Sterling hits the floor

well today for the first time that the local bereau change gave less euro to the pound 98cents for a pound. Now while this credit crunch goes on as the media would have us have it. Whats happening here in Lagos. Well i think and well its only my view we are OK for now. The press seem to be throwing the line that Portugal is not in recession and tourism numbers are level with last year. If your income is in euro then great we can buy from UK and do all right. A lot of people here on pensions and private incomes have seen a big drop and I have heard of people moving back.

The property market is very slow and has seen Portuguese Homes shut their office here in Lagos but just around the corner another opens, Area 3D. The sinking of the pound will hurt the British and next year will see the £3 pound large beer even though beer prices in euro in most bars have not changed for two years. Gone are the days when going abroad is cheap if anything people may stay at home. The only problem I can see is the british bars like Fools will suffer as more people from eastern europe and the rest of europe have holidays here. Should the UK have taken on the euro well looking back to the days when it was over 1.50 it should but the british bloody mindness about our currency the people will suffer as usual.

Lagos is still building and creating new developments will the property sell eventually yes but not at the prices asked so this area should slow down. I like the new developments and we will see the old and new married in harmony the city has to move to attract new business but not as some other people suggest be the small Algarvian place it used to be elitist people they are. The local council are keeping within the walls the history and outside developing a new future.

Thats enough for now going for a cheap beer knowing we did the right thing 3 years ago.