Words: Ashley Rigg
Published: 5th June 2008
The best-selling properties on the internet
Consumers are still buying overseas property. That’s the good news. The bad news is they are getting more demanding and price conscious. In tougher times, your product offerings need to be that much more competitive to make a sale. That’s the lesson that comes out from our table of the best-selling properties in May 2008 from eight of the biggest overseas property portals on the internet. We asked each portal to report their best-selling properties above and below £100,000 and provide insights into which properties are selling, and why.
FindaProperty.com, which leads our
top 25 property portal list, reports that the most popular properties at both price points are in Dubai. The properties are two of the most keenly priced on the internet for their associated areas (
International City and
The Springs) according to Tony King, Search Marketing Manager for FindaProperty.com.
Being competitive is not just about price. Exclusivity really ups enquiry levels, especially at the upper end of the market. The best-selling property over £100k on Primelocation.com is
Riffa Views in Bahrain, which offers access to a Colin Montgomery-designed championship golf course. The exclusivity undoubtedly contributed to the high levels of interest but their failure to list a price (listed as POA) could have affected the results.
Investor-led market
Although the table below is only a snapshot and shows enquiries not sales, it strongly suggests that investors are leading the way in the current market. If we exclude Kyero (which only covers Spain) then only four of the bestsellers from the remaining 14 properties are from the traditional overseas buying markets of Spain, France, Portugal, Italy and Florida. Italy appears twice, with a cheap renovation project on Primelocation.com and again on Lead Galaxy with a heavily discounted apartment on Lake Como. Portugal and Florida get onto the list by virtue of being bestsellers on PropertyIndex.com.
Investment properties dominate the bestseller lists of the other portals. Well-packaged property investments in Sweden, New Zealand and Germany are favourites on The Move Channel and Property Showrooms, demonstrating that with the right pricing and product wrapping you can generate significant investor interest in a wide range of destinations. There is also significant interest in distressed sales, particularly in the UK and Spain according to Liz Coley, Business Manager at The Move Channel.
Keeping close to the market
In current market, it’s worth keeping in mind the popular English phrase, “you can’t polish a turd”. If you have the wrong products or your prices are uncompetitive, in the internet age, the market will be unforgiving. If you’re struggling, it might be worth diversifying into other areas. Martin Dell, Founder of Kyero.com, recommends Spanish agents consider diversifying into long-term rentals. “There's a massive demand at the moment, and so few properties…and [it’s] a great way to forge a relationship with future purchasers,” he says.
If you sell new-build, your product sourcing efforts are likely to become ever more critical. With consumers able to compare prices and value for money on the internet, finding developments with some “scarcity power” (exclusives, central locations, waterside plots, developments in areas with strong local planning etc) will be more important than ever. Consumers are still buying overseas property and will continue to do so even in tougher times. They will just be better informed and more selective.
Best-selling properties below £100k
Portal
|
Country |
Location |
Price |
Offer |
Kyero.com
|
Spain
|
Torrecilla De Alcaniz |
£11,800
|
Large space with beautiful views. Secluded paradise with lots of potential. |
PropertyShowrooms.com
|
Egypt
|
Marsa Alam, Red Sea |
£22,200
|
1-bed, 1-bath, sea-views, private beach, 5-year rental guarantee. |
TheMoveChannel.com
|
Sweden
|
Jamstad |
£25,000 |
Fixed coupon debenture [a loan to the company] that carries a promise
to pay the holder a fixed annual dividend of 20% per annum over a
3-year period. |
Lead Galaxy
|
UAE
|
Ajman |
£29,800 |
Studio apartment with 10% pre-launch discount. Access to a pool and rooftop BBQ area. |
FindaProperty.com
|
UAE
|
International City, Dubai
|
£30,000
|
Studio flat, no photos or details just a floorplan. |
Primelocation.com
|
Italy
|
Lecce, Puglia |
£30,700 |
Plot of land set in olive groves with planning permission to build a villa in place. |
HomesGoFast.com
|
UAE
|
Global Pearl Residence, Dubai
|
£32,044
|
Off-plan studio apartment with access to pool, health clubs and spa. |
PropertyIndex.com
|
USA
|
Disneyworld, Orlando, Florida |
£91,600 |
4-bed, 3-bath reposession property with access to pool, spa and clubhouse within gated community. |
Best-selling properties above £100k
Portal
|
Country |
Location |
Price |
Offer |
TheMoveChannel.com
|
New Zealand
|
Auckland |
£109,000
|
No cash down until completion (payment via corporate bond), 1-year guaranteed rental, good location, white goods included. |
PropertyShowrooms.com
|
Germany
|
Prenzlauerberg, Berlin
|
£111,000
|
1-bed, 1-bath, stylish design, city-living concept in convenient location. |
Kyero.com
|
Spain
|
Denia |
£145,700 |
3-bed, 3-bath with a pool and great photography. |
PropertyIndex.com
|
Portugal
|
Madeira |
£157,500 |
3-bed, 3-bath family house with sea views. |
HomesGoFast.com
|
UAE
|
Media Production Zone, Dubai
|
£165,000
|
1-bed apartment, lakeside location with access to pool, tennis courts and health spa. |
Lead Galaxy
|
Italy
|
Lake Como
|
£165,400 |
2-bed off-plan apartment with access to a pool. 14% discount. |
FindaProperty.com
|
UAE
|
Dubai Springs, Dubai
|
£232,500
|
3-bed townhouse with access to pool overlooking waterways within a gated community. |
Primelocation.com
|
Bahrain
|
Bahrain Riffa Views |
£POA |
2-5 bed off-plan townhouses and villas set around a Colin Montgomery-designed 18-hole championship golf course. |