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Cyprus property falls in price for Brits, as pound hits 23-month high
It's a fantastic time for Brits to buy a property in Cyprus! Why? Well, because sterling recently hit its highest value versus the euro since August 22nd 2012, or 23 months, at 1.2676. What this means if you're planning to buy a property in Cyprus is that you'll get a far higher euro total when you exchange currencies. To be specific, were you to transfer £125,000 to buy a property in Cyprus, you'll now receive +€16,925 more now than if you'd done so back in March 2013, when the pound was weak at just 1.1371.
Why has the pound strengthened? Well, it's because the UK economy has been on a real winning streak the past 12 months, lifting the pound with it. For instance, UK unemployment has dived -1.3% in the past year to just 6.5%, the lowest since the financial crash. Moreover, the UK economy is on course to grow +3.2% this year.
Moreover, Cyprus property may decline further in price this year, if the pound continues to climb against the euro, as looks likely. Sterling could climb higher because, what with the UK economy growing, the Bank of England looks set to become the 1st major central bank since the financial crisis to hike interest rates, above the current 0.5%.
So in brief, as the pound flies high against the euro, it's the ideal time to buy a Cyprus property for less!
By Peter Lavelle at foreign exchange broker Pure FX
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