Pent Up’ British Demand For European Property Could Lead To Record Transactions In 2024
Kyero, the UK-based international property portal, has outlined the potential for record European property transactions in 2024 as the company described ‘pent up British demand’ for European property as buyers await a possible relaxation in the post-Brexit 90/180 day residency limits.
- International buyer base in Europe broadened in 2023, but Brits pull back, awaiting potential post-Brexit 90/180 day residency relaxation
- German buyers lead a ‘surge’ in interest from other nationalities, increasing by 50% so far in 2023
- Two Portuguese locations enter the ‘international buyer top ten’ for the first time, with American interest in Portugal up by 17.5%
In an analysis of one of the largest data sets in the industry (consisting of buyers from 195 countries and 900,000 properties for sale with over 10,000 estate agents), it was found that despite many nationalities showing increased levels of interest in European property in 2023 – in particular Spain, Portugal, and Germany (where interest has increased by 50% so far in 2023 compared to 2020) – British interest fell slightly (by 8%).
Louise Dell, Kyero Co-Founder, comments: “We are still seeing significant interest from British buyers but it’s clear that many people are holding back from progressing with their purchase whilst they await news of potential changes to residency rules.
“With both France and Spain now pushing for change, we could well see the floodgates open when pent-up British demand is released, leading to a potentially record year for international property transactions in 2024.
“Although the British remain one of the most significant nationalities in the European property marketplace, 2023 has shown that change is afoot, and the buyer base is broadening, with a growth in other nationalities looking for property overseas, and a change in the most in-demand locations as a result.”
The top ten most popular locations for international property buyers in Europe has traditionally been exclusively dominated by Spanish locations, but for the first time, 2023 saw two Portuguese locations featured: Albufeira and capital Lisbon.
Most in demand locations
The top ten European locations for international buyers, based on the number of enquiries made for properties in each city in 2023, are:
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Louise Dell adds: “The appearance of two Portuguese locations in the top ten list this year is a good example of how growing interest from new buyer nationalities – in this case particularly from Americans, where we have seen a 17.5% growth in interest in Portuguese property in 2023 – is changing the landscape.”