Surge in wealthy European buyers looking for second homes
Wealthy European buyers, particularly from Germany, Norway and the Netherlands, have rediscovered their appetite for buying property, according to an international real estate search agency.
Whereas Middle Eastern and Asian buyers and investors have tended to dominate the marketplace since 2007, Quintessentially Estates has reported a surge in demand from buyers all across Europe. But British and American buyers are absent.
In the past quarter alone, Quintessentially Estates has been instructed on search requirements in the order of £200 million, up 50% on the same period last year.
‘Turmoil in the equities markets in driving buyers back to a safe haven they trust, property. This, coupled historically low interest rates throughout the eurozone, has created a surge in demand,’ said Penny Mosgrove of Quintessentially Estates.
France remains a perennial favourite among Quintessentially Estates’ clients, while others are hoping to bag a bargain in the best areas of Greece, Italy and Portugal where the domestic economies are suffering. Further afield, destinations in the Indian Ocean, Caribbean and Brazil are featuring among the wish lists of wealthy European buyers.
‘Off the back of the positive trend, there is still a big note of caution in that British and US buyers remain conspicuous by their absence. This is in no small part connected to confidence in their respective economies and currencies,’ explained Mosgrove.
Quintessentially Estates is an international search agency with access to top end properties and developments throughout the world. The service provides buyers with unique access to a portfolio of £750 million of properties in locations including Andermatt in Switzerland, Porto Heli in Greece, Marrakech, Mauritius and Zanzibar.