Mallorca Property - Exchange Rates
Novi Property Mallorca
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Sterling denominated purchasers of Mallorca property had at least some post Christmas cheer as the pound climbed by 7% against the Euro as the Bank of England slowed the pace of interest rate cuts to 0.5% and markets priced in a sizable cut in Euro Zone rates this week.
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Last week’s gains followed a record near 23 percent fall against the euro last year, which brought Sterling close to parity with the European currency. While it is too early to say whether this trend will be continued in the short term, many analysts feel further strengthening of Sterling will follow during 2009 - early 2010 which could see the Pound back up to the 1.30 level against the Euro by mid 2010.
For further information regarding the transfer of Sterling, the exchange rate situation and the use of mortgage finance to alleviate the current weakness in the Pound when buying a property in Mallorca, please contact David Novi BA MPhil MRICS
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