As we recover from the pandemic, the overseas property market is opening up once again, but which countries offer the best opportunities?
Pandemics change many things, but as we move back to something approaching normality, where are the best placed to buy in Europe? Will old favourites hold out or should you be looking for something new? Here are a few suggestions.
Traditionally, the number one choice for overseas property investors and little seems to change. Buyers are still looking to Spain for their little place in the sun. Many will still be looking at popular tourist magnets such as the Costa del Sol, but if you go off the beaten track there are exciting opportunities all over the country.
Those looking for a good return might be put off by how developed the Spanish property market is. Generally speaking the best time to invest is at the beginning of an investment market. Spain is at least five years into this, but there are still some short term gains to be had.
As the gold standard for holiday destinations, it also adds a bit of security. Pandemics aside, people will always want to go on holiday in Spain.
A perfect mix of sun, sea and affordability make Portugal a perennial favourite investors. Investors have an added incentive thanks to the ten year non habitual residency program. This gives foreigners who have lived in Portugal either full time or occasionally the chance to gain residents’ status.
The country offers fantastic diversity with affordable opportunities to be found in the rapidly growing Guarda area. Not only does it have some of the lowest prices, but it is also enjoying a rapidly growing market.
Having been the sick man of Europe for so long, Greece is getting back on its feet. The good times are returning and with a steady and reliable tourism industry, investors can always feel confident of getting bang for their buck.
Much of Greece’s success has been attributed to the golden visa program which provides the chance of residency in return for a sizable investment in property or a Greek company. However, the market is hotting up with interest across the board – both from foreign investors and Greeks themselves.
If you want growth, you can’t do much better than Turkey. It has topped the Knight Frank’s global property listings for the past two quarters registering more than 30% growth year on year. Set on the border between Asia and Europe, it’s perfectly located for investors from across the world, with particular interest being seen by Russian buyers.
The market was in a period of recovery before the pandemic having been in the doldrums. With the economy now opening up once again, it looks like it has regained its mojo.
Some of the best buys are to be found in Cyprus, especially to the North where you can pick up a prime beachfront property for a bargain. The country offers a safe and friendly welcome to visitors with an infrastructure which is almost perfectly set up for the tourism industry. The cost of living is low, while the climate offers one of the best beach holiday destinations on the continent.
On top of all this, the Cypriot golden visa is one of the fastest and cheapest in Europe with only a six month waiting period standing between you and potential EU citizenship.
Russian property investors have known about this jewel of the Balkans, but other countries are waking up to the idea. Political spats have muddied the waters with some Russian investors walking away. Last year it emerged that China had replaced Russia as top investor in the country with capital flooding into property and businesses.
This small country represents an attractive option on all fronts. A growing tourism industry and strong economy mean there are plenty of opportunities for all types of properties. Any purchase of property also comes with a residential permit which adds another incentive.
The country is not part of the EU, which means property is relatively affordable, but with eyes turning towards alternative markets aside from the usual, the market has plenty of room to grow.
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