US interest in Spanish property has surged in the last year, as buyers take advantage of the strong dollar.
American visitors to Spanish website Kyero have surged 75 per cent in the last year months, with US house-hunters now firmly in the portal’s top 10 list of nationalities interested in buying a property in Spain.
Kyero attributes the rise in interest partly to the appeal of being in a country far from the USA, but the market conditions are becoming increasingly attractive, thanks to low mortgage rates, the weak euro against the dollar and rising property values. The median asking price across Kyero.com’s properties now stands at €244,000, an increase of 5.9 per cent over the past year.
“When it comes to location, Gran Canaria’s Playa Del Ingles has reclaimed the top spot, knocking Torrevieja down into second place once again,” says Richard Speigal of Kyero.com. “Other traditional favourites like Playa De Las Americas in Tenerife and Alicante continue to rank among the most popular destinations for those buying in Spain.”
Indeed, the site reports that British buyers remain keen on Spanish property, as bargain hunters look to budget locations for holiday homes. The biggest mover in terms of the top 10 locations on Kyero is Chiclana De La Frontera in Cadiz, which shot up six places to become the ninth most popular location in March.
With a rich history of sherry production (it’s just 40 km from the sherry heartland of Jerez De La Frontera), Chiclana offers visitors easy access to the ‘real Spain’ – away from the vast hordes of tourists flocking to the beaches of the southern coastline, says the site.
The reported rise in US interest follows a similar trend at the end of last year among Italian estate agents.
British appetite for Italian property increases
20th February 2017
British appetite for Italian property has increased in the last year, reveals new research.
While Brexit negotiations begin between the UK and the European Union, buyers are still keen on Italian real estate, according property portal Gate-Away.com. British inquiries increased by over 28 per cent in 2016 compared to 2015, says the site, while overall requests for Italian properties grew at around 54 per cent.
Brits are now the third biggest national group interested in Italian property, making up 12.83 per cent of Gate-Away.com activity, behind the USA (14.25 per cent) and Germany (14.34 per cent). London is first in the world top 10 of the most active cities searching for a second home in Italy.
“This is a good point for the United Kingdom, and for Italy too,” says Simone Rossi, Gate-away.com managing director. “Italy is still taken into consideration for investments and not only for residential properties, as we can see according to trend news on the commercial real estate market.”
The Brexit vote’s impact upon the pound, though, appears to be encouraging interest in more affordable properties, with Brits tending to focus on properties around €306k, compared to the overall average of €428k. Indeed, British buyers also have a “peculiar” fondness for renovation opportunities, with over 41 per cent of the searches are related to partially restored houses or properties that need restoring.
Which are the most popular and sought-after Italian regions? Puglia wins (13.61 per cent), overtaking Tuscany (13.45 per cent), followed by Abruzzo (10.52 per cent), Lombardy (9.95 per cent) and Liguria (9.84 per cent). Le Marche (8.13 per cent), Piedmont (6.28 per cent), Umbria (4.86 per cent), Sicily (4.22 per cent) and Sardinia (4.22 per cent) complete the list.
The Trump Effect? Overseas interest in Italy on the up
22nd November 2016
The election of Donald Trump earlier this month caught many by surprise, with some reacting by looking immediately at where else they could move. Indeed, Canada’s immigration website went down the morning following the election, due to heavy user traffic from Americans looking to cross the border. The phenomenon is not a new one: after the UK’s Brexit vote, searches also rose from people looking to move to Ireland, with citizenship application forms reportedly running out.
Another destination that may be enjoying its own Trump Effect is further afield: Italy. According to Gate-away.com, interest in Italian property, and in relocating to the country, has spiked this winter, following Trump’s election to the White House.
‘How to move to Italy’ and ‘moving to Italy’ both saw an increase in searches in November, according to Google Trends.
Analysing the patterns in user queries in detail, the Italian portal notes that while the number of searches for ‘how to move to Italy’ dipped after the initial election result, the number of queries containing the phrase ‘moving to Italy’ had a less severe spike and proved more constant over time, with other several strong peaks in the year as well as the period following the elections.
“‘Moving to Italy’ is a phrase that hints at previous knowledge of the basic information,” says Simone Rossi, General Manager of Gate-away.com, “which can be ascribed to operational and conscious research activities, less dictated by the emotion of the moment and more motivated by a desire to assess the actual move and receive in-depth information.”
The strength of the dollar against the weaker euro, Italy’s house prices and timeless lifestyle appeal are certainly all factors that have led to overseas interest in the country’s real estate, regardless of wider political shifts. On TheMoveChannel.com, Italy’s return to popularity among international house-hunters has been evident since 2015, with the country home to the most searched-for hotspots on the site in the last four quarters in a row.
“The demand for Italian properties from the United States is constantly growing,” Rossi adds, “and the data from Google Trends confirm this trend, even without the Trump Effect. Some weeks ago we provided a report on the United States that showed an increase of 50 per cent in the interest in Italian properties.”
Nonetheless, the Trump Effect should not be ruled out just yet, nor should the Brexit Effect. In August, following the UK’s vote to leave the EU, enquiries for Italian property surged 40 per cent in real terms, month-on-month, making the country the third most popular destination on the site. In September, it remained in the top five, before falling to 10th in October.
With the two countries’ political relationships with Europe both potentially changing significantly in the coming years, the property world be watching to look for any impact upon investment trends. However, appetite shows no sign of major decline. Post-Brexit data collected by Gate-away.com confirms that the UK’s referendum result has not weakened British interest in Italian property. In fact, demand for Italian properties has increased by over 22 per cent in the months since the referendum, says the portal, with London leading British demand and the average value of the properties considered in the searches rising to €312,000.
Where are buyers searching for Italian property? Gate-away highlights Apulia, Carovigno and Ostuni as among the most favourite locations in the quarter following the British referendum. TheMoveChannel.com’s latest Hotspots Index, which covers searches in Q3 2016, ranks Florence, Rome, Terni, Verona and Sorrento as the most sought-after Italian locations.Google+