Buying interest boosted as second home market grows
France, Italy and Germany are all attracting more interest from overseas property buyers, especially areas popular with Brits such as the Dordogne, the latest Rightmove Overseas index shows.
In May, some 56.2% of indexed locations saw increases in searches, 43.7% saw decreases, 0.1% no changes at all. Overall, searches for overseas property rose 15% in May.
Poland has broken into the top 20 countries for the first time, with searches increasing by a huge 248%. Top ten climbers include several French regions. The Dordogne was up 74%, Aquitaine up 47% and Limousin up 39%.
Italy also continues to attract a lot of interest with 17 out of 20 Italian regions see increased user activity in May. While Bavaria in Germany was the top climber for May with 82% more searches month on month.
‘After the bank holidays in April, searches for overseas property increased by 15% in May as people settled back into their normal routine. Properties in France received a healthy growth in interest, especially properties in The Dordogne region, as users combine looking for a bargain with a complete change of lifestyle,’ said Shameem Golamy, head of overseas sales at Rightmove.
‘Properties all over France are being advertised at realistic pricing levels, with 2 bed houses starting at around £75,000. With transport costs reportedly on the increase, it is logical that people are starting to look closer to the UK,’ he explained.
Rightmove’s new partnership with Polish property firm Morizon.pl, which has led to an increase in properties displayed in Poland, has caught the imagination of UK buyers with a surge of users gaining access to the attractive investment opportunities available,’ he added.
Currency changes mean that there has been more interest in non-Eurozone property, according to David Kerns, dealing manager at Moneycorp. ‘The post bank holiday blues clearly led to a large increase in interest in overseas property last month, as sunny shores and a new life abroad tempted UK workers. But the euro seems to have set its sights on becoming the world’s premier bipolar currency, fuelled in part by the indecision over what to do about Greece,’ he said.
‘As a result, there has been more and more interest in non-Eurozone economies, such as Poland and Turkey. Turkey in particular has become one of the fastest growing economies in Europe and many property investors here have been attracted by its stability against a backdrop of uncertainty closer to home,’ he added.