Overseas interest strengthens in Cyprus

Overseas interest in Cyprus strengthened in March, reveals TheMoveChannel.com’s latest Top of the Props index. The country re-entered the top 10 most popular countries on the portal for the third time in six months, becoming the sixth most sought-after destination.

Foreign buyers returned to the island’s property market at the end of 2016, with enquiries rising 22 per cent in the second half of the year. After 2016’s strong finish, enquiries faltered at the start of 2017, but buyers are now showing signs of returning in greater numbers. In real terms, enquiries for Cypriot property rose by more than 50 per cent in Q1 2017 compared to Q4 2016. The country accounted for 3.03 per cent of enquiries, its highest share in two years.

Interest also increased in Croatia, which climbed the Top of the Props charts to become the seventh most popular country on TheMoveChannel.com. This is the country’s first time inside the Top 15 since October 2016.

Demand dipped for property in Spain, although the country held on to second place, behind returning number one destination the USA. US real estate accounted for 7.89 per cent of all enquiries, ahead of Spain’s 6.01 per cent. France and Italy also saw their share of enquiries decrease slightly, slipping to eighth and ninth place in the Top of the Props table respectively. Portugal held on to its fourth spot, with 3.96 per cent of enquiries.

The coveted third place was stolen by Indonesia, which accounted for 5.98 per cent of activity. Indonesian interest was driven primarily by a resort on Gili Air, as the development tapped into rising demand for real estate from international investors. The more traditional safe haven of Germany, meanwhile, maintained its position in 10th place.

“The USA and Spain have been battling to be top dog on TheMoveChannel.com for a long time,” commented TheMoveChannel.com Director Dan Johnson. “With prices climbing and sentiment in the USA’s economy staying positive, America remains an attractive market for international buyers. Spain’s appeal is still strong, although with the UK triggering Article 50 in March, British buyers may have postponed any enquiries last month to wait and see how negotiations with the EU begin. With the country making up the three most-searched locations on TheMoveChannel.com in Q1 2017, however, international interest from a diverse range of nationalities evidently remains high.

“Foreign demand for Cypriot real estate is showing signs of strengthening again in 2017. Interest climbed in the final months of 2016, possibly fuelled by buyers racing to beat the deadline for a Capital Gains Tax incentive at the end of the year. Interest softened at the start of 2017, but enquiries have grown once more in March, without the impetus of the tax deadline. With prices bottoming out and climbing across almost all regions, according to multiple indices, conditions in the island’s market are certainly improving, which is beginning to bring back investors. The island’s Golden Visa scheme is also helping to drive recovering demand, with buyers on TheMoveChannel.com particularly interested in citizenship investment opportunities.”

 

The full Top of the Props chart for March 2017 is as follows:
 

#

Country

Share

Change

1 USA 7.89  2
2 Spain 6.01  1
3 Indonesia 5.98  3
4 Portugal 3.96  –
5 UAE 3.40  3
6 Cyprus 3.03  12
7 Croatia 2.69  27
8 FRANCE 1.47  1
9 Italy 1.47  4
10 Germany 1.39  –
11 Turkey 1.26  2
12 India 1.02  2
13 Cape Verde 0.84  1
14 Bulgaria 0.68  1
15 New Zealand 0.54  14
16 Greece 0.53  15
17 Barbados 0.51  15
18 Thailand 0.43  1
19 Australia 0.38  2
20 Canada 0.34  7
21 Slovenia 0.22  10
22 Montenegro 0.18  11
23 Azerbaijan 0.16  –
24 Malta 0.15  2
25 Hungary 0.14  2
26 South Africa 0.14  15
27 Morocco 0.14  11
28 Switzerland 0.12  8
29 Vietnam 0.12  1
30 Singapore 0.11  22
31 Sri Lanka 0.11  13
32 Mauritius 0.07  –
33 Romania 0.07  9
34 Tunisia 0.06  –
35 Ireland 0.05  –
36 Albania 0.05  19
37 Brazil 0.04  14
38 Philippines 0.04  1
39 Egypt 0.04  4
40 Panama 0.04  –
41 Latvia 0.02  3
42 Russia 0.02  14
43 Finland 0.02  –
44 Cayman Islands 0.02  –
45 Austria 0.02  –
46 Mexico 0.02  2
47 Poland 0.02  11
48 Colombia 0.01  –
49 Bahamas 0.01  23

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