US property is still winning the vote of foreign investors, reveals TheMoveChannel.com’s latest Top of the Props report. As the world’s eyes turn to the White House ahead of the 2016 Presidential election, the USA retained its number one spot in the international portal’s rankings.
US real estate made up more than one in 12 (8.48 per cent) of all enquiries on TheMoveChannel.com in October 2016, as foreign buyers elected to continue spending money on the nation’s recovering housing market. That vote of confidence was enough to see off popular rivals Spain and Portugal, which held on to their respective second and third places in October’s polls.
The global property race saw some surprising new candidates compete for investors’ attention, though, with enquiries rising for both Canadian and Turkish property. Canada rose 12 places to become the fourth most popular country on TheMoveChannel.com, the first time it has appeared in the top five destinations since the introduction of Vancouver’s foreign buyer tax earlier this year. Turkey rose 15 places to become the fifth most popular destination, its first time in the top five destinations since March.
“Canada was one of the most popular destinations on TheMoveChannel.com at the start of 2016, but the country has seen enquiries decrease since the introduction of Vancouver’s 15 per cent tax for foreign buyers,” comments TheMoveChannel.com Director Dan Johnson. “We are still waiting to see the full impact of that tax upon both the city and the country, but investors on TheMoveChannel.com are showing signs of returning to the country, with attention now focused on Nova Scotia and Halifax.”
The month’s second biggest riser was Cape Verde, which stormed 14 places up the Top of the Props charts to break into the Top 10 for the first time in 15 months. The rest of the Top 10 was largely unchanged, as Brazil climbed one place to become the sixth most popular destination and France also rose by one to seize eighth spot.
Seventh place Germany saw its enquiries increase in real terms, as Berlin real estate, in particular, remains a steady favourite among overseas investors: the country has been among the 10 most sought-after destinations on TheMoveChannel.com for seven out of the first 10 months of 2016.
US property, though, remains top dog on the world stage, with investors showing no signs of being deterred by the looming US election. This is the fourth month in a row that the USA has been the most popular country on TheMoveChannel.com.
“The run-up to a major event such an election can be an uncertain time for investors, but US real estate remains an attractive, stable opportunity for overseas investors, especially with the UK’s Brexit vote dominating headlines this summer,” adds Johnson. “The residential market’s momentum has been uneven this year, but property values continue to climb, and even in areas such as Florida, a perennial favourite for overseas buyers, the they remain significantly below their previous market peak. We have also seen growing interest in commercial property opportunities, partly driven by the rise of coworking spaces in such cities as New York, Miami and San Francisco. Investors will nonetheless be keeping a close eye on the US election result on 8th November, which will have an impact upon the US dollar. With the UK continuing to prepare for negotiations with the EU, currency exchange rates will be a key factor for many investors’ decisions in the next year.”
The full Top of the Props chart for October 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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