Cold snap drives interest in sunnier climes

The surge in interest in international property over recent months is continuing apace. Searches for international property in January were up by 134% compared to last year and by 25% on the previous month.

The recent cold weather means that many buyers have been searching for homes in warmer climes. As well as traditional winter sun destinations such as France and Spain, January also saw a spike in interest in Australia, which jumped to sixth place, having not featured in the top ten in the previous month. Correspondingly, alpine Switzerland slid out of the top ten.

The increased popularity of Australia was matched by other less traditional destinations. Cyprus, Turkey and Bulgaria, placed eighth, ninth and tenth on the list, registered the highest monthly increases of 55%, 55% and 60% respectively.

This suggests a shift in the priorities of potential buyers. Previously, the recovery was being driven by the top end of the market as City workers and the super rich looked for investment properties or considered relocating for tax reasons.

However, the strong performance of countries like Australia and Bulgaria suggests that a broader spectrum of buyers are considering foreign home ownership, often for lifestyle reasons, rather than a select few seeking returns on an investment.

Ann Wright, International Development Manager of Primelocation International, comments:

“January has seen two related but distinct trends emerge among international property hunters. Firstly, the strong performance of countries in the lower half of the list suggests that a renewed sense of confidence is now beginning to filter through and the market is less dependent on top-end buyers.

“Secondly, as a blanket of snow covered Britain, potential buyers focused their attention on warmer destinations as an antidote to the midwinter blues.”