Top of the Props: Demand for UAE property hits nine-month high
- Demand for UAE property hits nine-month high
- Spain remains world’s most popular property destination
- Demand for Italian property up
- Thailand attracts more overseas buyer
Demand for property in the UAE has hit a nine-month high, according to new research from TheMoveChannel.com. Buyers continue to flock to Europe, but investors are equally keen to buy in Dubai, reveals the portal’s latest Top of the Props report, with the federation re-entering the world’s top 10 destinations.
Spain was the world’s most popular country in March 2015 for the second month in a row, according to TheMoveChannel.com’s Top of the Props report. Spain’s bottoming out prices and the weak euro has prompted a surge in interest from overseas buyers keen to snap up a holiday home bargain. This is the third time in four months that Spain has been the most popular country on TheMoveChannel.com.
The USA rebounded back from its drop in the previous month, with its share of enquiries jumping from 4.66 per cent to 7.2 per cent. That rebound was enough to see the country leapfrog into second place. The appeal of South America weakened, as Brazil slipped from second into sixth, just above France, which dropped one place into seventh.
Thailand continued its climb up the charts: after rising from eighth to seventh in February 2015, March saw its share of enquiries increase even further to 3.95 per cent, taking the country up three spots to fourth.
One of March’s highest climbers was the UAE, which rose from 15th place into 11th in February 2015, before rising up March’s ranks for a second month in a row. The UAE is now the eighth most popular destination on TheMoveChannel.com, its best ranking since June 2014. This is only the third time it has been inside the Top 10.
The UAE’s popularity is fuelled by Dubai, which accounted for almost all of the enquiries. The market has cooled in recent months, partly as a result of higher transfer fees introduced to cap speculative investment, but demand continues to improve on TheMoveChannel.com. Enquiries for UAE real estate were 32 percent higher in 2014 than 2013, although they remain 45 per cent below the levels recorded during the 2008 market peak.
2015 has seen that trend continue, with enquiries up 72 per cent in real terms in Q1 2015 compared to Q4 2014. In the first three months of the year, the UAE was the 10th most popular destination on TheMoveChannel.com, ahead of Cyprus and Greece.
TheMoveChannel.com Director Dan Johnson comments: “Even after the soaring price rises of recent years, Dubai property values are still below peak values, according to Cluttons. Combined with a lack of inheritance tax and the appeal of rental income, demand for property in the emirate remains strong, even following a slight market cooldown.
“The UAE currency is pegged to the dollar, which has made it more expensive for European buyers, while the rouble’s plunge has hampered Russian interest, but interest is still high on TheMoveChannel.com from Chinese buyers, as well as Indians, Brits, Americans, Canadians, and other investors from the Middle East and Hong Kong. In just three months of 2015, the UAE has already received more than 60 per cent of 2011’s total number of enquiries.”
Europe, though, remains the primary driver of activity on TheMoveChannel.com in 2015, with three out of March’s five top destinations located in the eurozone. Interest in Italian property soared in March 2015, climbing three places to account for 3.19 per cent of enquiries, while Portugal returned to the top three destinations for the fifth time in the past six months. Portugal now accounts for 1 in every 20 (5.85 per cent) enquiry on the site.
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Notes to Editors
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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