Jana Korpova-Harris, director at the Luxury Property Show, which returns to Olympia London on 31st October and 1st November, offers her insight into what’s hot and where in the overseas property market.
Cheap travel, great value property and low interest rates on mortgages in recent years mean that over half a million Brits now own a second home overseas. Despite continued uncertainty over Brexit and increasing pressure on the pound, this trend shows no sign of slowing down and the international property market has remained steady throughout 2019. In fact, many destinations around the globe have enjoyed an uplift in property sales as Brits continue to opt to invest abroad, both for residential and letting purposes.
Spain
Brits are still by far the largest number of foreign buyers of Spanish property, making up 14 percent of all international transactions, according to The Statistical Information Centre of Notaries in Spain. Offering a relaxed way of life, warm weather for the majority of the year and fantastic value for money on properties, it is unsurprising that Brits are continuing to invest in real estate in the country.
Savvy property investors can bag themselves incredible villas with state-of-the-art interiors and stunning infinity pools along the Costa del Sol for very reasonable prices compared to properties elsewhere in the world. With Malaga Airport connecting the south coast with several worldwide locations, owning a property in this popular area of Spain could be a great long-term investment.
Aside from the famous coastal towns and blue waters of the Costa del Sol, Spain has many other hidden gems, including several beautiful and lesser-known towns in the Costa Blanca region. Luxury villas in these areas can cost a fraction of the those elsewhere on the coast and owners benefit from beautiful white sandy beaches and an opportunity to relax away from the tourist hotspots. With new airports opening on the east coast of Spain all the time, this beautiful region is becoming more accessible than ever.
Portugal
Portugal’s Algarve coast, famed for its beautiful beaches and premium golf courses, boasts many luxury properties. However, it can be a challenge to find homes for sale in the region. Acknowledging the high demand for real estate in the area, many shrewd property owners are choosing to hold onto their investments, meaning there are fewer houses coming onto the market. In addition, Portuguese home builders have a reputation for being very cautious. As a result, there is a lack of new-build properties in the area and thus even less opportunity for those looking to purchase a home in this sought-after location.
The Algarve’s popularity is well deserved, featuring elegant towns, sun-kissed beaches, stunning lagoons and fantastic seafood, the area attracts holiday makers and expats from around the world. However, those looking to purchase a home in the area must be prepared to spend time hunting for the right property at a price they are willing to pay. For most, this means a waiting game, and it is important for those looking to buy property on the southern coast of Portugal keep up to date with the real estate market in the region as great buys tend to be snapped up incredibly quickly.
Dubai
Keen investors will know that Dubai has remained a popular destination to invest in luxury real estate for decades. Attracting high-flying travellers, Dubai boasts cutting-edge architecture, trendy beaches, premium shopping and Michelin starred restaurants, as well as some of the most luxurious hotels in the world. For those looking to experience a different side to Dubai, the nearby desert plays host to safaris, whilst the historic creek can be explored by boat.
The area has recently recovered from a period of of negative press and, as a result, there are some fantastic investment opportunities available to those looking to purchase a home in the ultra-modern city.
A city famed for its construction work, there are some incredible properties being built in the area and marketed to UK buyers right now. Developers from Dubai have an outstanding reputation for quality and attention to detail. For this reason, Dubai remains a fantastic place to invest and with some stunning properties currently on the market, there is no better time for buyers to purchase a luxury property in the City of Gold.
If you are considering purchasing a second home or simply contemplating your next investment, The Luxury Property Show will offer an unrivalled opportunity to meet agents and developers from all over the world who can offer further insight and expert knowledge on developments in each of these regions.
For more information, visit theluxurypropertyshow.com.
