EXCLUSIVE: The Philippines has overtaken Thailand as the most-searched country for overseas property purchases in a monthly Top of the Props report by one of the U.K.’s top overseas property portals.
Thailand, which until very recently was a regular in the top ten of most-search countries for overseas property on TheMoveChannel.com, slipped seven places in February and accounted for less than 0.50 percent of all searches. It was ranked as the 18th most-searched country on the website – a massive decline of 7 places in the charts from the previous month.
Meanwhile the Philippines, which had been closely gaining in popularity, achieved the title of the most-searched Asian destination on the website last month, recording a 0.77 percent share of all enquiries and finishing in 14th place – the first time it has outshone Thailand as Asia’s most-searched destination.
Paul Childs, Commercial Director of OPP Ventures, highlighted whythe Philippines has grown in popularity with both British-based and European buyers and investors.
He told Dot Property Group: “We are working with a developer on their project on the island on Carabao/Boracay. The operator is one of the largest in China who are looking to extend their reach into Southeast Asia due to the increasing demand from mainland China and Taiwan for popular holiday designations.
“The appetite for hotel investments we have seen has been very successful in the U.K.’
Childs added that the opportunity to offer a holiday destination investment with high yields and personal usage could result in high demand for this project from many countries.
Earlier this year, Dan Johnson, Director of TheMoveChannel.com has warned Thailand’s real estate agents and developers needed to be doing more to attract overseas property buyers and investors in the face of strong competition from around the world and the potential of missing out on a sizeable overseas audience.
It seems that his words have now come true.
Elsewhere Canada’s popularity has reached a six-month high. The country was the fifth most sought-after destination on the international property portal in February 2016, its highest ranking in the Top of the Props charts since September 2015. Canadian real estate accounted for 2.31 percent of all enquiries on the site during the month, leapfrogging other investor favourites such as Turkey and Brazil.
The United States of America remained the most in-demand property destination, accounting for one in seven of all searches on the portal during February. Portugal jumped three places to become the number two destination, as the market’s ongoing recovery attracted a growing number of buyers from overseas. Spain held on to its third place, with 3.52 percent of enquiries, while France slipped into fourth place with 2.67 percent of enquiries.