Send to a friend

News

Five sizzling hotspots for the summer - 22 March 2007

Rightmove Overseas explain their top five overseas property hotspot choices to look out for this summer...

When investing in an overseas property for financial return, you have to rely on numbers, facts and instinct. The factors you must consider are rental potential, growth potential and current price when looking into the possibility of buying a home abroad. Rightmove advise against allowing yourself to become sentimental about the property, as a good investment or ‘hotspot’ may not necessarily be somewhere you yourself would like to live.

With these key investment factors in mind, Rightmove Overseas selects their top 5 overseas summer hotspots for 2007!

1. Morocco

Morocco is becoming one of the fastest growing destinations among holidaymakers and overseas property investors alike. And it's easy to see why: Lush gardens, olive groves and palm trees coupled with medieval alleyways and aromatic souk market stalls, all add to the heady atmosphere of this exotic, vibrant and colourful destination.

During the summer of 2006 flight bookings to Marrakech rose by an incredible 295% compared to the previous year. “Flight fares to Morocco have dropped dramatically”, comments Justin Figgins, Head of Group Strategy at Rightmove. “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.”

Average property prices in Morocco currently range between £100,000 and £125,000; however, the market caters for budgets of just £50,000 as well as luxury multi-million pound properties.

2. Dubai

Rightmove Overseas believe Dubai to be the ultimate city destination! The epitome of luxury and glamour, Dubai is an exciting, majestic and distinctive city offering some of the finest and most opulent properties in the world. With highly ambitious tourist developments underway and more international businesses setting up bases in Dubai, there is no reason to believe that the desert state’s time has passed, Rightmove Overseas claim.

3. Cyprus

The legendary birthplace of Aphrodite, Cyprus offers an extraordinary quality of life. Rightmove Overseas currently list almost 3,000 Cypriot properties in some of the most popular destinations on the island including Paphos, Larnaca and Limassol. With its Mediterranean climate and relatively inexpensive cost of living, an increasing number of overseas property investors are turning their eyes on the island. Buy-to-lets in Cyprus are currently providing particularly strong rental returns. Cyprus' full adoption of the Euro in January 2008 will undoubtedly make the island an even more attractive investment.

“A buy to let investment in Cyprus is still a great venture,” says Justin. “With tourism booming and the reputation Cyprus has for attracting repeat and loyal visitors, rental demand continues to outstrip supply.”

4. Hungary

Hungary’s capital, Budapest, home to fascinating and eclectic architecture, grand old coffee houses and Turkish baths, is an emerging location on the property market map. Summer in Budapest sees an influx of tourists and in the autumn the cultural season starts, offering the city’s great Opera House, National Theatre and the Franz Liszt Music Academy. The city’s lively nightlife, tasty gastronomy and beautifully ornate properties are causing more investors to turn their eyes on the city.

5. The Caribbean

The pristine sandy beaches, clear waters, laidback lifestyle and year round sunshine alone would be enough to entice anyone to buy property in the Caribbean. But on top of this the potential to make fantastic returns offered by the region's holiday buy-to-let market are really attracting investors to this stunning part of the world. Between September and November of this year, thousands of visitors are expected to flock to the Caribbean for the 2007 Cricket World Cup creating a boom in property sales and making the Caribbean one of the overseas property hotspots of 2007.

Rightmove Overseas provides clickable maps, country guides, pod casts and national radio station shows for all of our top ten destinations and many of our other 70 countries, ensuring that the user is provided with as much help and guidance needed when researching latest hotspots and buying their overseas properties.

Related Articles

• Buying a Property in Morocco
• Buying a Property in Dubai
• Buying a Property in Cyprus