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Foreign mortgages currency alert

Friday, March 12, 2010

Source: Catherine Deshayes

Currency exchange fluctuations have a fundamental influence on the health of the international property market, one real estate expert has commented.

Marc Da-Silva, a freelance property journalist and editor of a number of real estate publications, explained that with the pound at a low ebb, interest in foreign property mortgages has waned in recent months.

"The number of people overall buying property overseas has fallen and it has fallen drastically. It won't pick up until the pound improves, which probably won't be for quite some time," he explained.

His comments followed recent research by Rightmove which showed sharp declines in property searches in key markets such as Germany, Australia, New Zealand and the US in February.

However, there was a marked uptick interest in property in the Mediterranean last month, while searches for real estate in Portugal were also up, despite concerns that a bloated property market may pose a threat to economic stability in the country.

Source: www.corporate-fx.co.uk