Home / World Business
Sat, Sep 01, 2001 - Page 24 News List

Euro deadline influences real estate

BLACK MONEY As the date for exchanging currencies approaches, Europeans with undeclared cash reserves are investing in real estate and buying more luxury items

BLOOMBERG , MADRID

Other than construction-related industries, "we expect to see other areas benefiting," especially in the last three months that national currencies are accepted, said William Dinning, a global investment strategist at UBS Warburg. Luxury watch makers, jewelers, hoteliers, auction houses and wine merchants may all get a boost, he said.

Leisure companies are also reaping rewards from the need to spend undeclared cash. "There's been a bit of an increase in paying in cash since the summer," said Florence Gourdon, head of sales at Carnac Thalassotherapie, which offers seawater therapy on the Atlantic coast of France.

This story has been viewed 2827 times.
TOP top