Demand surges for portuguese property
- Portugal property enquiries up 40pc
- Spain and USA remain most popular destinations
- Portugal in Top 5 destinations for 10 out of last 12 months
- Australia returns to Top 10
Demand has surged for property in Portugal, according to new research from TheMoveChannel.com. The portal's new Top of the Props report shows that Portugal rushed up the charts to become the third most popular country in the world.
Portugal's market has enjoyed a steady recovery in the past year, driven by climbing sales and economic improvement: GDP is estimated to have increased for six consecutive quarters, according to the latest RICS/Ci report, new buyer enquiries have risen continuously over two years and, with demand outpacing supply, prices have increased for eight months in a row.
After the Greece-fuelled caution surrounding the European economy, demand for Portuguese property rebounded in August 2015, pushing the country five places up the Top of the Props chart to seize third place. Portugal accounted for 4.12 per cent of all enquiries on the portal.
Spain remains the most popular destination on TheMoveChannel.com, accounting for more than one in 10 enquiries (11.25 per cent, up from 9.37 per cent in July 2015). The USA held on to its second spot, accounting for 7.18 per cent of enquiries (down from 8.61 per cent in July 2015).
The return of buyers to Portugal, though, saw interest fall for the countries that previously benefitted from the eurozone uncertainty. Canada dropped from third place into seventh (2.86 per cent of enquiries) and Turkey slipped from fourth place into eighth (2.37 per cent). Fellow European hotspot France also fell four places to 11th (1.69 per cent), the second time it has been outside of the Top 10 this year.
Brazil, a more established favourite among investors thanks to the upcoming 2016 Olympic Games, rose one place into fourth, accounting for 3.41 per cent. The UAE climbed six places to reach the top five, with 3.38 per cent of enquiries. Australia also re-entered the Top 10 after dropping out in July, rising four places to ninth (2.22 per cent).
"Portugal's recovering market has become increasingly attractive to overseas buyers in recent years," comments TheMoveChannel.com Director Dan Johnson. "The recent strength of the pound and dollar against the euro has boosted spending power among international buyers, while the country's extremely successful 'Golden Visa' scheme has driven interest from non-EU investors."
In real terms, enquiries for Portuguese property surged 40 per cent on the previous month, while Spain's enquiries rose 26 per cent. The renewed positive sentiment for European property also spread to Germany, which saw its enquiries multiply seven times in real terms in August 2015 compared to July.
"On a longer-term basis, buyers' preference for Portugal is clear," adds Johnson. "The country has been in TheMoveChannel.com's top five destinations for 10 of the last 12 months. France, on the other hand, has only been in the top five for five of the past 12 months. But investors are also keen on particular markets further afield: Canada is a growing hotspot, appearing in the top 10 for six of the last 12 months, while Turkey and Thailand remain popular, appearing in the top 10 for 12 and 10 of the last 12 months respectively."
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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