Published by The London Magazine on April 30th 2014, Zoe Dare Hall takes us around the world looking at safe, and emerging destinations to invest in real estate – asking the question: are you a safe bet? Or more of a gambler?
The last five years have been a topsy turvy time for many international economies, meaning that investing in real estate overseas has become more of a skill than it was before – those ‘in the know’ and those with a knack for picking the right time and right moment to invest – however there is still a fine line between a safe bet and an upcoming destination.
The London Magazine takes a look at two safe bet options and two upcoming options where most investors are placing their faith in the long term.
The difference between the safe bets and the upcoming destinations is that while the safe bets have been popular for years and have bounced back in recent years following the economic crisis, the up and comers have been reaping benefits from huge projects, growing economies, and government initiatives.
Big architectural structured projects have aided the recovery of the Florida real estate market over the last couple years following the huge economical struggles by the US in recent times – the 1000 Museum project priced from 4 million Dollars and upwards has seen more investment into Florida coming from overseas markets such as Brazil and China who are continuing to invest in infrastructure in the area and beyond.
Skyscrapers in Miami and the brand new Miami Worldcenter are set to see Florida’s continued resurgence continue and are selling well into the millions - a sunny destination within an English speaking country, Florida will always prove to be popular amongst Brits.
Spain will always be a popular destination amongst British nationals looking to escape the cold weather for warmer seas and idyllic retirement spots. Tourist destinations like Barcelona, the Balearics, and Marbella are beginning to rise once again thanks to Spain’s new ‘golden visa’ system that will see any non-EU citizen who spends over 500,000 Euros on a property automatically gain residency to Spain.
A large mansion in Spain will still set you back several millions, however smaller villas in Spain have seen dramatic price cuts in recent years of up to 60 percent due to Spain’s economy, so you can now find four bedroom villas from as little as 400,000 euros in Spain – something to tempt the Brit looking to retire, but perhaps scaring away some investors to look at the up and comers below.
Up and coming real estate markets:
Following a low point in 2008 when Antigua’s biggest employer Allen Stanford was jailed and the economic crunch bit hard, a new government system is leading the way for Antigua’s upcoming property market.
The Citizenship Investment Programme allows anyone who spends over 400,000 dollars on a property to apply for an Antigua passport – attracting plenty of investors and those looking to retire to a sunny destination. High end property can cost into the millions such as the Pearns Point development or Jolly Harbour plots selling for up to 20 million dollars.
Turkey’s top destinations of Bodrum, Kalkan, Fethiye, and Istanbul are proving to be ever popular amongst real estate investors looking beyond Spain, France, and Italy. Turkey’s booming economy is leading the huge potential for those who invest in a Turkish nest egg and the growing tourism market is seeing a trend of rental homes being snapped up by savvy investors who then rent them out during peak summer months for high profit.
Luxury homes such as the world famous Richard Meier’s five villas in Yalikavak, Bodrum from 3 million dollars are leading the trend in new luxury homes in Turkey – gone are the days when you would find project after project of similar apartments and villas – Turkey has gone luxury and the world is taking notice.
Beautiful weather and an English speaking community, Cape Town has become the focal point of South Africa’s growing market for properties. No 2 Silo a brand new eco-friendly apartment scheme and beachfront homes such as Camps Bay Beach are offering exquisite views across the city and are selling fast.
With the British economy standing in a good position at the moment against many foreign economies, the pound is stretching further, up to 36 percent further in South Africa when compared with just a year ago.
Whether you are a gambler or a safe bet purchaser, it is still possible to find plenty of options to purchase real estate abroad today – all five destinations listed by The London Magazine offer something different, something unique to each other, an opportunity to step on the overseas real estate ladder at a time when the global economy is still in recovery mode.
You can read the full article in The London Magazine by clicking HERE.
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