Demand for Spanish property hits 10-month high
According to TheMoveChannel.com, demand for Spanish property has reached a 10-month high.
The country raced to the top of the property portal's charts in June 2016, becoming the most popular country among overseas property buyers for the first time since September 2015.
Spanish property accounted for one in eight (12.27%) of all enquiries on the site in June 2016, overtaking US property for the first time this year. America, which has regularly been the most sought-after destination on TheMoveChannel.com in the last year, accounted for 8.14% of June's enquiries, falling to third place in the Top of the Props chart – behind the UAE, which climbed into second place with 1 in 10 (10.12%) of all enquiries.
Investors continue to look favourably upon alternative and emerging markets, with Turkey rising two places into seventh with 2.5 per cent of enquiries. India (1.17%) rose one place into 12th, while Canada held on to its eight position with 2.43% of the month's activity. Slovenia also emerged as a summer hotspot, entering June's Top 10 with 1.28% of enquiries.
America's property appeal has not ended, though: on a quarterly basis, the USA was the most popular destination of Q2 2016 on TheMoveChannel.com, ahead of runner-up Spain.
On a quarter-on-quarter on basis, TheMoveChannel.com's Top of the Props report also highlights buyers' enduring interest in European property: Italy, Portugal and France completed the Top Five destinations across the three months to June 2016. Italy and Spain saw their enquiries rise 14% and 17% respectively, compared to the first quarter of the year.
In June, Portugal and France also completed the month's Top Five, with Portugal climbing two places to reach fourth place and France sliding into fifth, above The Philippines and Turkey.
Dan Johnson, Director of TheMoveChannel.com, had this to say: “The rise in Spain's popularity arrives in the same month as the UK voted to leave the European Union. It is too early to see the impact of that decision, but with UK buyers accounting for a significant portion of TheMoveChannel.com users, June's Top of the Props report proves that Brits are far from out of love with Europe. Enquiries for Cypriot real estate rose 20% in Q2 2016, while June saw Irish property enter the Top 10 for the first time, which may be a result of Remain voters looking to move abroad to a place in the EU.
Spain, however, is not just a European lifestyle favourite, but a sought-after opportunity for investors. The country's economy has been steadily growing each quarter since Q3 2015, with property prices also having bottomed out in key areas. Even with the pound weakening in the wake of the Brexit vote, the euro has weakened too, meaning that property remains good value for buyers in the UK and elsewhere, boosted by mortgage rates at their current lows.
In fact, Spain's share of activity in June 2016 was its highest since July 2013, when it accounted for 30% of activity on TheMoveChannel.com. Demand is below that peak, but is higher than 2015's best months, when Spain recorded 11.99% and 11.25% of enquiries respectively. The country remains attractive for EU and non-EU buyers alike.”