October 2010 Rightmove Overseas Search Report

Wednesday, 10th November, 2010 by Overseas Editor

Highlights

  • Seasonal slowdown continues with searches down by 2.3 % in October.
  • Despite slowdown, searches for Germany and Ireland rise by respectively 7.45% and 8.11%
  • Lifestyle buyers beginning to put their feet up for Christmas, bolder investors increasing activity

Commentary

As expected, the seasonal slow down continued this month with the most popular traditional European destinations taking the brunt of the decline in search activity. A number of second division destinations stand out for bucking the trend, actually increasing in activity.

Commenting on the climbers and fallers in this month’s search chart Robin Wilson, Head of Overseas at Rightmove said:

“We expected lifestyle buyers to begin winding down their activity as their thoughts turn to the holiday season, but the increased activity in less obvious destinations could indicate there are investors out there prepared to start dipping their toes in the water again.

We’ve been tipping Germany for a while now and once again it shows good form climbing the rankings and putting on 8% in search activity. Ireland also put on a useful 7% overall with Cork on its own jumping over 32%. The only countries in the Top 20 putting on increases this month are the USA, Australia, Germany, Egypt, Ireland, Canada, Switzerland, Austria and India.

What have all these countries got in common? They are pretty safe secondary markets with good established infrastructure, certainly not classic investment or exotic ‘new market’ destinations. It might be too early to call, but we may be seeing the emergence of a new breed of disciplined investors, more interested in long term gains than quick bucks. That kind of buyer will demand a level of quality and service from opportunities that will require developers and agents to really step up their game – and that can only be good for the industry..”

David Kerns, Private Client Dealing Manager at Moneycorp, says:

“At Moneycorp we’ve also seen a decline in searches for overseas property related transfers of 13.6% between September and October. In addition to a seasonal fall, this could also be due to the fluctuations in October for Sterling against most major currencies. Against the Euro the rate fell from €1.14 at the start of the month to a low of €1.11 before recovering to original levels by the end. The fall in the rate would have made property across most of Europe less attractive for UK buyers.

However there were green shoots in the Rightmove statistics, as they do show an increase in the searches of property in the United States. This could be due to Sterling strengthening against the US Dollar throughout October, raising from $1.57 to $1.60. Fluctuating exchange rates impact on the demand for overseas property and so the importance of discussing these movements with a specialist is of increasing concern for individuals buying property abroad.”

Search Data Highlights for October 2010 (download full PDF report)


Top 10 Climbers and Fallers this month (areas with > 100 searches a day)

Top 10 Climbers

% Change Searches

Chart Position

Chart Change

Cork, Ireland

31.62%

110

33

Cataluña, Spain

14.41%

34

8

South-East, United States of America

11.30%

103

9

Midi-Pyrénées, France

11.25%

124

16

Victoria, Australia

10.24%

83

7

Central, United States of America

9.55%

89

9

West, United States of America

9.53%

88

8

New York, United States of America

9.13%

59

6

New South Wales, Australia

7.63%

42

3

North-East, United States of America

6.85%

46

3

Top 10 Fallers

% Change Searches

Chart Position

Chart Change

Silver Coast (Costa de Prata), Portugal

-21.36%

99

-18

Loire Valley, France

-19.36%

82

-11

Campania, Italy

-16.43%

106

-9

Dordogne, Aquitaine

-15.99%

57

-6

Normandie, France

-15.20%

38

-7

Toscana, Italy

-14.38%

51

-4

Sardegna, Italy

-13.98%

108

-8

Puglia, Italy

-13.36%

115

-8

Lombardia, Italy

-13.15%

95

-12

Illes Balears, Spain

-12.17%

21

-5


Top 10 Trending* Searches this month (areas with > 100 searches a day)

These are the locations showing the most consistent positive performance in searches on Rightmove Overseas.

Destination

Area

% Change Searches

Chart Position

Monthly Chart Change

Quarterly Chart Change

Yearly Chart Change

Chart
Trend

Lanzarote

Islas Canarias

3.95%

123

8

23

15

7

Almería

Andalucía

6.51%

121

11

22

-5

7

Cork

Ireland

31.62%

110

33

22

279

7

Morocco

North Africa

22.48%

85

16

20

-8

6

Tenerife

Islas Canarias

2.64%

107

4

15

13

5

Egypt

North Africa

5.46%

74

5

16

-10

5

Limassol

Cyprus

-1.09%

125

0

14

5

4

Murcia

Murcia

3.57%

91

4

12

-1

4

Rhône-Alpes

France

6.60%

100

5

13

22

4

Ireland

Western Europe

8.11%

31

5

14

23

4

*Chart Trend is a rolling average of the three previous monthly changes in chart position

You can download the full Rightmoveoverseas Search Report including Top 40 locations, Top 20 countries with regional breakdowns for Spain, France, Italy, Portugal and the USA.

Editors Notes

This data is compiled from searches made by users of www.rightmoveoverseas.co.uk during the period 1stOctober to 31st October 2010. Our website records explicit searches that users make for locations chosen from our map based search, or that are entered into search fields and includes tourist regions we have defined for ease of recognition.

  • % Change Searches is the % change in searches on the previous month
  • Chart position is absolute and determined by aggregate search volume for that location i.e. all the explicit searches for the location plus any explicit searches for sub-regions of the location e.g. Searches for ‘France’ include searches for ‘Paris’
  • Monthly Chart Change is the difference in chart position on the previous month
  • Quarterly Chart Change is the difference in chart position from 3 months ago
  • Yearly Chart Change is the difference in chart position from 12 months ago
  • Chart Trendis a rolling average of the three previous monthly changes in chart position

The data in this report does not constitute specific advice, forecast orrecommendation and is for general interest only.Readers must perform their own research and seek independent professional advice before making any decision to purchase or invest in property abroad.

About Rightmove Overseas

RightmoveOverseas is part of Rightmove.co.uk, the UK’s number one property website and advertises properties for sale in over 90 countries around the globe from agents, developers and owners. On average, Rightmove Overseasreceives 80,000 unique visitors a week and generates over 1,500,000 overseas property searches a month for advertisers. Visit us at www.rightmoveoverseas.co.uk.

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