Investing in international property can be tricky, with a multitude of caveats to consider before, ultimately, deciding whether to take the plunge or not.
From the location to the amenities to the actual house itself, it’s important to take your time before investing in an international property, weighing up the practicalities as to whether it is a financially astute decision or one you are purely making on a romantic whim.
So, if you’re in the market to buy property at the moment, we’re here to lend a helping hand, identifying some of the best locations we think you should be buying in right now.
Areas, countries and areas of countries often come in and out of demand with a click of the fingers, after all, so it’s important to stay up to date on the latest property trends, only ever investing in areas which will yield the best return on investment.
With this in mind, listed below are four destinations that homeowners around the globe are going crazy for, as well as some of the key reasons as to why.
When you think of luxury living, lounging on the beach with a drink in hand while soaking up the rays, the Costa del Sol in Spain is often one of the first destinations to spring to mind.
Incredibly popular with high-profile celebrities and influencers alike, the region's Golden Mile in Marbella is often one of the most particularly sought after locations by investors, offering incredible holiday homes and buy-to-let potential.
However, being such a popular area, Marbella has often been believed to be slightly overpriced and difficult to purchase property in. But, in light of the pandemic, that is no longer the case.
As reported in Panorama Properties’ 2020 Market Report, asking prices actually dropped by approximately 11% because of the pandemic, with most owners seen to be much more accepting of reasonable offers. This, in turn, has made it much easier for new investors to pick up a potential bargain within the region, whether that be a luxury villa, coastal property, penthouse or mansion.
One of the most popular countries throughout Europe, Italy is well-known around the globe for its beautiful lakes, stunning mountainous scenery and incredible food. So, it will hardly come as a surprise to hear that it is also one of the most popular destinations for investors.
While the country may have been hit especially hard during the first year of the pandemic, it has recovered well and is now regarded as an excellent place to buy.
Sicily, in particular, is attracting particularly high levels of interest, largely because of the recently publicised need for investors and the high availability of properties for as little an investment as one euro.
However, investing in this way will come with a few caveats. The associated scheme – known as Case 1 Euro – is, in effect, a renovation project, requiring investors to use at least $25,000 to restore each Italian countryside home to a more liveable condition. What’s more, the investment must take place within three years and you will be unable to sell the house again for at least five years.
But if you are on the lookout for a bit of a project, buying in Sicily could be a fantastic choice.
Santa Marta, Colombia
If you are looking for bargain real estate on the Caribbean coast, Santa Marta is an up and coming destination that is gradually growing in popularity amongst expats from around the world.
Located only a short trek away from the popular city of Cartagena, buying in Santa Marta will not only provide you with easy access to the Caribbean Sea and the Sierra Mountains, but it will also cost you significantly less.
What’s more, having been built by the Spanish in 1525, Santa Marta is now regarded as one of the oldest cities in South America and offers great buy-to-let potential, with a fantastic range of adventure-based activities and uncrowded beaches on its doorstep.
Another area fast-growing in popularity with investors globally, Porto is Portugal's second city and a fantastic destination for a wide range of purposes.
Whether you're looking to purchase property for buy-to-let, Airbnb, or for use as your own second home or permanent destination, Porto is well-known for its wide range of exquisite port wine, sourced directly from the Douro Valley – a UNESCO World Heritage Site.
In the city itself, you will also find multiple rows of colourful houses lined in between small cobblestone alleyways with a large variety of cafes, restaurants and bars on either side.
However, due to Porto’s growing popularity, buying within the city itself can be a little pricey. As such, starting your property search in one of its surrounding neighbourhoods is generally recommended.
The cultural neighbourhood of Cedofeita, for example, is a particularly good option, representing a quieter area away from the colourful city centre that is still easily accessible via public transport.
As we mentioned at the start of this article, choosing to invest in property is a big decision, requiring lots of research in advance.
However, we hope the destinations listed above have given you food for thought on your property search, helping you identify the sort of areas you’d like to potentially invest in.