Turn up the heat: 5 sizzling second home hotspots to sample this summer
While some will be looking solely for the simplicity of sunshine and sea air on their summer break this year, many holidaymakers will be seeking out much more, looking to turn their dream vacation destination into the location of their second home.
Statistics from the Overseas Guides Company (OCG) show the continuing popularity of second homes overseas with British buyers. Classic destinations such as France, Spain, Portugal and Italy, which offer both sunshine and proximity to the UK, are increasingly sought-after locations, with OCG data showing a 30% year on year rise in searches during the third quarter of 2013.
Meanwhile, property investment specialists Brookes & Co have reported a growing level of interest in properties further afield, including Florida and the Caribbean. The increasing number of enquiries has led Managing Director Philip Button to share his top five sizzling second home hotspots for this summer. Every one of the destinations below should be firmly on the radar of anyone wishing to invest in property overseas during 2014.
1. Florida
First and foremost is Florida, where Brookes & Co is delighted to be offering investment in luxury three and four bedroom villas at The Fountains at ChampionsGate in Orlando, in partnership with leading Floridian developer Feltrim. Deposits begin at just £53,128, with an entire villa from £212,512 and US mortgages available
Florida’s property market was hit hard by the global economic crisis, but is now surging back to life, while high end properties remain ahead of the curve in terms of return on investment. Orlando in particular, thanks to its theme parks, wonderful weather and pro-level golf courses, is one of the most exciting property markets available, having just been voted one of the top ten newly announced TripAdvisor Travelers’ Choice US Destinations 2014.
2. The Caribbean
The ultimate dream for many, the Caribbean presents another extremely exciting property market so far as overseas investment opportunities are concerned. Stunning beaches, world class resorts and some of the finest snorkelling, scuba diving and sailing combine to make the islands, cays and islets that make up the Caribbean one of the most popular holiday destinations.
The Savills Prime Residential Retreats 2014 report observes that the Caribbean market has now stabilised following price drops of around 30% as a result of the global financial crisis. In some areas, such as the Bahamas, prices have reduced by as much as 40%, making these an excellent place for those looking to pick up an overseas property bargain.
The extensive tourism industry means that the potential for rental income that results from the Bahamas’ popularity is vast. Brookes & Co clients can take advantage of this flourishing market through investment in the beautiful ocean front properties at the five star Royal Ocean Club resort, deposits for which are from just £98,500.
3. Italy
Italy has suffered economically along with its fellow “PIGS” over recent years, yet the beauty and tranquillity of the Italian Lakes has continued to experience a high demand from tourists wishing to escape the stresses and strains of modern life. If it’s good enough for George Clooney…!
The area’s luxury hotels, elegant restaurants and high end boutiques blend with the incredible natural scenery to make the area the perfect holiday destination – and the perfect overseas property investment destination. Brookes & Co will certainly be keeping a very close eye on the Italian Lakes over the coming months so watch this space…
4. Portugal
Along with Italy, Portugal has shared in Europe’s pain, yet the luxury property market in some of the Algarve region’s most exclusive areas suffered comparatively little, with demand for high end villas remaining strong. The property market in the glamorous town of Vilamoura, with its excellent marina, fabulous beach and access to first-class golfing facilities, has largely ignored the rest of the county’s economic woes. It is one of Europe’s leading property hotspots and definitely one to watch throughout 2014 and beyond.
According to the Savills Prime Residential Retreats 2014 report, a key reason for Portugal’s success has been its ‘golden visa’ initiative, which has attracted high-level property investment from around the world:
“Portugal has been among the most successful in the golden visa initiative, with its €500,000 minimum investment scheme enjoying strong traction with the Chinese, who accounted for 78% of the 318 visas that were issued in 2013. Russians, Angolans and Brazilians have been the next biggest recipients”
5. England
Finally, back home in the UK, London and surrounding counties such as Essex are tipped as the best places to invest in property so far as Brookes & Co is concerned. Prices across the Essex have increased by 4% in the last year alone according to figures from Rightmove, while Savills are predicting rises of between 5% and 6% for London’s commuter belt counties during 2014. London has also just been confirmed as retaining its third place position in the annual TripAdvisor Travelers’ Choice World Destinations ranking.
As ever, Brookes & Co will remain at the forefront of the property investment market during 2014 and beyond, bringing sound investment opportunities to its clients from the planet’s most exciting and financially secure property markets. Watch this space to find out where the next investment opportunity will be!
For more information, visit brookesandco.co.uk.
