Investing in property is generally a pretty safe option – especially if you opt for luxury property in an area that’s unlikely to lose any of its gloss as years go by and where rentals continue to be high. There’s also the matter of resale value, so stability is key. Low crime, good governance, and a contented local population ensure that some of the world’s most beautiful holiday destinations will continue to attract investment and visitors while keeping the housing market demand high. We look at some of the destinations where buying a luxury property will be well worth the initial investment.
1. The Costa Del Sol
Just about any real estate on the Spanish coast, particularly this world-renowned strip of Spanish coastline, will offer a good property investment. Marbella is the most famous town to choose, but a quieter location will still offer a high-prestige property and income from visitors eager to soak up the sun in style. With a decades-long history as a luxury destination, you can be reasonably sure of property values that will continue to rise, offering a real chance of selling at a profit, especially if you’re in a position to remain debt-free. Alternatively, a longer tenure, with occupancy paying for your purchase is a real possibility.
2. The Riviera Maya
For people living in the United States, a property closer to home could be just the thing. The stretch of coast dubbed the “Riviera Maya” with the town of Cancun as its hub offers a succession of small towns that draw tourists from around the world during the peak season. Luxury hotels are the order of the day, but for those seeking greater privacy, your investment property is likely to attract premium rates for short-term rentals. This option is definitely worth a closer look.
3. Manhattan, New York
If premium US real estate is up your alley, you could do well with either short or longer-term rentals in New York. Manhattan is the place to be, and although your initial investment costs will be very high, you can expect to command top rental rates and high-end resale values, especially if you’re able to secure one of the coveted apartments overlooking Central Park. Weigh the advantages of short-term rentals for better income – the world comes to Manhattan and any time of the year is good for tourist dollars.
4. Camps Bay, South Africa
Africa has its share of luxury resort areas, but few could beat Camps Bay in terms of scenery, access to amenities, and of course, high property values. A gracious ocean front villa here is sure to feature world-class design and finishes, in line with the requirements of the high net worth individuals who make it their playground. The beaches are astonishingly beautiful, there are mountains in the background, and the cosmopolitan city of Cape Town is on your doorstep. At the same time, it will cost you less than comparable real estate in Europe or the US while realizing a tidy rental income and excellent potential for profitable resale value.
5. Almost Anywhere in the Greek Islands
Likely to require lower outlay than a property in Manhattan or the Costa del Sol but offering a stunning medditeranean climate, fascinating history, and no shortage of activities, the Greek islands are likely to be fertile ground for your investment in a holiday home or apartment. Owing to a slightly shaky economy, property prices for luxury homes are comparatively low. On the downside, the holiday tourism industry will be your primary source of income, and may mean an off-season with reduced cash flow.
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