Exchange rates 'helping to cheapen property in Brazil' for UK investors
Date added: 12th November, 2008 at 09:01 (view all articles from November, 2008)
Categories: Economy, Villas, Hotels, Islands
The exchange rate between the Brazilian real and the British pound continues to favour UK property investors interested in the South American country, an expert has explained.
In an article on the Homesgofast website, Deane Roe of Moneycorp said that currency movement has been "huge" in recent weeks, to the benefit of those looking to buy property in Brazil
"A property priced at 200,000 reais would have cost £67,546 on September 1st 2008 - now it's costing just £58,014," commented the foreign currency exchange specialist.
The account manager also suggested that Brazilian property appears more attractive to UK investors when compared to Europe, due to the pound hitting new levels of weakness against the Euro.
Would-be buyers were warned, however, that they should pay close attention to the exchange rate situation, as Brazil's government may be taking steps to bolster its currency in the near future.
As of 08:33 GMT, £1 is equal to 3.42 reais and €1.22.
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