Spanish property used to be the favourite for buyers, with the sunny Costas attracting swarms of house hunters every year. But now there's a new top dog as the US replaces Spain in the overseas property portal's rankings, upsetting the market's established order to become the most popular destination in November.
The US has long played second fiddle to both France and Spain for property buyers but in October, America leapfrogged France to become a surprise runner-up in TheMoveChannel.com's chart. Now, an increase of 7.01 percent in enquiries has seen the US surge to number one, with foreclosed homes and bargain house prices eclipsing the opportunities available in Europe.
Spain could only stand and watch as enquiries fell by 2.38 per cent last month, despite its half-price VAT reduction on new homes until the end of the year. France, on the other hand, remained firm in third place, attracting exactly the same number of enquiries in November and October, demonstrating the country's consistent appeal to investors.
South America also saw strong growth, as Brazil jumped up four places in the property portal's top 10. The increasingly strong economy, which continues to be boosted by the upcoming World Cup and Olympics, has led to high demand for houses in Brazil. That demand, however, wasn't enough to break through the Eurozone barrier of Italy and Portugal, who both held their ground to round off the chart's top 5.
Managing Director Dan Johnson comments:
"After climbing three places in as many months, the US continues to attract more and more overseas investors. Florida remains a popular lifestyle choice and with US houses the most affordable they have been in 15 years, the troubled Eurozone just can't compete with the low price of American real estate. It's no coincidence that the US is the only country to rise above the four familiar European markets.
"Brazil is another strong area of growth. Sports and tourism have boosted international awareness of its real estate developments. As a result, investors are turning away from Europe and heading to North and South America, where the economic future seems far less uncertain."
As Spain's reign ends, America's dominance begins. Indeed, while the industry speculates about the impact of the Euro upon the rest of the world, North America's rise to first place is exactly the kind of stimulant the US housing market needs.
