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Rightmove Overseas reports a rise in interest in Indian property, Spain still top

by International Commercial Investment on July 3, 2012

By Property Wire

Spain is still the most searched for country among overseas property buyers, accounting for a quarter of all searches, according to the latest report from Rightmove Overseas.

In May some 0.61% of locations saw an increase in searches, 49.34% of locations saw a decrease in searches and 0.06% no change.

Searches for properties in India increased as non-resident Indians looked for a bargain back home and there was also a notable rise in interest in Buglaria.

Searches for property in French ski regions fell, as would be expected at this time of the year and Austria, Malta and Thailand also experienced a fall in popularity.

Overall some 3.2 million searches were conducted on Rightmove Overseas in May, another record. Over 800,000 of these searches were for Spanish property, with the traditional locations of the Costa del Sol and the Costa Blanca the main areas of interest.

The Algarve in Portugal and Tuscany in Italy also rose in popularity, as people look to buy in areas they are familiar with. Also attracting interest from UK based buyers in May was property in the Greek Islands, as well as the Turkish investment hotspot of Istanbul.

‘Interestingly, non-European destinations such as India have really come to the forefront of buyers minds in May. The Indian states of Kerala, Karnataka and Maharashtra all saw large increases in activity as did the Canadian province of Newfoundland and Labrador. It seems that although UK buyers are still besotted by property in Spain, they are now prepared to look further afield in order to secure their dream house overseas property,’ said Shameem Golamy, head of Rightmove Overseas.

Interest in Spain has been backed up by currency demands. ‘The British love affair with Spain continues. Although a lot of expats are returning to the UK we are finding a high level of activity the other way. Bargain prices and a weaker euro are helping,’ said Charles Purdy, managing director at Smart Currency Exchange.

‘With the euro weakening, at one stage we were above €1.25/£1, property prices and the cost of living are nearly 10% less than this time last year. And it is difficult to see sterling weakening significantly against the euro in the medium term given the euro zones debt problems,’ he explained.

‘We have also seen a resurgence in Indian Rupee transfers as it weakens to over INR85/£, a rate not seen for a very long time. Just like in Europe, Indian properties are nearly 10% cheaper and therefore it is no surprise to find the increased interest in Indian properties on the Rightmove website,’ he added.

International Commercial InvestmentRightmove Overseas reports a rise in interest in Indian property, Spain still top