Portugal’s property appeal shows no sign of fading, according to new research from TheMoveChannel.com. The portal’s latest Hotspots Index reveals that the country has never been more attractive to house-hunters, dominating the Top 10 Hotspots in Q3 2015.
Rome was the most searched-for hotspot on the site in the three months to September 2015, accounting for 1.45 per cent of all location-based searches. Rome’s rise into the number one position replaced Portugal’s Braga, which fell out of the Top 10, and marked the second time the Italian capital has taken the top prize in the past year.
Portugal, though, raced to hold onto the number two spot, with Ericeira (1.28 per cent) rising 13 places in the Hotspots chart to become the second most popular location on TheMoveChannel.com, followed by Ponta Delgada (up 11, 1.04 per cent).
The Top 5 was completed by Protaras (0.97 per cent) and Zante (0.97 per cent), which held onto their fourth and fifth spots respectively, as both Cyprus and Greece proved attractive to overseas buyers, despite ongoing economic uncertainty. Indeed, Greece now makes up four of the Top 50 Hotspots on TheMoveChannel.com.
The newest entry in the Top 10 was Lautoka, Fiji, which received 0.82 per cent of enquiries. The second largest city in the archipelago was the eighth most searched-for location in the world during Q3 2015, just ahead of fellow Hotspots Index newcomer Tó in Portugal (0.82 per cent). Despite the arrival of Fiji in the index, the Q3 chart confirms the dominance of old favourite Portugal: including 10th place Albufeira (0.81 per cent), the country accounted for half of the Top 10 Hotspots.
“Thanks to affordable yet recovering prices, the weak euro and low mortgage rates in France and Spain, Europe has never been more attractive to overseas investors,” comments TheMoveChannel.com Director Dan Johnson. “The continent accounted for nine out of the Top 10 Hotspots in Q3 2015, thanks, in part, to the ongoing appeal of Cyprus and Greece. Italy’s rebound in popularity also continues, accounting for eight of the Top 50 Hotspots, more than even Spain (7) and France (6).
“Portugal, though, is the biggest player at the table. Accounting for half of The Top 10 Hotspots on TheMoveChannel.com, Portugal was also home to over a third (38 per cent) of the overall Top 50: even at the earliest stage of house-hunting, buyers are immediately looking to the country for their holiday homes and investments. With price rises continuing and enquiries increasing, Portugal’s appeal shows no signs of fading.”
Italy’s property market has enjoyed a steady flow of returning buyers from overseas, as the exchange rate between the pound and the euro favours British buyers, who remain enchanted by the country’s dolce vita. The renaissance of interest has been driven by major cities, such as Rome and Florence, according to the Italian revenue agency.
While Faro remains the most popular part of Portugal for British holiday home buyers, Lisbon has proven more sought-after among non-EU buyers seeking citizenship through a Golden Visa. The rise of places such as Ericeira highlights both the success and impact of the scheme.
The Algarve has always been the most in-demand part of Portugal, thanks to the region’s stunning beaches and investment potential, but hotspots such as Ponta Delgada in the autonomous region of Azores, demonstrate how widespread demand for Portuguese property has become.
Cyprus has seen buyers return in force throughout the past year, with sales rising six months in a row in August 2014, according to the Department of Lands and Surveys. Protaras is located in the resort-fuelled region of Famagusta, where sales climbed 100 per cent in October 2014. Located near Ayia Napa, the town’s sandy shorelines and blue sky match the attractive range of apartments, villas and restaurants, making it a popular location for a holiday home.
Greece may be in a period of economic uncertainty, but the country’s impact upon the weakening euro has prompted a surge in searches from eager property buyers. With the pound and US dollar recently at historic highs against the single currency, there has arguably never been a better time to snap up a Greek island home for a bargain. Zante – or Zakynthos – is home to some of Greece’s most beautiful beaches, a fact that has seen its popularity surge in recent months.
The spending power of British buyers in Spain has risen 15 per cent in the past 12 months, driven by exchange rates between the pound and euro and low Spanish property prices. The Costa del Sol remains the most popular market for Brits, with booming tourist figures and rising values ensuring that buyers do not wait around for long.
39km from Lisbon, the area of Cascais is one of the biggest beneficiaries of rising international demand for property in and around the capital, offering its own hotels, beaches and restaurants for those seeking a second home in a quiet, yet still connected, part of Portugal.
The second largest city in the island country of Fiji, Lautoka isn’t a must-visit destination on the tourist path, but at just a 30-minute drive from Nadi, the sugar-farming hub is a picturesque place to hang your hat.
With Portugal’s economy and housing market both inspiring confidence, more and more buyers are looking outside of the normal hotspots for lower prices. Tó, located in the rural peace of Mogadouro, has emerged as a surprise favourite among house-hunters.
The Algarve will never lose its appeal to tourists and holiday home hunters. With property sales across the country rising for the past 15 months in a row, the southern region is at the heart of the market’s recovery – and Albufeira is the epitome of Portugal’s attractive coastline.
The full top 50 hotspots on TheMoveChannel.com in Q2 2015 is as follows:
|16||Portugal/Ilha do Faial||0.70%||24|
|26||Portugal/Armacao de Pera||0.59%||-18|
|29||Spain/Province of Alicante||0.56%||-20|
|32||Spain/Costa Blanca South||0.52%||5|
|40||Portugal/Vila Nova de Milfontes||0.45%||New|
|47||Spain/Lloret de Mar||0.39%||-2|