Cypriot property popularity nears three-year high
- Cypriot property receives most enquiries in 34 months
- Cyprus re-enters Top 10 for first time in 8 months
- USA remains most popular property destination
- Demand up for Portugal, Italy and Turkey
Photo: Martha de Jong-Lantink
Cypriot property is now the most popular it has been in almost three years, according to new research from TheMoveChannel.com. The island has struggled in the years since the financial crash, with a banking crisis and other issues damaging buyers' confidence. Now, though, enquiries for real estate in Cyprus have returned to levels last seen in 2013.
The country climbed 12 places in November's Top of the Props chart to re-enter the site's Top 10 destinations for the first time in eight months. Cyprus accounted for 2.29 per cent of all enquiries on the site, up from the 1.6 per cent recorded in March 2015, the last time it was in the top flight of the portal's league. This is only the second time Cyprus has been in the Top 10 since December 2013, 23 months ago.
Demand also rose to historic highs: the island's share of activity on the site in November was the largest since January 2013, when the country was ranked eighth on TheMoveChannel.com and attracted 2.69 per cent of enquiries.
The USA remained the most sought-after destination among international investors, accounting for almost one in 10 of all enquiries on TheMoveChannel.com in November 2015. Spain also held on to its runner-up place, with 6.59 per cent of enquiries. The rest of the Top Five, though, was all Change, as Portugal and Turkey rushed into third and fourth place respectively, knocking both Brazil and France down the rankings.
Portugal attracted 5.34 per cent of all enquiries, while Turkey more than doubled its share from 2.32 per cent in October 2015 to 4.8 per cent in November. Brazil slid into fifth with 3.55 per cent of enquiries, just ahead of sixth place France (3.15 per cent).
Portugal was not the only European market to enjoy a boost, though, as Italy also climbed two places in the chart to steal seventh place with 3.12 per cent of enquiries - almost neck and neck with France. Combined with Cyprus' rebound, Italy's ongoing recovery means that European destinations now make up 50 per cnet of the Top of the Props Top 10, as low mortgage rates and rising house prices make the continent's traditional holiday home hotspots more attractive than ever.
TheMoveChannel.com Director Dan Johnson comments: "Cyprus has had a difficult time in the years since the financial crash, with any potential rebound hampered by the banking crisis and title deed issues. Throughout 2014, the island lingered outside TheMoveChannel.com's Top 10, suggesting the promise of overseas interest in its low-priced real estate, but Cyprus fell even further amid the uncertainty surrounding Greece's economy: in May 2015, the country tumbled to a record low of 26th in the Top of the Props chart, with just 0.27 per cent of enquiries made on TheMoveChannel.com. Now, though, as sentiment surrounding the European economy improves, bolstered by the weak single currency, Cyprus has surprised everyone by bouncing back into the Top 10, with its highest level of enquiries in 34 months. Is it a flash in the pan, or can it continue the long, slow climb back from the brink in 2016?"
The full Top 40 destinations on TheMoveChannel.com in November 2015 can be seen below.
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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