The exchange rate did creep up a little this morning - probably on the news that the EU has "taken over" the Greek economy (which calls in question the overall strength of the Euro generally).
I guess we wait and see.
Martyn
Message posted by Elliemay on 04 February 2010 at 3:53pm - IP Logged
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A lot of things can and will happen between now and the summer, including an election in the UK. Of course the other side of the coin is house prices. From looking at another thread, Corfu is an unusual housing market. House prices should continue to fall, but there's no guarantee that will happen. My gut feel would be to hang on for a while
Message posted by DAVID1 on 04 February 2010 at 4:25pm - IP Logged
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DAVID1
If the UK ecomy was in a slightly better state and we didn't have a huge deficit I suspect that Sterling would be doing significantly better against other currencies than it's currently doing.
That said there has been a clear trend in recent weeks in Sterling's favour against the Euro. As Sue (sooz) says the rate 'peaked' last week before dropping back. I bought some Euros then for my Easter trip but I'm still hanging back as I think it may well improve again.
In other words we may have a period of peaks and troughs within a cycle of steadily rising rates which hopefully if we buy at the right time or are on Corfu at the right time - it goes without saying that being on Corfu at any time is the "right time!! - will enhance our holiday spending money!!
As for property Anna K - next question please!!!
David
Message posted by TOP CHEF on 04 February 2010 at 7:14pm - IP Logged
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What about my pension? This is a question that many British ex-pats living on Corfu are asking themselves. As for property here, they are still building on Corfu (two new houses being built on the lane up to our house at the moment) and any house with either a sea-view or close to Corfu town will hold its premium price. Corfiots still believe that bricks and mortar in prime positions are the best investment and won't sell for peanuts, they will just hang on.
Message posted by Bill on 04 February 2010 at 8:16pm - IP Logged
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Quote: Originally posted by Anna K on 04 February 2010
Do I bag a property bargain here in Corfu or keep my money in the bank- in a UK bank?
Any advice please
1. If you buy you'll always have a roof over your head, if you leave it in the bank - who knows.
2. You might get a better exchange rate at some point in the future, you might not.
3. House prices might increase again, they might go down further.
4. You might be run over by a bus tomorrow. Live life and enjoy!
Message posted by dazzalad on 04 February 2010 at 8:27pm - IP Logged
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Quote: Originally posted by Anna K on 04 February 2010
Do I bag a property bargain here in Corfu or keep my money in the bank- in a UK bank? Any advice please
Er - there ain't any property bargains to be had in Corfu, there's been a million threads previously saying just that, plenty of properties, but bargains - no chance!
Message posted by Bill on 05 February 2010 at 9:01am - IP Logged
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Quote: Originally posted by Itsyagrandad on 05 February 2010
Quote: Originally posted by Anna K on 04 February 2010
Do I bag a property bargain here in Corfu or keep my money in the bank- in a UK bank?
Any advice please
Er - there ain't any property bargains to be had in Corfu, there's been a million threads previously saying just that, plenty of properties, but bargains - no chance!
Er - I think that's a slight exaggeration. There has been one recent thread which contains some amusing anecdotes about how prices are set (or increased) by 'hopeful' vendors, I'm still using the search facility to try and find the other 999,999.
Whilst some vendors are asking silly money there are plenty of well priced properties in Corfu and definitely some excellent bargains to be had. It is a buyers market at the moment, but not many people are in a position to buy.
BUT you do need to know where to look, who to ask, how to avoid the pitfalls and be realistic about what your money will buy. It is highly unlikely that you will find a 4 bed/4 bath new/fully renovated detached villa with stunning views and a pool, overlooking the coast, for 50,000€, which seems to be what some people think constitutes a bargain.
I know of several places for sale with a price tag that only has 4 numbers before the decimal point - OK only small and in need of work - but you couldn't buy a caravan in the UK for that sort of money!
Message posted by Itsyagrandad on 05 February 2010 at 11:09am - IP Logged
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Quote: Originally posted by Rocky and Bill on 05 February 2010
Quote: Originally posted by Itsyagrandad on 05 February 2010
Quote: Originally posted by Anna K on 04 February 2010
Do I bag a property bargain here in Corfu or keep my money in the bank- in a UK bank?
