European cities most desirable for overseas property investment

on Mar 27, 2015
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When it comes to investing in property overseas, many buyers find the market so overwhelmingly vast that deciding upon a country is difficult enough, let alone a city or town within. Of course, different people want different things, and every country offers something unique in terms of its property market. However, Europe is leading the race when it comes to desirable locations to invest in property.

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Lisbon for example, has been named as one of the most desirable places to own a home away from home. Barcelona is also considered to be an attractive location, and both cities provide a diverse mix of beaches, culture and affordability. Florence has also been cited as an ideal region for owning a pied-à-terre.
For many British families looking to invest in international property, Italy, France and Spain remain as prime locations, with Tuscany, Dordogne, Marbella and Andratx being highlighted as ideal regions. Paddy Dring, head of Knight Frank’s international department, says that prices in the Dordogne region of France are down by 40 to 50 percent from their peak in some areas. With this being the case, there is a strong probability that properties within Dordogne will gain value in the future.
If you’re looking for a place with easy access to nightlife and partying, Ibiza remains a popular choice for many investors. However, the Spanish island caters to a variety of buyers considering its tourist season is during the height of summer. Therefore, property owners are able to boogie down with the masses from May to October, or take in the delights of the peaceful, Mediterranean landscape when the tourists have left. The average prime property in Ibiza is priced at around €5 million (£3.65 million).
However, if winter weather is more of a temptation, the Arlberg region in Austria and the Swiss resort of St Moritz have garnered a lot of interest as of late for skiing enthusiasts. “Switzerland has been our best performing destination over the past nine months and is expected to continue on this path for the foreseeable future“, said Robert Green, general manager of Abercrombie & Kent International Estates. Prices in Switzerland surged by as much as 30 percent following a temporary blip after the Swiss National Bank decided to unpeg the Swiss franc to the euro.
However, if you want to look a little further afield than Europe, why not try New York? The city “is one of the most desirable options among wealthy individuals collecting properties and lifestyles”, according to David Russell, marketing director at Sotheby’s. With the US dollar in a strong uptrend, investing in property in New York could prove to be very profitable in the long run.
And many investors are looking further afield for a warmer winter climate, as well. Interest has picked up in Dubai’s real estate market, and Cape Town in South Africa is very much admired for its winter sun, nature and affordable property.

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