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Overseas emerging markets
Smifta
Posts: 12 Forumite
Has anyone on these boards attempted to take an indirect route to paying off their mortgage in the UK, by purchasing an overseas property in an emerging market? This may well be a bigger risk now with the way things are globally, but did anyone try this a couple of years ago?
I have taken this approach and although my property in Cape Verde isnt ready yet, I ordered it 2 years ago. Even with the global downturn, prices of an equivalent property are now 50% more than I will have eventually paid.
It occurs to me that there is currently a good opportunity in Florida for instance where prices have plummeted and with the current pound to dollar the exchange rate is extremely favourable (unlike the pound to euro). You can get a villa near Disney with pool for half the price of a year ago.
One tip is when the exchange rate is very good, you can fix an exchange rate by paying 10% for up to 2 years with currency brokers like HIFX or Interchange for the money that is needed for the purchase. Also, you get something like the official bank rate, rather than the tourist rate.
I have taken this approach and although my property in Cape Verde isnt ready yet, I ordered it 2 years ago. Even with the global downturn, prices of an equivalent property are now 50% more than I will have eventually paid.
It occurs to me that there is currently a good opportunity in Florida for instance where prices have plummeted and with the current pound to dollar the exchange rate is extremely favourable (unlike the pound to euro). You can get a villa near Disney with pool for half the price of a year ago.
One tip is when the exchange rate is very good, you can fix an exchange rate by paying 10% for up to 2 years with currency brokers like HIFX or Interchange for the money that is needed for the purchase. Also, you get something like the official bank rate, rather than the tourist rate.
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