'Brits consider relocating to escape foreign exchange rates'

Expats in Cyprus who are struggling to make ends meet due to foreign exchange rates may benefit from relocating, industry experts suggest.

Writing in the Daily Mail, finance commentator Zoe Dare Hall told how the strong euro has had a negative impact on some Brits living abroad.

Recent figures from the Cyprus Land Registry reveal a 76 per cent fall in the number of overseas investors purchasing property in the area.

In addition, the cost of holiday homes has plummeted by 40 per cent in the country, indicating demand for dwellings has dropped.

However, Ms Dare Hall highlighted potential property bargains that Brit may still find in the region.

Expat Samantha Day told the expert how she moved to the north-west town of Polis in order to save money.

"A lot of working-age and retired British people have moved to Polis, where prices in bars and shops are cheaper," she said.

Meanwhile, investment company Nomura Holdings recently stated that Dubai may soon see a drop in its rental prices due to an influx of new property developments.

Click here to find out how much you can save with HiFX's Foreign Exchange services.

By John Mills