Top overseas property hotspots for summer 2007
Thursday, 15 March 2007 12:00 AM
The top places to invest in an overseas property this summer are Morocco, Dubai, Cyprus, Budapest and the Caribbean.
That is according to experts at overseas property portal Rightmove Overseas, who chose the locations based on rental and price growth potential and current prices.
Rightmove Overseas views Morocco's "lush gardens, olive groves and palm trees coupled with medieval alleyways and the vibrant market stalls" as key reason for its increased popularity with investors, as well as more cheap flights.
Flight bookings to the country were up 295 per cent in 2006 compared with the previous year, the website notes.
"Flight fares to Morocco have dropped dramatically", commented Justin Figgins, of Rightmove Overseas.
"This makes the destination a more attractive investment prospect for those looking to cast their nets further a field in search of a holiday home that is a little out of the ordinary."
Prices for Moroccan properties range between £100,000 and £125,000 on average, with the cheapest properties around £50,000 and the top-end luxury homes costing millions.
"For around £110,000 you can find two-bedroom character properties in Marrakech on our website, as well as four-bedroom villas with amazing views and private swimming pools from £170,000," Rightmove Overseas explained.
Dubai's combination of luxury, glamour, ambitious tourist developments and city living, making it a good place to invest this summer, the website predicts.
Two-bedroom apartments with panoramic views can be bought for £146,000, with luxury freehold condominium properties available for £400,000.
A high quality of life, relatively inexpensive living costs and great climate has seen investors becoming more interested in buying property on the island of Cyprus.
"A buy-to-let investment in Cyprus is still a great venture," explained Mr Figgins.
"With tourism booming and the reputation Cyprus has for attracting repeat and loyal visitors, rental demand continues to outstrip supply."
The full adoption of the euro in 2008 is also set to see more investment on the island, which has the top tourist destinations of Paphos, Larnaca and Limassol.
Four-bedroom detached villas in Larnaca around two kilometres from the beach with a private pool and sea and mountain views are available from £290,000, with three-bedroom, detached villas in Larnaca Bay available from £140,000.
Also in the top five places to buy overseas property this summer is the Hungarian capital Budapest.
"Budapest, home to fascinating and eclectic architecture, grand old coffee houses and Turkish baths, is an emerging city on the property market," explained Rightmove Overseas.
"Its lively nightlife, rapidly improving gastronomy and beautifully ornate properties are causing more investors to turn their eyes on the city."
Four-bedroom apartments are available from around £250,000 with two-bedroom apartments from £190,000.
The Caribbean meanwhile has good returns on holiday buy-to-lets, with the thousands of visitors attending the 2007 Cricket World Cup creating "a boom in property sales", Rightmove predicts.
Two-bedroom homes with private gardens in St Lucia are available from £106,500, with large four-bedroom houses with sea and mountain views in St Kitts and Nevis for £227,100.
An apartment in the Bahamas is available for £124,000 with two-bedroom penthouses in the Dominican Republic costing around £191,000.
The final advice Rightmove Overseas gives investors is not to get sentimental when buying an overseas property.
"A good investment or 'hotspot' may not necessarily be somewhere you yourself would like to live," the website warned.
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