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Now 'is a good time to buy property in the eurozone'

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Now 'is a good time to buy property in the eurozone'

Overseas property buyers could benefit from investing in a eurozone country sooner rather than later, an expert has suggested.

According to Marc Da-Silva, founder of PropertyJournalist.com, the financial bloc looks "extremely fragile" at the moment. Indeed, he said conditions in countries such as Ireland, Greece, Spain and Portugal are likely to continue impacting negatively on the euro in the coming months.

Nevertheless, he believes that if people in the UK are in a position to purchase a second home within the eurozone, the conditions may be right to buy at the moment.

"The pound sterling has been low for quite some time – about three-and-a-half years," Mr Da-Silva observed.

"We haven't quite reached the heights we were at four or so years ago, but things are definitely improving for the pound – I really expect the pound to improve further."

Foreign property buyers may therefore benefit from arranging a currency comparison in order to benefit from the best exchange rates when transferring money.

Mr Da-Silva predicted that the pound could possibly reach about 1.26 or 1.27 against the euro in the near future. This, he stated, might make purchasing a property in a eurozone member "even more attractive" to buyers from the UK.

"Now is looking like an increasingly good time to buy," Mr Da-Silva added.

This could partly explain why destinations such as France are still attracting lots of interest from British investors. According to recent figures from HiFX, the country was the most popular destination among Britons who were planning to purchase a foreign property during March.

Indeed, France was the first choice of 35 per cent of people in the UK throughout this period, while 16 per cent looked towards Spain. HiFX also noted that other established markets in Europe such as Italy and Germany attracted a lot of interest at this time as well.

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