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Miscellaneous Use this area ONLY if you can't find a suitable home for your topic. We'll create a new area if necessary and reserve the right to move topics to more suitable areas. Only post regarding the Pollensa area. This is not a forum for general discussion.

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  #1  
Old 03-01-2009, 15:16
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Default GBP v's Euro

Judging by some of the recent posts on the forum PP is going to be struggling for tourists this year, this would sadly mean that quite a lot of our favourite places going to the wall. It is a difficult time, economically, buts lets try to keep supporting them.

You can still have a good holiday without eating out every night and there are many smaller bars where you can get a reasonably priced snack.

The none euro countries seem attractive but I'm sure you would miss the familiarity and friendly faces that we have grown accustomed to.
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Old 04-01-2009, 00:42
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The effect of the pound dropping sharply against the Euro is huge. Anyone who bought a property in recent years using sterling converted at the old rate has seen a 35% drop in value just through exchange rates, never mind the hit from the property market. And anyone trying to live on a UK pension in Mallorca is also going to be hit hard. This is going to affect everything in Pto Pollensa in the months to come....
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Old 08-01-2009, 20:43
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The last comment suggested that GPPound users have suffered a double blow.

However, the value of property has actually gone up by 35%!! if you sold now and converted Euros to !!!

eg if you bought a 150,000 Euro property when it was 1.5 E to the it cost you 100,000. If you sell it for 150,00E now its worth nearly 150,000!!! if you can sell.

However, running costs and living costs have suffered. Anyone living on a pension and suseptible to fluctuations in the exchange rate are really suffering at the moment.

Good luck to all in that position.
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Old 08-01-2009, 22:27
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Quote:
Originally Posted by Hola its GL View Post
The last comment suggested that GPPound users have suffered a double blow.

However, the value of property has actually gone up by 35%!! if you sold now and converted Euros to !!!

eg if you bought a 150,000 Euro property when it was 1.5 E to the it cost you 100,000. If you sell it for 150,00E now its worth nearly 150,000!!! if you can sell.

However, running costs and living costs have suffered. Anyone living on a pension and suseptible to fluctuations in the exchange rate are really suffering at the moment.

Good luck to all in that position.
Fair point GL but this only applies if you are lucky enough to be able to afford to buy the property outright.Some of us have euro mortgages.
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Old 08-01-2009, 23:44
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Fair point Labore, my sympathy goes to all those trapped by mortgage.
Even worse if relying on rental income to service payments.
It can only get worse as Hoteliers demand clampdown on illegal lets.
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Old 09-01-2009, 15:32
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Euro was at 1.12 a moment ago. (From practically parity two weeks ago!) It's massively overvalued. Could be back to 1.30 within 2 months.
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Old 09-01-2009, 19:04
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Euro was at 1.12 a moment ago. (From practically parity two weeks ago!) It's massively overvalued. Could be back to 1.30 within 2 months.
Graham,

Fair point, Eurozone interest rates are being reviewed next week and if, anticipated , substantial cuts are made we could see the pound rising as you suggest.

Strange being here earlier this week and paying more pounds than euros received from ATM.

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