Top of the Props: Buyers see bright side of Greek euro tragedy

Photo credit: Adam Balch

Buyers are seeing the bright side of Greece's euro tragedy, according to TheMoveChannel.com 's latest Top of the Props report. The eurozone crisis continues to spread waves of uncertainty across the continent, but Greece and Cyprus fought back against the tide in May as demand for each country's property increased, propelling them both into the overseas portal's top 10 destinations.

While banks discussed bailouts and austerity measures, buyers bucked the negative trend last month, driving Greece five places up TheMoveChannel.com's chart to number eight, with Cyprus just behind after climbing seven spots. This is the first time both countries have been in the Top of the Props Top 10 since November last year.

Together, the two destinations accounted for 4.09 per cent of the site's total enquiries in May, lower than sixth place Brazil (4.37 per cent) and far behind buyer favourite Spain, which commanded a 17.81 per cent share of attention, but still enough to rank above tenth place Germany (1.85 per cent). The increase in interest may be slim, but it reveals the ongoing appeal of two much-maligned property markets.

Indeed, Greece and Cyprus have never been far away from TheMoveChannel.com's Top 10. Greece appeared in eighth place in February 2012, while Cyprus rose as high as seventh in October 2011. But economic woes and negative media coverage have left both countries loitering inside the Top 15 for the last three months.

May's uptick in demand also shows the changing relationship between the two markets. Throughout last year, Cyprus remained the most popular of the pair, but since the start of 2012, Greece has consistently received more enquiries from buyers, despite the increasingly tumultuous economic climate.

Director Dan Johnson comments: "Greece continues to hog the headlines this year for all the wrong reasons, so it's a pleasant surprise to see two of Europe's traditional lifestyle destinations back in TheMoveChannel.com's Top 10. There's no getting round the fact that demand has decreased compared to last year – enquiries in October 2011 were higher for each country, even though Greece ranked three places lower – but as debates continue to surround the future of the euro, the increasing popularity of Greek and Cypriot real estate could be a sign that investors are not yet planning an exit of their own."

Ross Michaelides of Buy and Sell Estate Agency in Crete comments on Greece's enduring appeal for overseas investors: "Buying property does have a lot to do with economics, but buying a home abroad should never be determined by money figures alone. The low crime rate, the natural beauty of the area, the weather and climate, the professional services and the hospitality of the people weigh the same (if not more) in the decision to buy a house abroad."

The full breakdown of the Top 40 is as follows:

N otes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.TheMoveChannel.com and the office address is 24 Jack's Place, Corbet Place, Spitalfields, London, E1 6NN.

Contact Dan Johnson on 0207 952 7650 for further information.

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