Brits less interested in buying overseas property, admits portal

British interest in international property has dipped slightly, claims property portal Kyero.

It says British buyers await a possible relaxation of post-Brexit rules that limit the time Britons can stay in EU countries - but at this stage the suggestion is merely a rumour rather than a certainty.

In an analysis of buyers from 195 countries and 900,000 properties for sale with over 10,000 estate agents, Kyero found that British interest in overseas property fell by eight per cent in 2023.

Portal co-founder Louise Dell says: “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 10 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. 

The top 10 are:

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 per cent growth in interest in Portuguese property in 2023 – is changing the landscape.”