New research shows that there was 28 per cent increase in the number of property inquiries made by foreign buyers worldwide last year.
The data, which has been gathered by ListGlobally, reveals that the most significant increases in foreign consumer interest was for properties in Portugal, Spain and France. Combined, these three countries account for 50 per cent of all international requests to buy or visit a property.
This popularity is largely attributed to be a result of still relatively low property prices in these three countries following years of downturn following the global credit crunch. Although prices in each of the three have started to rise again in recent years, they remain well below peak levels.
In Spain, 73 per cent of all inquiries made came from buyers based in the UK, Germany, France, the United States, Italy and China. Buyers in Italy, the US and the UK made up the majority of those inquiring about properties in France, while French Italian and American buyers were most interested in Portuguese properties.
While ListGlobally found that there were a number of reasons for the increase in foreign interest, concerns about Brexit in the UK, and dissatisfaction with the Trump Presidency in the United States were among the most popular. Millennials reaching an age where they are starting to purchase their first properties and investment properties was another important factor.
Globally, the average price of real estate for which foreign buyers inquired about, or submitted their interest in, increased by 19 per cent.
Article published 1st February 2018