to visit and buy properties in less traditional holiday destinations.
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