A strong Pound and low Euro are amongst just a few reasons for an increasingly insatiable appetite by British buyers to buy overseas. In this 2nd part of a 3 part series on the top international destinations for British buyers, we investigate some of our favourite second home destinations and what makes them so sought after.
Heavily hit by the European sovereign debt crisis, property in some areas of Spain have seen property prices fall by up to 50%. While not for the faint of heart, with the situation finally appearing to stabilize, Spain has the potential to offer some great deals. Institutional investors have started paying increasing attention to the market, buying up flats and developments at bargain prices, potentially a sign of better times to come. Properties are often listed with different agents at different prices so do some research before committing to anything.
Top end locations such as Majorca and Ibiza saw very little falls in prices throughout the crisis with property prices averaging well above £750,000 for seafront villas.
Although there has been a drop in demand, the Caribbean is still a hotspot for the British elite looking to purchase a piece of paradise, perhaps neighboring the likes of Mick Jagger, Wayne Rooney and Gary Lineker.
Barbados is the most common destination of all the islands. Here, one-bedroom flats can start from as little as £125,000, but this however rises quickly to several million for prime locations nearing the white sandy beaches.
Knight Frank and other major British agencies have on the ground presence on the different islands which can be helpful in navigating some of the hazards which may arise when buying on these islands.
A long time preferred choice for many older buyers attracted by the pleasant weather and affordable prices. Although prices are low; investing in Cyprus as a buy to let investment poses its own challenges as rental yields are equally low. You can expect to pay ~£100,000 for an apartment or upwards of £200,000 for a 3 bedroom villa. Buying next to golf courses is also very popular but could double prices further.
Paphos is the destination of choice for most buyers but for those venturing further north, beware as you may face legal and mortgage restrictions, so using an independent lawyer is advisable