Currency watch - greece, portugal & spain are best bets for property in march

Currency Index look back at exchange rates in February, and the headlines likely to be affecting rates in March for buyers of overseas property.

February saw the Pound finish the month lower against all major currencies except the US Dollar, where rates improved by 1.08%. The EU bailout of Greece was the main news theme, with austerity measures being passed by the Greek parliament, and relative stability in the Eurozone being the outcome, giving a slightly stronger (more expensive) Euro.

The South African Rand was the most volatile currency, with a range of nearly 4% during February, while the Canadian Dollar was the most stable rate.

The South African Rand also showed the biggest increase in cost, with a Pound going over 3% further at the beginning of February compared to at the end of the month.

While the Greek bailout continues to impact the Eurozone's stability, Currency Index advises overseas property buyers to be aware of key events in March, such as the UK's quantitative easing decision on Thursday 8th March. These events are likely to affect exchange rates and, therefore, have a significant impact upon property prices.

Indeed, applying the recent exchange rate changes to local property markets around the world reveals the real impact upon cost for British buyers. For example, a cash buyer can now pick up a bargain in Greece for nearly 5% less than in recent months - a saving of over £8,000 on a property which was on the market for €200,000.

Brits will be pleased to know that the traditional locations of Greece, Portugal, Spain and the USA have all reduced in price recently, despite exchange rates generally failing to improve further in February.