Demand for property in the UAE and the Philippines has reached a record high, reveals TheMoveChannel.com’s latest Top of the Props report. Both countries stormed up the chart in May 2016 to become the second and third most popular destinations on the site.
Despite the new challengers to its title, the USA remained the number one destination, accounting for over 1 in 10 enquiries on TheMoveChannel.com (unchanged from the previous month at 11.81pc).
It was all change for the rest of the Top 10, as European destinations slid down the league table. With the spotlight shining on the UK’s upcoming EU referendum, though, investors show no sign of wanting to leave European real estate alone. Fifth place Spain’s share of enquiries fell just 0.13 percentage points from 4.16 to 4.03 per cent, while Italy’s share of enquiries actually increased from 2.69 per cent to 2.70 per cent, despite its Top of the Props ranking falling two places to eighth. Interest in Turkish real estate also remained stable at 2.52 per cent (down from 2.56 per cent).
Demand from Brits and other buyers rose for French real estate, in particular: France rose one place to fourth in the chart, just as the country is enjoying additional exposure from the Euro 2016 tournament.
Investment kicked off most of all, however, in the Philippines and the UAE. This is the first time that either country has entered the top three destinations on TheMoveChannel.com, but the rising interest has been evident for some time.
Dubai’s growing demand
In April 2016, the UAE rose 10 places in the Top of the Props chart to seize eighth spot. This is the fifth time that the UAE has ranked in the portal’s Top 10 in the last seven months.
The surge in demand follows a successful trip to London for the Dubai Property Show by several developers, including Nakheel.
“Reasons to invest are perhaps rental yield, perhaps the lifestyle of Dubai, perhaps you have family and friends there, perhaps you want a second home,” Nakheel’s Chief Commercial Officer, Aqil Kazim, told TheMoveChannel.com at the show. He added that the emirate’s real estate is ending a period of correction and maturing from a speculator to an end user market.
The UAE accounted for 6.79 per cent of all enquiries on TheMoveChannel.com in May 2016, its biggest ever share of activity.
The Thriving Philippines
The Philippines was hot on the UAE’s heels, with its share of enquiries soaring to a record high of 4.95 per cent – enough to steal the Top of the Props‘ coveted third spot away from traditional favourite Spain.
Demand for real estate in the Philippines has also climbed in recent months, after the Philippines first entered the Top 15 destinations on TheMoveChannel.com in January 2016.
“We have found that demand from investors for viable opportunities in Asia has been growing for some time but sourcing the right deal, with genuine credentials, has proved hard – until now,” says Ray Withers, CEO of investment specialists Property Frontiers, which has just launched a resort on the island of Carabao.
“The Philippines, due to its thriving economy, growing population (100 million people+) and booming global tourism appeal (542,248 international arrivals in Jan 2016) caught our attention here at Property Frontiers earlier this year and we were delighted to launch a brand new luxury resort opportunity, Portofino Ocean’s Edge, last month.
“Not only is Portofino Ocean’s Edge a 5* boutique resort, just 15 minutes by boat from the popular Boracay island, it also presents a very appealing investment opportunity – fully packaged, high yielding with a viable exit strategy and up to two weeks unrestricted personal use per annum.”
Withers adds that only 50 per cent of the resort, managed by Asia’s biggest hospitality provider, Plateno Hotels Group, is being released to investors, which has fuelled competition for the 23 units available.
The full Top of the Props chart for May 2016 is as follows:
Notes to Editor
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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