Make your money work for you!
Portugal’s tourist minister, Rita Marques expressed her hopes earlier in the week for Portugal to soon open its borders to travellers who have either been vaccinated or tested negative for the Coronavirus, stating “I do believe that Portugal will soon allow restriction-free travel, not only for vaccinated people but those who are immune or who test negative.’ Rita informed the BBC that ‘We hope to welcome British tourists from 17 May.” - which falls in line with the UK’s current roadmap of allowing international travel from 17 May at the earliest.
Whilst of course nothing yet is concrete, Portugal’s clear intentions to welcome British tourists for Summer 2021 (so far just one of three countries in Europe) has caught the attention of foreign investors.
British investors are currently enjoying a significant drop in Portugal property prices, as for them, the GBPEUR sits at a 3.5% increase today as compared to the start of the year, meaning that a 500,000€ Golden Visa property is around £15,000 cheaper today than on 01 January 2021. The Pound to Euro looks to continue its impressive rise on the back of the UK’s Spring Budget announcement by Chancellor Sunak, which placed the UK as the largest spender on the coronavirus-based support, putting the UK in a good position for the months ahead and has led to economists to predict the UK to be one of the fastest major growing economies this year.
Be mindful too that as more European countries join Portugal, Cyprus and Spain in welcoming visitors, it could cause the Euro to gain some strength further down the line, as seen last year in June.
If you are looking to invest in Portugal this year, then we encourage you to get in touch with a regulated currency broker now to start receiving free bespoke advice on the market, mitigate your exposure to the fluctuating currency rates and to take advantage of the current market strengths.
Why you should use a trusted currency broker over the traditional bank route:-
- They can usually offer much more competitive rates of exchange than high street banks (the potential saving could be equivalent to your lawyer's fee!)
- They can monitor the currency markets and help you make an informed decision as to when to trade your currency
- They can set rate alerts so you don’t miss out on peak times to exchange funds
- Some hold an e-wallet licence so you can book a currency rate before you are ready to transfer monies to Portugal or repatriate, allowing you to take advantage of market spikes
- You can ‘fix’ the price of your property by way of a Forward Contract, paying just a 10