Demand for Spanish property soared to an all-time high in September, according to TheMoveChannel.com’s Top of the Props. Spanish real estate accounted for more than one in five enquiries made on the overseas property portal last month, the biggest share of activity since Top of the Props records began.
Spain has been the number one property destination on TheMoveChannel.com for a long time, even during the eurozone crisis. Only once, at the end of 2011, did US property overtake Spanish real estate in the chart, when America’s low-priced property outshone Spain’s sunny Costas. But as house prices continue to drop across the country, investors are increasingly eyeing up bargains, pushing enquiries to a record high of 20.78 per cent, a year-on-year jump of 5.01 per cent.
Spain was not the only country to see a September surge. Interest in Portuguese property increased by 2.77 per cent to account for almost one in 10 enquiries. In fact, Portugal is now the third most popular destination on TheMoveChannel.com, the first time it has ranked above France since December 2011 – boosted, perhaps, by France’s recently approved property taxes. Bulgaria also rose by three spaces to take ninth place, cementing its position as a favourite among investors.
Indeed, this is the fifth time the country has been in the Top of the Props Top 10 in the last 12 months.
But even with Brazil, Portugal and Cyprus all climbing up the Top 10 as well, Spain’s soaring popularity stole September’s show.
Simon Peck of Best Overseas Property comments: “Uncertainty in the eurozone may still be high, but the economic climate has actually made Spanish property more affordable than ever. Prices are now as low as 60 per cent off the market peak, banks are allowing 100 per cent finance on some developments and with the single currency weakening, exchange rates can save investors a sizeable chunk on their transaction. Official figures have already seen overseas property investment this year reach the highest level since four years ago! The bottom line is this: if a property is of good enough quality and in a desirable location, buyers are no longer waiting to make a purchase.”
The full breakdown of the top 40 is as follows (click to enlarge):