America surprise second choice for buyers
Friday, 4 November 2011 9:08 AM
America has leapfrogged France to become the second most popular overseas property destination in the world, according to a 'Top of the Props' report from TheMoveChannel.com.
France had long vied with Spain for the top spot, but the surprise entry of the US into the top two suggests the Eurozone crisis may be having an impact on overseas property investors' confidence.
Over the last month there has been a 1.06 per cent increase in enquiries for US property from overseas, coupled with a 1.57 per cent drop in enquiries for French property.
Dan Johnson, TheMoveChannel.com director, said: "French real estate has been seen as a safe investment zone in Europe for some time, so America snatching second place is a great achievement.
"The US market is currently full of foreclosures and repossessed property, with the affordable prices tempting buyers away from the French ski slopes and into the States."
Interest in US property has been on a steady upward climb, with an increase of three per cent over the last three months.
Further evidence that the Eurozone crisis is hitting overseas property investment is the 2.42 per cent decrease in interest in Portugal.
More surprisingly, Cyprus and Thailand both jumped several places to enter the top 10 most popular destinations.
Cyprus has been struggling with unemployment and economic problems, but falling property prices over the past six quarters are helping them to claw back buyers.
Johnson continued: "It's interesting to see Cyprus and Thailand regain their status as former top 10 property destinations.
"The flooding may see Thailand's popularity decrease next month, but Cyprus' low prices leave a lot of room for investment as buyers look for familiar markets amid ongoing economic uncertainty."
Spain remains top of the pile, but perhaps the most surprising mover is Greece which went up one place to 11th spot despite its extreme economic malaise.
Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter.
