Top of the Props: Buyers go back to Greece
Buyers are going back to Greece, according to new research from TheMoveChannel.com. The portal´s latest Top of the Props report reveals that demand for Greek property has increased, taking the country back into the site´s 10 most popular destinations for the first time in seven months.
- Greece in top 10 countries for first time in 7 months
- Greek share of property enquiries trebled in Q1 2014
- Confidence in Europe on the up
- Italy in top 5 countries for first time in 7 months
Greece accounted for 1.84 per cent of enquiries in March 2014, taking the country back up to 10th in the Top of the Props chart. This is just the second time that Greece has appeared in the top 10 in the last 18 months, as buyers return to the country, attracted by low real estate prices.
Buyers went back to Italy too, with the country climbing four places to enter TheMoveChannel.com´s top five for the first time since August 2013. Italian property received 3.08 per cent of enquiries on the site, enough to leapfrog buyer favourite Brazil, which fell to seventh place.
This is the first time Brazil has ranked outside of the top five destinations on the site since October 2013. Indeed, Brazil has established itself as a major market for investors in the last year, thanks to its strong housing market and the promise of the upcoming FIFA World Cup and 2016 Summer Olympics. Now, though, buyers appear to be returning from South America to the eurozone, as confidence on the continent increases.
The USA remains the most popular property market in the world, accounting for 15.66 per cent of all enquiries on TheMoveChannel.com. The rest of the top five, though, is made up of European destinations, as Italy joins second place France, third place Spain and fourth place Portugal.
Interest is also still strong in The Bahamas, which has enjoyed a strong first quarter in 2014. The country soared to a record sixth place in January and, despite sliding into 12th in February, reclaimed its position in the top 10 last month, establishing the Caribbean market´s ongoing popularity as more than just a flash in the plan.
While America has dominated international property demand throughout the first three months of 2014, TheMoveChannel.com´s Top of the Props has seen several big changes. Political unrest has deterred investors in Thailand property, causing the country to fall from 8th place in January to 12th in March. In Europe, France has overtaken Spain to become the new most popular property destination, accompanied by a rebound in demand for Portuguese real estate.
Canada has also cemented its status as an investment hotspot, remaining in the top 10 alongside other sought-after countries such as Turkey. Greece´s property market, though, is enjoying an equally positive year. A steady growth in interest during Q1 2014 has seen the country climb from 18th place to 16th in February and then rise to 10th place in March 2014. Over the last three months, Greece´s share of activity on TheMoveChannel.com has trebled from 0.65 per cent to 1.84 per cent.
Italy has also returned to the top 10, climbing from 10th in January to fifth in March. Together, the pair highlight the irresistible appeal of low prices in familiar lifestyle destinations, but also growing confidence in the eurozone.
TheMoveChannel.com Accounts Director Naz Haghicomments:
“Buyers are returning to the eurozone thanks to a combination of low prices and improving sentiment. Greece and Italy have both enjoyed a consistent increase in enquiries during the first three months of 2014, a sign that this is not a one-off spike in interest. Argentina surged back to 11th place in March, for example, driven by attractive new launches in the area. Italy and Greece, though, have seen no new products or marketing activity in the last three months. Instead, we have noticed a significant growth in natural traffic for Italian and Greek property, as buyers both inside and outside of the EU search for the countries in Google, attracted by low prices and Greece´s Golden Visa.
“That improved sentiment have seen buyers toy with other old favourites, such as Bulgaria and Cyprus, but momentum remains with more traditional lifestyle destinations. With four out of the top five destinations on TheMoveChannel.com now made up of eurozone markets, confidence is certainly on the up.”
Click here to see the top 10 property destinations on TheMoveChannel.com in March 2014.