Friday 21 September 2012

Investing in property: Buying in the eurozone - Telegraph

Investing in property: Buying in the eurozone - Telegraph

Never mind the macroeconomics – or even questions of morality – rising numbers of Britons are “schadenfreude shopping” for second homes in the eurozone.

Squeamish souls may feel it wrong to take pleasure or profits from others’ distress. But hard-nosed home buyers with sterling to spend can benefit from a double whammy created by the euro crisis. The pound now buys nearly 25pc more of the Continental currency than it did three years ago, when exchange rates neared parity. And economic setbacks have caused property prices to plunge in some of the afflicted countries.

Charles Weston Baker, head of Savills International, says: “Spain is the main bargain area, the Costa del Sol in particular. Portugal has held up better than Spain. Greece and Italy offer some good opportunities, but not nearly as many properties are available, because resorts were not as overbuilt so extensively.

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