Investors advised to consider exchange rates
Overseas property investors have been advised to consider exchange rates when purchasing a residence abroad.
Currency specialist HiFX stated that some buyers may be "getting the jitters" because of the current problems in the global economy.
However, the organisation urged people not to abandon their plans and to press ahead with their purchase.
HiFX stated that buyers could potentially use the current exchange rates as a bargaining tool with which they can negotiate "a great deal".
Mark Bodega, director of the group, commented: "Buyers should remember that a drop in demand will mean vendors are also feeling the pinch."
However, he stated that the exchange rate needs to be fixed with a forward contract, as this guarantees that buyers will know how much their new home costs ahead of the actual purchase.
Mr Bodega said that since exchange rates could become less favourable, it stops them holding out for a better rate and being "greedy".
The advice comes after the Association of International Property Professionals said the overall level of interest in buying abroad remains high, despite ongoing economic problems across the world.
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