Overseas property buyers are showing signs of returning to Cyprus, with the country entering a leading overseas property portal’s Top 10 most popular destinations in November for the first time in a year.
The property portal’s latest Top of the Props report reveals a rebound in interest for Cyprus real estate, with enquiries for property on the island reaching a 12-month high in November 2016.
Enquiries more than doubled in real terms month-on-month, taking Cyprus storming 10 places up the Top of the Props chart into eighth spot, knocking France down a place in the process. Cypriot property accounted for 1.62 per cent of all enquiries on the portal in November, marginally ahead of French property’s 1.6 per cent. This is the country’s highest share of enquiries since November 2015, when it accounted for 2.29 per cent.
Cyprus led an uprising among several European destinations in November, with Hungary also entering the Top 10 and Italy rising four places into sixth. The share of enquiries for more traditional continental destinations, such as Spain and Portugal, dipped slightly month-on-month, which may be a sign that the weak pound post-Brexit has weighed upon British buying appetite, although both countries remain in the top four destinations, highlighting their enduring popularity among a wide range of investors.
The USA remains the most sought-after real estate destination for investors, as Donald Trump’s election victory has only gone on to boost the dollar and strengthen sentiment surrounding the American economy. Some investors have also turned to other markets, with Slovenia, home country of future First Lady Melania Trump, seeing enquiries rise, Brazil enjoying a surge in demand, and the UAE also seeing a renewed wave of interest.
Article published 19th December 2016