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Interest in Mediterranean property picks up

Potential overseas property buyers in the UK are showing more interest in southern Mediterranean countries with a rise in Internet searches for Ibiza, Sardinia, Portugal, Cyprus and Greece.

RIGHTMOVE Overseas’ most recent report shows that UK buyers are showing more interest in countries in the southern part of Europe, with more web searches for Greece, Cyprus, Ibiza, Sardinia and Portugal.

Searches for properties in the Province of Valencia, Spain are up more than 166%. Other top searched for locations include the islands of Ibiza in Spain, where searches were up 25% and Sardinia in Italy, up 18%.

Searches for overseas property for sale in Cyprus climbed more than 5% making it the seventh most popular country, according to the report.

Amongst the biggest fallers were New Zealand -22%, Australia -18%, Canada -13%

Commenting on the climbers and fallers Shameem Golamy, Head of Overseas Sales at Rightmove said:

“The summer sun in the UK has brought out the European property hunters, as the traditional emigration destinations such as Australia and New Zealand fall away in searches. Buyers looking for reduced priced properties in traditional lifestyle and holiday hotspots have been notable during March, with the Spanish province of Valencia seeing a massive surge in searches. The current climate means that if you are a buyer, you are spoilt for choice amongst the hundreds of properties with huge price reductions available, all over the Mediterranean.

Searches for properties in countries that have been downgraded on the international financial markets have also seen an increase, with both Portugal and Greece rising sharply in searches. This could be from savvy investors looking to cash in on the economic uncertainty in those territories, or simply those looking to research property prices before flying away to enjoy the holiday season.”

Overall overseas property searches increased 1.2% last month, indicating that British buyers are gradually showing more interest in overseas property markets.

Readers' comments

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  • out of the frying pan into the fire says:

    I think we should all advertise Cyprus.

    C = Corruption, fraud, by lawyers, Developers, Banks and the Government.
    Y = You will insulted, assaulted, threatened, lied to.
    P = Poor which is you will end up after buying in Cyprus.
    R = Ruined in health and wealth while those that did it laugh at you.
    U = Useless that’s what the courts are they are ( see ” C ” ) above.
    S = Sorry you were lied to mis-lead and now you are bankrupt and they still pursue you.

    YES WE SHOULD ALL ADVERTISE CYPRUS AS A TO COME AND STAY AWAY FROM.

  • Eddie 'world citizen' says:

    Perhaps RightMove have got Comical Ali as their marketing supremo. What will we hear from them next?:

    ‘I tell you, the Cyprus property market is on the up and up’. It’ll soon be a bonanza again’.

    ‘Properties in Cyprus are selling like hot cakes. Get in quick’.

    ‘The Title Deeds crisis never really happened’.

    ‘You couldn’t wish for a safer purchase or investment than a property in Cyprus’.

  • Paul says:

    An increase in the number of internet searches does not necessarily lead to an increase in property sales or mean that the countries highlighted in the report are going to see a return of the ‘boom’ years!

    Frankly one would have to be a total idiot to even consider buying a property in Cyprus at the moment.

    It will be years before there is a recovery in the market here and even then it will only come if there is strong evidence that previous corrupt practices have been sorted out.

  • Gavin Jones says:

    CPAG.

    Having read the site, its advice could be described as bland at best and cursorily addresses the reality on the ground vis-a-vis the Title Deed scandal. Furthermore, choosing a lawyer to handle one’s property purchase resembles more like playing Russian roulette and again the site skates over the many pitfalls that await the uninitiated to all the ‘artful ways’ that are employed here.

    As I mentioned in my comment yesterday at 10.01 a.m., Rightmove Overseas are a commercial organisation and are hardly likely to bite the hands that will potentially feed it.

    The recent announcement by Alyn Smith, MEP for Scotland, says it all. No doubt this will be published here and elsewhere in due course.

  • CPAG says:

    @Robert and Gavin

    Have you checked the Rightmove site?

    http://rightmove-property.buyassociation.co.uk/property/buying-a-property-in-cyprus.html

    The guide is not perfect but they did listen in the past after CPAG and the British High Commission teamed up on them.

  • James JH Lockhart says:

    Maybe Nigel can post the article published in Scots newspapers by Alyn Smyth MEP.

    Alyn states the facts that many people have been swindled by Cypriot Lawyers, developers, Banks, he also states that the President down do not answer letters from him and other MEPs.

    Plus advising all Scots not to purchase in Cyprus.

  • Gavin Jones says:

    Robert Briggs.

    Even if Rightmove Overseas ARE aware of what’s going on here, they’re a commercial enterprise and are possibly unlikely to advertise the fact that buying property in Cyprus is NOT the right move.

    Nigel Howarth.

    Despite my comments above, if you haven’t already done so, might I respectfully suggest that the recent articles posted on this website, and especially ‘New law boost for Cyprus property buyers’, ‘Buying property in Cyprus information & advice’ and ‘Title Deed fight heads to European court’ (and any other articles you deem appropriate), are emailed to Rightmove (and other similar companies) without delay. If for contractual/diplomatic reasons you’re unable to do so, would it be possible for Denis O’Hare at CPAG to undertake this task? I feel that this has to be actioned from a respected/established medium rather than from individuals.

    The Cypriot government is blatantly pursuing its policy of protecting the banks, developers and legal system, continues to ignore gross injustices and fights dirty to prop up the corrupt status quo.

    By warning and thus eliminating ALL potential buyers, this would not only starve the system of more victims but assist in squeezing the island’s economy even further.

    Believe me, this is the only language that the ruling elite here understands: fire has to be fought with fire as the time for pussyfooting around is well and truly over.

  • Robert Briggs says:

    Are Rightmove Overseas Ltd aware of the problems, pitfalls & horror stories involved in dealing with Cyprus “real estate”?

  • Unbelievable says:

    Yes, searches for overseas property has increased but why?

    It’s because we are actively looking at the housing market to see if our White Elephants are sellable !

    Think about it :-)

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