Property buyers swap us for spain
- Demand for US property falls to record low
- Spain number one destination in world for 2nd time in 3 months
- France outside of top 5 for first time in 18 months
- Demand for Cypriot property trebles
Torremolinos, Spain Photo: Kans1985
Demand for Spanish property soared in February 2015, according to TheMoveChannel.com's new Top of the Props report, as buyers turned away from America.
Soaring Spain
Spain accounted for one in 10 of all enquiries on the international portal in February, climbing one place in the Top of the Props chart to become the most popular country in the world.
Brazil was close behind, as demand for property in the South American country reached a record high. Brazil's share of enquiries grew to 7.2 per cent in February, up from 4.98 per cent in January. That rise was enough to see it overtake the USA and Portugal and seize second place, its highest ranking since Top of the Props records began.
Buyer interest in Bulgaria also boomed, as the country jumped four places in the chart to enter TheMoveChannel.com's top five destinations for the first time. Bulgaria accounted for 3.44 per cent of enquiries, higher than France, Thailand and Italy. One of the month's highest climbers, though, was Cyprus, which entered the top 10 for the first time since December 2013.
Their rise in popularity pushed other, familiar favourites down the chart, with France, Portugal and Greece all losing rankings. France fell into sixth place, the first time it has been outside of TheMoveChannel.com's top five destinations in 18 months (September 2013). Portugal dropped one place into fourth, accounting for 4.5 per cent of enquiries. Greece tumbled out of the top 10 altogether, falling eight places to 18th.
The end of the American dream?
Demand for US property plummeted in February to an all-time low.
America's share of enquiries halved month-on-month, causing the country to drop to third place. This is only the second time in 20 months (since July 2013) that the USA has not been the most popular country on TheMoveChannel.com. US real estate accounted for just 4.66 per cent of enquiries, its lowest ever share recorded on the portal. (The previous all-time low was in July 2011, when it accounted for 6.75 per cent of activity. In the same month, Spain was the number one destination.)
This decline in popularity continues an ongoing trend. Last year, America's share of enquiries on TheMoveChannel.com fell from 25 per cent (H1 2014) to 19 per cent (H2 2014).
In real terms, enquiries for US property fell 46 per cent month-on-month in February 2015. The only countries in the top 10 to suffer a bigger drop were Italy (down 54 per cent) and Greece (down 56 per cent).
Europe’s rebound
The fall in enquiries, though, followed a month of rising interest in Europe, as buyers took advantage of the weak euro, despite wider economic uncertainty. While French property saw its enquiries fall 35 per cent month-on-month, in real terms, enquiries fell only 11 per cent in the three months to February (compared to the previous three months). Greece and Italy also saw less severe quarterly declines, of 19 per cent and 20 per cent respectively.
Not all European countries saw a dip in interest. Portugal's enquiries held steady in February compared to January, while enquiries into Cypriot property trebled month-on- month, helping to offset a 39 per cent quarterly decline. Spain saw its enquiries surge 33 per cent from January 2015, making it the number one destination in the world for the second time in three months.
TheMoveChannel.com Director Dan Johnson comments: "The weakness of the single currency has been a gift to overseas property buyers keen to snap up affordable investments. The bailout negotiations surrounding Greece have disrupted confidence in some markets, with only two of TheMoveChannel.com's top five property destinations now in the eurozone, but the surge in enquiries for Spain and Cyprus shows just how attractive European property still is - especially when its rising popularity is compared to the steady decline in interest for US real estate.
"Spain, in particular, is now entering a perfect time for foreign investment. With prices stabilising and rising in some regions, construction up and the economy improving, the country is ideal for bargain hunters, as well as those seeking long-term returns. Like many countries in the aftermath of recession, Spain has been dependent upon overseas buyers for some time. Now, that support is beginning to fuel a broader recovery. America’s property market is further ahead in its recovery cycle: while Florida and other hotspots remain popular, the golden age of foreign buyers in the US is gradually coming to an end, as conditions moderate and domestic buyers return to the market."
Notes to Editors
About Lead Galaxy and TheMoveChannel.com
Founded in 1999, www.TheMoveChannel.com is the leading independent website for international property, with more than 800,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
TheMoveChannel.com is one of more than a dozen international property sites operated under the Lead Galaxy brand. Lead Galaxy provides online marketing solutions to thousands of property companies worldwide, focusing on portal listings, email marketing, qualified leads, paid search and social media advertising.
The business is headquartered at 24 Jack’s Place, Corbet Place, Shoreditch, London, E1 6NN.
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