Corporate foreign exchange news

Foreign Exchange: Looking back on the expats' decade

Monday, 14 December 2009 09:31:14 GMT

Published by Mark Smith-Halvorsen
For all its economic woe, the noughties may be remembered as the decade that Britons fell in love with overseas property, the Telegraph reports.
In a retrospective piece, the paper reviewed the major buying trends witnessed over the past ten years, with farmhouse renovation projects in France and Spain proving particularly popular.
Indeed, Spain clinched the top spot in the popularity tables for departing expats, with 250,000 Britons purchasing property in Andalucia alone over the last decade.
However, while many have gone in search of an Iberian idyll, a number of expats are also likely to remember the noughties as a decade of financial misery as they bought Spanish properties that were developed illegally or are yet to materialise.
Charles Weston Baker, a Savills spokesperson, told the paper that despite the problems, British expats remain fond of Spain.
In a recent report, Shelter Offshore claimed that despite a weakening in the market, there are still some areas of Spain offering value for money and the opportunity for profit.
However, it may be important to search for the best exchange rate on foreign currency before buying.
For more information on purchasing currency for regular or one-off payments, visit our Personal FX siteADNFCR-2522-ID-19509950-ADNFCR
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