The latest data from Rightmove and Moneycorp suggests that investors have been following the sunshine when it comes to searching for property. Indeed, the organisations reported a 12 per cent growth in searches for homes compared to July.
Both Portugal and the US led the way, with eight out of the top ten climber spots filled by cities located in the two countries. The increased search activity in the US comes after the country experienced a downturn in fortunes following the Gulf of Mexico oil spill.
Commenting on the figures, David Kerns, private client dealing manager at Moneycorp, said: "Sterling's renewed strength against the Euro in August could very well have contributed to the increased demand for property in Portugal.
"The rate was above the EUR 1.20 level for most of the month and even reached highs of EUR 1.22. We've seen an 87 per cent increase in demand for property in Portugal between July and August, which certainly mirrors this currency movement."
- Thursday 23 September 2010