The report also has a section detailing buyer motivations, which says location is the most important buying factor for 66%, price 19%, condition of property 7% and agent reputation 6%.
So, why is the agent reputation figure not higher, we asked? “A lot of buyers looking to purchase a property overseas will be doing so for the first time. These buyers are likely to have a property in the UK so are used to working with UK agents. Agents in the UK work on behalf of the person selling the property and not the person buying. This is very different to agents overseas who will work with both the seller and the buyer.”
Aimee Valaitis says the report reveals interesting trends about the role of technology in buying – 73% of buyers say they find property through the internet, 65% through overseas agents, 13% UK agents, 11% exhibitions and 9% print – plus the details in the word clouds. Most buyers (85%) use desktop computers to search, with half (49%) using tablets and third (32%) mobiles.
“We feel that there are two very surprising findings from this report. Firstly, the number of buyers using mobile and tablet devices to search for property. Buyers are becoming more tech savvy so it’s import that we also keep up with this as an industry. We need to make sure websites, enquiry forms etc. are all mobile compatible so we can make the buying process as easy as possible.
“Secondly, we feel that the word clouds on the country overview pages perfectly demonstrate the inspiration behind buying a property overseas. These word clouds are the responses from buyers when we asked them what inspired them to buy overseas. Spain = Weather, France = Lifestyle, Italy = Love, Portugal = People and USA = Investment.”
The top 10 countries where buyers are looking to purchase a property within the next are: 1. Spain 2. France 3. Italy 4. Portugal 5. United States of America 6. Cyprus 7. Ireland 8. Greece 9. Turkey 10. Bulgaria
The top 10 regions are: 1. Andalucía – Spain 2. Murcia – Spain 3. Valencia – Spain 4. Algarve – Portugal 5. Languedoc-Roussillon – France 6. Islas Canarias – Spain 7. Poitou-Charentes – France 8. Illes Balears – Spain 9. Aquitaine – France 10. Provence-Alpes-Côte d`Azur – France.
There were slightly more male buyers taking part (55% v 45%) and most buyers (41%) were aged from 55-64, with 29% from 45-54, 19% 65-plus, 11% from 30-44 and 2% aged under 30.
Two-thirds of buyers purchasing in Spain are looking for holiday homes and 68% are cash buyers. Half of purchasers want to rent their home out when not in use.
In France, 55% are buying second homes with 70% being cash buyers and 59% looking to rent their homes.
There are 61% looking for second homes in Italy, with 59% paying cash and 65% wanting to rent their property when it is not being used.