As the sterling gets stronger against the euro, British investors are taking advantage of overseas property deals, it is being reported.
The recent rise of the sterling-to-euro exchange rate—currently GBP 1.2 to EUR 1, formerly GBP 1 to EUR 1—has incited buyers to act fast, especially as property deals continue to linger after the recession.
Last year, home prices dropped significantly across Europe and many luxury properties had to reduce their asking prices by the millions in order to sell.
Now with that the recession has quelled, the apprehension to buy property is subsiding and the sterling is on the rebound, Brits with smaller budgets are also in a great position to invest in overseas property. According to a recent survey, about 68 percent of Brits agree that now is a good time to buy, with 53 percent saying that they are currently considering purchasing property in a foreign country.