23 Jun 2009
Euro fall boosting Italian property
The pound hit a 2009 high against the euro and The Italian property market is one of the beneficiaries of the currency movements, it has been stated.According to Reuter's data, Sterling rose to 85.10 pence against the euro it's strongest since December. The pair's rally helped the pound to scale the year's high against a basket of currencies at 83.8. Commenting on the trend, Tam Stanley of Calabrian-Property.com said that the region has seen a lot of pent-up demand being unleashed following the recent recovery of sterling. He said that while this currency process has been going on since April, "it's really only in the last three weeks that enquiries have started to increase and we are seeing a lot more people taking us up on inspection visits to Calabria".According to the Financial Times reports, notable rise in interest in buying in Italy have been observed by foreign exchange brokers and mortgage agents recently. The rise in Sterling to British buyers means that property in the Eurozone is now 5% cheaper to them than it was 2 weeks ago.This comes after the news that the report by FIAIP, estate agents association in Italy on the top 20 resorts in the country has found that the market is remaining steady, with the cost of real estate in such places varying from €2,810 to €6,210 (£5,472) per square meter, homesgofast.com reports.