Foreign buyers are still in love with Spanish property, according to TheMoveChannel.com’s latest Top of the Props index. Spain was the number one destination on the international property portal in February 2017, stealing the top spot from the USA for the first time in seven months.
Spain has now been in the top two countries on TheMoveChannel.com for 10 months, only ever ranking behind the USA. US property saw its share of enquiries decrease from 14.65 per cent in January to 11.38 per cent in February, after a long period of dominance that was fuelled by confidence in the American economy and housing recovery. Enquiries for Spanish property, meanwhile, more than doubled month-on-month in real terms, proving that the country’s appeal has not diminished, even in the wake of the UK’s vote to leave the European Union. Spain accounted for more than one in seven enquiries on TheMoveChannel.com in February, its highest share of activity since 2013.
“Foreign buyers are still in love with Spanish property,” says Dan Johnson, Director of TheMoveChannel.com. “Much has been made of the potential impact of the UK’s Brexit vote upon British appetite for Spanish real estate, as the pound has weakened in the wake of last summer’s referendum. But after a short period of caution from Brits, whether it is holiday home hunters seeking sunshine or non-EU buyers from the USA or Middle East going for Golden Visas, investors from around the world are still eager to purchase Spanish property. Tourist destinations remain particularly sought-after, with house price growth led by Spain’s vacation hotspots. With the real estate recovery increasingly gathering momentum, though, and mortgage rates remaining at unprecedented lows, there has rarely been a better time to buy a Spanish home.”
Spain led a rise in demand for Europe’s top lifestyle destinations, with Portugal climbing into third place in TheMoveChannel.com’s Top of the Props chart for the first time since October 2016. In real terms, enquiries for Portuguese real estate jumped 23 per cent month-on-month, taking it two places higher in the chart. France also saw its enquiries rise 12 per cent in real terms, leaping three places to become the sixth most popular country on the portal.
Investors also broadened their horizons in February, though, setting their sights on increasingly diverse destinations. Singapore was the eighth most sought-after destination on the portal, while Indonesia was the fifth most popular. This was the first time in the Top of the Props Top 10 for both countries. However, this was the second month in a row that Indonesia has appeared in the Top of the Props chart: the nation ranked in 15th place in January 2017, as the country’s expansive population and recent moves to begin easing foreign ownership restrictions have sparked overseas interest.
The full Top of the Props chart for February 2017 is as follows: