Are buyers tightening their belts?
Kyero’s September report showed a large increase in sales leads, but also a post-Brexit squeeze on budgets.
Kyero’s latest Spanish property report is now available for download. (PDF, 720Kb)
Property enquiries up 64% year on year
Kyero served just over 434,000 users in September 2016 and recorded 62,596 property enquiries, a rise of 64% on the previous year. This is largely the result of significant investment in the platform in 2015 and marks a record month for the website.
Comparison of this data with figures from Rightmove Overseas confirm that Kyero has now moved into a leading market position, outperforming its nearest competitor by 4 to 1 based on search activity.
Buyer budgets reduced since Brexit vote
There was some evidence of buyers trimming their budgets in September, with enquiries falling slightly on properties over €250,000 while lower priced options rose. Overall 62% of enquiries were for properties under €150,000.
We attribute much of this adjustment to the fall in Sterling since the Brexit vote.
British buyers are important. They are the single largest overseas nationality in the market, with notaries reporting they made up around 21% of foreign house sales in 2015. They also represent 27% of Kyero’s traffic.