Overseas investors are still in live with the American dream, TheMoveChannel.com's new Top of the Props report reveals.
Foreign buyers appeared to have woken up earlier this year, as demand for US property plummeted to an all-time low in February 2015. America's share of enquiries halved month-on-month, as rising prices, the strong dollar and low inventory left the country less attractive than Europe's ultra-affordable destinations. It was only the second time since July 2013 that the USA was the not the most popular country on TheMoveChannel.com, but Spain continued to dominate for another two months, holding the number one slot in the Top of the Props chart through to April 2015.
In May, though, investors went back to America. In real terms, US property enquiries on TheMoveChannel.com jumped 51 per cent month-on-month, as the country's share of activity on the portal rose from 5.78 per cent to 8.49 per cent.
European appeal
Spain slipped into second place, its share of enquiries falling from 9.72 per cent to 6.66 per cent. France's share of enquiries also decreased, as the country fell from sixth place to 10th in the Top of the Props chart.
Europe, though, remains a key driver of activity on TheMoveChannel.com: Spain, Portugal, Italy continue to make up three of the top five destinations.
Indeed, Portugal and Italy held onto their positions during a period of fluctuating interest, with both increasing their share of enquiries month-on-month: Portugal's stake rose from 5.63 per cent to 6.41 per cent, while Italy's increased from 3.4 per cent to 3.85 per cent.
Portugal has emerged as one of Europe's most popular markets in the past six months, thanks to the weak euro and signs of recovering prices across all regions. In real terms, enquiries for Portuguese property climbed 4 per cent in May 2015. Italy also saw enquiries increase 5 per cent in real terms, as both countries establish themselves as attractive, regardless of investors' attentions switching between America and Spain.
Thailand and Turkey tussle for top spot
After a year of instability, Thailand returned to the Top 10 in February 2015, before rising into the top five, where it remained for two months. Thailand tumbled out of the top five in May 2015, though, as the country faces competition from Turkey for the coveted fourth spot.
Turkey's share of enquiries more than doubled to 4.26 per cent in May, as prices and foreign sales continued to climb, particularly in the thriving Istanbul market. Indeed, Turkey has been a permanent fixture in TheMoveChannel.com's Top of the Props chart in recent years. The country fell to 10th place in February 2015, but buyers did not stay away for long: Turkey climbed one place in April 2015, before rising five places to knock Thailand from fourth.
Thailand's share of enquiries, though, only decreased from 4.61 per cent to 3.61 per cent, placing it above popular favourites Brazil, Canada, France and even the UAE, which returned to the Top 10 in May for the second time this year.
TheMoveChannel.com Director Dan Johnson comments: "The American Dream is not over for foreign buyers. The country's rising house prices and recovering economy has seen domestic US buyers return to the property ladder in greater numbers, but overseas investors remain active in key hotspots. Florida remains a central part of the USA's appeal to international buyers, but Detroit is increasingly the market of choice: demand for property in Michigan overtook the Sunshine State in May 2015 for the first time since October 2014.
Despite the rise in US interest, neither Spain nor the USA are overly dominant: demand continues to be spread across a wide range of countries on TheMoveChannel.com, as investors remain open-minded about which markets can offer the best returns. With Portugal and Italy both enjoying rising interest, though, Europe is set to drive activity for many months to come."
Click here to see the top 40 property destinations on TheMoveChannel.com in May 2015.
