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Great News For Ex-Pat Brits Selling Sterling Priced Property

Great News For Ex-Pat Brits Selling Sterling Priced PropertyYes, if you are selling a villa in North Cyprus and you’ve priced it in Sterling then Brexit has done you a favour. At the moment the pound is plummeting to the lowest level since 1985 on the news that UK, well England and Wales, want to leave the EU. So, if you are selling your villa for £200,000 then a few days ago that would have meant someone from the Eurozone would have to exchange €262,000  in order to pay you in Sterling for it. Now, it would take €244,000. But there has only been a smallish movement against the Euro. In the case of the Krone, for example, a Swede will now be paying 5% less as would a Turk or Turkish Cypriot. This is at a current rate when the markets haven’t completely woken up yet.

The only problem is that you then have your £200,000 but you can only spend it in the UK. The good news is that with every 4% devaluation of the pound there is a potential for a 1% increase in the mortgage rate in the UK. Only if the currency looks like it will stay low without intervention from the Bank of England. Unfortunately for those who have bought properties with high mortgages and low deposits, they are in for a shock. Many are expected to default as their credit card interest rates increase too. House prices are expected to fall in the UK, unless that is lots of ‘foreigners’ buy them up to rent them out to the evicted families. You see, these ‘foreigners’ will find UK properties a lot more affordable if the pound remains weak.

 

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2 comments to Great News For Ex-Pat Brits Selling Sterling Priced Property

  • Miltiades

    ” Great News For Ex-Pat Brits Selling Sterling Priced Property”
    Are you for real ? Whats great about it !!!
    If you are selling your stolen property in Stg in the occupied parts to a fool from the UK who wishes to purchase then you have neither gained nor lost. By the way the sterling is at its lowest since 1985 against the Dollar NOT the Euro!

  • AM

    The land may be disputed but the property is not,.. it was built by the person who now lives in it so just to correct you my little brain dead hellenic misfit nothing here has been stolen.