Tenerife property buyers from overseas pleased by mini recovery
Overseas property buyers will be pleased to have seen a mini-recovery by the Pound last week across the board, caused mainly by a return to risk appetite from international investors. This means that Tenerife property is now a little cheaper due to the better exchange rate.
This involved currencies like the US Dollar and Euro, in which investors hold cash reserves, being sold off in favour of equities and bonds. Any mass sell-off like this inevitably decreases demand for a particular currency and therefore its price falls.
As a result, we saw the best US Dollar rates we have seen this year, and similarly Euro rates at their best for some months for anyone needing to transfer money in Euros in order to purchase a property in Tenerife.
