Brazil 'affordable for holidaymakers'
The favourable exchange rate is providing UK holidaymakers with yet another reason to visit Brazil this year, findings from Halifax indicate.
According to the bank, Brazil is currently one of the most affordable holiday destinations for Britons in terms of currency, as the value of the pound against the Brazilian real has risen by 15.3% over the last six months.
With the pound falling drastically against the euro recently, a growing number of British holidaymakers are looking to find better value for money in alternative destinations.
"The pound has risen in value against a number of currencies in the past six months, making it more affordable for Britons to holiday in some places in Europe as well as a number of destinations further afield," commented Martin Ellis, chief economist at Halifax.
Figures presented by the bank show that, while £1 would have bought only 3.15 real in June 2008, its value had risen to 3.63 by the end of the year.
Paul Collins of BuyAssociation said that Brazil's property market has been boosted by the fact that the country is "really coming into its own" as a holiday destination.
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