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Property hunters focus on Portugal

Interest in buying property overseas has soared, with Portugal leading the way, it has been revealed.

Internet searches for property rose 60% last month compared with March 2009, according to property website Rightmove.

The biggest increase last month was for property in Costa Verde in Portugal, with searches up 106%.

Portuguese capital Lisbon and the Portuguese Silver Coast also featured prominently, with Portugal replacing Australia in fourth place in the most popular overseas property destination table.

Rightmove’s overseas head Robin Wilson said: “Never mind the arrival of Spring, the arrival of sunshine seems to have set buyers racing for the sun, with big gains for classic Mediterranean destinations.”

Foreign exchange company Moneycorp noted similar trends, saying property-related inquiries had risen in Portugal and Cyprus, but fallen in Australia.

David Kerns, head of private clients at Moneycorp, said: “Properties within the eurozone would have appeared a more attractive prospect for euro buyers in March which could account for the rise in enquiries that Rightmove has seen.

“The pound has dropped dramatically against the Australian dollar since the beginning of the year, though we have now at least witnessed a halt to the decline.”

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