Any advice please
Er - there ain't any property bargains to be had in Corfu, there's been a million threads previously saying just that, plenty of properties, but bargains - no chance!
Er - I think that's a slight exaggeration. There has been one recent thread which contains some amusing anecdotes about how prices are set (or increased) by 'hopeful' vendors, I'm still using the search facility to try and find the other 999,999.
Whilst some vendors are asking silly money there are plenty of well priced properties in Corfu and definitely some excellent bargains to be had. It is a buyers market at the moment, but not many people are in a position to buy.
BUT you do need to know where to look, who to ask, how to avoid the pitfalls and be realistic about what your money will buy. It is highly unlikely that you will find a 4 bed/4 bath new/fully renovated detached villa with stunning views and a pool, overlooking the coast, for 50,000€, which seems to be what some people think constitutes a bargain.
I know of several places for sale with a price tag that only has 4 numbers before the decimal point - OK only small and in need of work - but you couldn't buy a caravan in the UK for that sort of money!
Hey Rocky and Bill - thanks for posting that. It's exactly why I posted the tongue in cheek reply to see if anyone would suggest otherwise! So there are really properties which require work with a price tag that only has 4 numbers before the decimal point? Is that 9999.00 Euros or less? Really? Genuinely? Where are these places, I'll have a dozen! I don't even mind paying you a finder's fee if a purchase is successful. (Works that way very well over here). I've been investing in property for over 40 years in UK and thought I'd give Greece a go!
Message posted by kinninviekid on 05 February 2010 at 11:25am - IP Logged
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Quote: Originally posted by Itsyagrandad on
Hey Rocky and Bill - thanks for posting that. It's exactly why I posted the tongue in cheek reply to see if anyone would suggest otherwise! So there are really properties which require work with a price tag that only has 4 numbers before the decimal point? Is that 9999.00 Euros or less? Really? Genuinely? Where are these places, I'll have a dozen! I don't even mind paying you a finder's fee if a purchase is successful. (Works that way very well over here). I've been investing in property for over 40 years in UK and thought I'd give Greece a go!
------------------------------------------------------
Yes really, I do know of several. As for where they are, as I suggested, look inland, in the villages and off the more recognised tourist routes. Some are advertised with estate agents, but only a few. There are many places that, whilst not actively being offered for sale, are available to purchase if you express an interest. Of course in some cases the price will be unrealistically high, but for others if the owner decides they like you the price can be very acceptable.
However, I've done enough donkey work sourcing properties for people in the past, these days I leave it to the professionals, thanks all the same for the offer.
Message posted by lindybell on 05 February 2010 at 3:24pm - IP Logged
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The euro rate at the moment is stable at around about 1.44, However, if buying? I highly recommend the Fairfax card, It's a safe way of carrying money and on Martins tips Money Supermarket he always recommends this one. It's a pre-pay top up card for anyone who reads this and is not sure what is is.
Message posted by Deedee on 05 February 2010 at 3:34pm - IP Logged
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Deedee
Quote: Originally posted by lindybell on 05 February 2010
The euro rate at the moment is stable at around about 1.44,
€1.44 to the £!!!!!! Tell me where so I can go get my holiday spends for May now or is that a typo?
Deedee
Message posted by DAVID1 on 05 February 2010 at 3:42pm - IP Logged
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DAVID1
The euro rate at the moment is stable at around about 1.44, - lindybell
Schum mishstake surely??!!!
At this very moment Sterling is trading at 1.14660 against the Euro.
Mind you Lindy I wish you were right!!!
David
Message posted by fireball on 05 February 2010 at 3:48pm - IP Logged
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Sorry guys, my mistake, yes I didn't put the extra 1 in there, really sorry. However just looked again tonight and it is now, 1.148
Yes I'm a silly billy.
Message posted by Linda2 on 06 February 2010 at 1:31am - IP Logged
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I bought an apartment in 2007 when the exchange rate was 1.45 but probably paid more than I should have for the property.
There was little stock in the price range where I wanted to buy.
Now there is loads of bargains
I smell a whiff of desperate sellers when I trawl through the estate agents
I'm not talking about big bucks but once you live here you realise how nice some of the villages are and become your favourites, but when the weather is filthy like today I'm not going anywhere
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