Many British owners of overseas holiday homes have spent the past 18 months watching their properties endure price drops, no doubt much to their discomfort.
Or at least that is the received wisdom. But research released today reveals that, instead, the weakening pound has increased rather than diminished the value of their overseas investments.
Figures from foreign exchange specialist Close Treasury show that, despite falling prices in France, Spain, Portugal and the USA, and weak price growth in Italy, the dominance of the euro and dollar have – on paper – helped increase the value of British-owned properties overseas.

A British-owned villa in Portugal which, despite local price drops, may still be worth more today than 18 months ago following recent pound/euro fluctuations
Close Treasury says the collective value of our places in the sun increased by £2.6 billion between July 2008 and December last year – during the lows of the general economic and banking crisis.
For example, during this period prices in France dropped on average by 6.6% but because of the euro’s increased strength against the pound, British owners saw an average rise in value of £10,400 per property. Close Treasury says there are 98,000 properties in France owned by Brits.
In Spain, where some 144,500 properties are owned by British citizens, house prices fell by 8.35% between 2008 and 2009, but the euro difference gave owners a collective gain of £1.1 billion or £7,700 a property.
And even in the US, where the property market has endured the darkest days most Americans can remember, Brits saw the cash-in value of their properties in the land of the free jump by £1,750.