Property buyers flex their dollars as sterling approaches pre-Brexit levels
- Pound passed $1.40 mark in February for first time since Brexit referendum (xe.com)
- Turkish property buyers benefitting from the pound’s rise against the dollar (Spot Blue)
- US & Caribbean properties proving particularly hot right now (InternationalPropertyForSale.com)
Over the past month, the pound’s value against the dollar has edged significantly closer to pre-Brexit levels.
February saw a high of $1.42, while at the time of writing the pound’s value stands at $1.37 (xe.com). While it may not have returned to the heady $1.49 that it was on the day of the Brexit referendum, the pound’s steady climb is excellent news for anyone with an eye on an overseas property.
A British buyer with £100,000 to spend will today have a budget of $137,000. This time last year, they would have had just $122,000. A buyer whose £1 million a year ago would have given them $1,220,000 will now have $1,370,000 to play with. Naturally, buyers of US and Caribbean dollar properties are delighted, but it’s also great news for those buying closer to home.
“Buyers purchasing homes in Turkey aren’t limited to conducting their transactions in lira or euros – they can also pay in dollars. Given the pound’s steady climb against the dollar, and its recent passing of the $1.40 mark for the first time since the Brexit referendum, this has opened up the Turkish market to British and international buyers looking to get maximum value from their overseas property purchase. In short, it’s a great time to buy.”
Julian Walker, MD, Spot Blue International Property
Award-winning Turkey property specialists Spot Blue are seeing sterling’s rise positively impact buyers of Turkish property in dollars at both ends of the price spectrum.
Turkish properties offer exceptional value at present; $151,206 is sufficient for a three-bedroom villa with communal pool just 7km from the coast. Meanwhile those with more to spend can enjoy serious luxury, with this six-bedroom, five-bathroom ultra-contemporary eco villa with private pool, priced at just $2,214,927.
The Turkish property market certainly seems to be benefitting. According to the Turkish Statistical Institute, sales there increased by 1.7% in January 2018 when compared to January 2017.
The more traditional dollar-purchase locations of the US and the Caribbean also now offer British buyers more for their money. A spacious three-bedroom apartment in Orlando, with huge communal pool and landscaped gardens can be snapped up for just $134,900 through InternationalPropertyForSale.com. Over in Barbados, a lavish three-bedroom villa with sun terrace, private pool and garden costs just $850,000.
“It’s a fantastic time for those interested in US property to see how far their pounds will stretch at the moment. The ups and downs of the Brexit process are far from over, but we’ve seen a steady increase in the pound’s value against the dollar over the past year, which has put British buyers in a much stronger position and made US and Caribbean properties far more appealing in terms of their price tags.”
Julian Walker, MD, Spot Blue International Property
For further information about buying or selling property in Turkey, the US and the Caribbean please contact:
Spot Blue International Property
Tel: +44 (0)20 8339 6036
Email: info@spotblue.com
Website: www.spotblue.com and InternationalPropertyForSale.com
Notes to Editors:
Spot Blue International Property is one of the UK’s leading Turkish property agencies, with hundreds of properties regularly listed and updated on its website, www.spotblue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue only promotes property of developers that pass its due diligence assessment. It also specialises in matching buyers with suitable properties and operates in all major resorts in Turkey. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.
InternationalPropertyForSale.com is owned by Spot Blue International Property, one of the UK’s leading international property specialists that markets hundreds of properties around the world across its portfolio of websites, which includes Turkish property site SpotBlue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue International Property only promotes property of developers that pass its due diligence assessment. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.