Brazilian property 'may be more popular when exchange rates are good'
Date added: 10th May, 2011 at 13:05
(view all articles from May, 2011)
Categories: Economy
Brazilian property may be more popular with Britons when the exchange rate between the pound and the real is favourable to expats.
Chris Canning, currency analyst at First Rate FX, said demand for overseas housing "definitely" increases when sterling is strong.
This effect has been seen in Europe, the expert said, using the continent as an example.
"Earlier on this year, the rates were around 1.20 [euros to the pound] and we saw lots and lots of people buying in France and throughout Europe," he stated.
"Now the rates have dropped down and we are seeing demand wane slightly," Mr Canning continued.
Banks usually charged between four and six per cent when they exchange currency, the expert stated.
If the pound is weak against its counterparts, foreign property buyers tend to hold back with their investments until it grows in strength, he noted.
At 12:20 BST today (May 10th), Reuters reported that the real was at 2.635 against the pound.
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