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Portugal and Cyprus win as Brits return to market

Portugal, Turkey and Cyprus are among the main beneficiaries of the returning British interest in overseas property, according to the latest figures from portal Rightmove.

THE RIGHTMOVE website recorded a 60% year-on-year increase in the number of overseas property searches in March.

Destinations in Portugal saw a 6.3% increase in searches compared to the previous month, fuelled by particularly by a 106% spike for Costa Verde, as well as 16% rises for Lisbon and the Silver Coast.

Portugal has surged past Australia and reclaimed its fourth place in our chart as the seasonal peak in emigration interest fades,” said Rightmove’s head of overseas, Robing Wilson.

Turkey and Cyprus also rose in popularity compared to the previous month and year, with Mugla and the Aegean in Turkey recording 16% and 12% monthly rises, respectively, and Paphos in Cyprus seeing 12% more interest compared to the previous month.

Historically, Italy has rounded out the top five countries, but strong performances from Cyprus and Turkey could see an upset as interest builds into summer,” said Wilson.

The biggest increases of all were for Malta, up 21% compared to the previous month, and Germany, up 17%. Spain, France and the USA retained the portal’s top slots.

Currency driven

The trend was backed up by foreign exchange broker Moneycorp, which saw an 18.5% rise buyers and sellers for Portugal and a 16.6% rise for Cyprus compared to the previous month.

The GBP/EUR rate improved during March and is currently showing more signs of life, pressing higher towards the €1.15 level,” said Moneycorp’s head of private clients, David Kerns.

Compared to February’s low of just under €1.10, properties within the Eurozone would have appeared a more attractive prospect for euro buyers in March which could account for the rise in enquiries that Rightmove Overseas has seen.

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