Overseas property spike searches as easy lockout steps!

Rightmove, on-line property portal data, shows that last year's search volume of property abroad grew, when locked-down Britons seemed to consider moving or searching for a second home to flee.

Rightmove said that the searches for private holiday homes and apartments in Europe have increased considerably and the most common destination searches in Spain, France and Portugal. the pearl qatar apartments

Searches overseas property spike

In May, Rightmove Overseas' number of new users was 41 percent higher than in the same month the previous year. The upward trend was a continuation of the April rise, which resulted in a 50 percent increase month after month for property searches abroad. Overseas property searches in Spain grew 34%, while France was 24% higher and Portugal stepped back to 24% year-on-year.

UK demand for worldwide property continued to remain in 2021, as the interest in Spanish property increased by nearly 40 percent in January by Taylor Wimpey Espana.

Dennis Chan, International Sales Manager at Chestertons, said that there were more customers interested in "second homes at our offices in southern Europe, and especially in the coastal regions."

The most famous places for Spanish property include Mallorca, Ibiza, Costa de Almeria, Tenerife, and Costa del Sol, which include the cities of Malaga and Marbella.

In France, most searches have been carried out in areas like Dordogne, Languedoc-Roussillon, Brittany, Valley of the Loire and Normandy which are home to Rouen and Caen.

Silver coast, the Algarve, Lisbon and coastal town, Albufeira and Vilamoura were the most searched areas for second homes in Portugal.

While many people seriously think of relocating abroad or buying a property abroad, Rightmove acknowledged that the data could not represent increased demand. They admitted that the rise in searches of foreign estates was a combination between the aforementioned and "dreams of an international tour" after having canceled their vacation under COVID-19 travel restrictions.

The increase in house searches in Ibiza, which rose by 174%, may also reflect that view. The jump is largely due to the success of Netflix's British-Spanish White Lines thriller series which seeks to solve a killing case in Ibiza.

It is too early to evaluate whether the rise in property searches would lead to hard sales, given that the UK still has restrictions on travel, which are expected to be removed from 17th May. However, Miles Shipside, a Rightmove Property Expert, stated: "this is indicative of a life-changing time for Britons, who reassess how and where they want to live."

Mr Shipside noted that "countries like Spain, France and Portugal have UK-family cultures and reasonably priced rural stock would appeal to those who were unable to travel recently," he added.

Rightmove not only observed an increase in interest in overseas properties, but also noticed an increase in new entrants. According to their latest statistics, last month the number of new users looking for properties abroad was 41 per cent higher than last year in May.

Kieran Byrne, owner of HomeEspaña Spanish estate agents, also noted that new consumer requests in abroad were growing considerably towards the end of April and during Mai.

When reflecting on the growth of new customers, he said that the lock-up steps "consider their lives in cities and towns, and that they are being trapped in buses and trains."

He said that "it is safer to be somewhere with more outdoor lifestyle, better weather, proximity to swimming pools and beaches," he added.

The main reasons for leaving the United Kingdom are sunnier climates and greater quality of life. The coronavirus pandemic, however, has devastated the global economy and has not avoided the damage to housing industries.

As a result of UK government policies such as 95% mortgage, low interest rates and stamping holiday, property transactions within Great Britain rose sharply in 2021. The boost in the UK housing sector aims to help the UK pound (GBP) and strengthen the overall economic outlook.

Lockdown has enabled transactions on foreign property

Estate officers Knight Frank expects fair price growth this year in major European cities as demand for international houses continues to rise. They expect properties in Lisbon to rise by 4%, 3% in Berlin, 3% in Paris, 3% in Madrid and 2% in Barcelona.

International real estate

According to the Financial Times, in Europe's already surcharged markets, buyers can negotiate up to 20% off the demanded price of certain assets.

Property prices decreased last year, and buyers can profit from low interest rates and pursue mortgage options after a second home for another property.

According to Rightmove, a 10-bedroom luxury beach villa in Marbella can now be purchased in Spain for less than GBP 20,000 and a guidance price of EUR 45 million, which is currently equivalent to approximately GBP 40 million at the exchange rate for GBP/EUR, is being sold at the opposite end of the price spectrum.

However, while mortgage rates could remain attractively low, the reawakening of the housing market may lead to an increase in foreign property prices. Although mortgage lenders ask for large deposits, low house prices and shrinking interest rates are an advantageous occasion to obtain a valuable offer for your transaction abroad.