Property by the sea for recreation and investment: the top 5 European locations in 2019
Summer is ahead, and it means it’s time to think about where to spend this amazing season! Our article is for those who, having fallen in love with the country during the holidays, will think that it would be nice to buy their own housing by the sea.
Let’s talk about Europe with its Mediterranean, Adriatic and Aegean seas, and consider the five leading summer holiday destinations of 2018, which, according to most forecasts, will be at the peak of popularity in 2019.
The climate of this country is one of the mildest in Europe (more than 3,000 hours of sunshine per year). Winters on the coast are short. The swimming season begins in June, when the water temperature reaches 19-21 °, and lasts until October. Especially the warm sea (about 25 °) here can be enjoyed in August. According to Trekksoft, in 2017, Spain was visited by 82 million tourists.
Property in Spain by the sea
Willian Justen de Vasconcellos / Unsplash
In 2018, residential property prices in the country rose by 6.49% compared with 2017 and amounted (on average) to 1,493 euros per square meter (in 2019, they are expected to grow by 5-7%). The yield from the rental of residential property in Spain is 4-5%. Foreign investors have the right to buy and resell any types of real estate without restrictions.
The demand for real estate in popular resorts is quite high, however, you can still find an apartment from 50,000 euros or a country house for 150,000 euros.
Studies by the National Institute of Statistics of Spain (INE) showed that home sales in the country increased by 10.6% by the end of 2018 compared to the same period last year. The growth in the number of transactions was largely due to the fact that foreigners (most of them were British, French, Germans, Belgians, Italians and Swedes) bought houses on the coast. Barcelona and the Costa del Sol were the leading locations.
Barcelona is multifaceted and attractive. City beaches and Michelin restaurants are side by side with museums, palaces and cathedrals, and the dark Gothic facades – with bright buildings of the modern era.
Prices per square meter in Barcelona fluctuate around 5,000 euros. The yield from the rental of apartments in the short-term lease is 4-5%, however, such a lease is possible only with a license. The profitability of the long-term lease is about 2%.
High taxes and relatively low returns would scare off potential investors, however, according to Global Property Guide assurances, it is necessary, first of all, to take into account the attractiveness of the country for expats and purchasing power, which keeps one of the highest rental rates in the city among European countries. The influx of tourists causes the demand for apartments not only in the peak beach season, but throughout the year.
Costa del Sol is considered the favorite among British real estate hunters. Here you can find Europe’s finest golf courses and marinas, modern luxury set off by stunning architecture. The length of sandy beaches is 160 kilometers. Every year, 13 million people come here to rest.
The price range is as varied as the preferences of tourists. In the largest city of the Costa del Sol – Malaga – you can buy a two-room apartment for 150,000 euros. The average price per square meter will be 1,700 euros.
Another city that could not be overlooked is the rapidly developing Torrevieja. The local climate has been recognized by the World Health Organization as one of the healthiest in the world, also thanks to the salt lakes located here. Pink Salt Lake is one of the main attractions of the south of the Costa Blanca.
Torrevieja is considered one of the best places to buy or rent property in Spain. The territory around the city is mostly flat, with long sandy beaches. The most famous of them, Playa del Cura, is located in the city center.
Inexpensive one-bedroom apartment with an area of 55 m2, located near the beach, will cost about 60 thousand euros.
Sunny, hospitable, inexpensive. The crystal clear waters of the Mediterranean, delightful beaches, friendly locals and an atmosphere of lively history.
Record tourism figures here reached a 10-year high. In 2017, the country was visited by 27 million people, and for 11 months of 2018, this number increased by 29%.
The secondary housing market in Greece is “heating up” – buyers (British, French, Germans and Scandinavians, as well as residents of the Middle East, India, Israel, China, Russia, South Africa and America) are falling prices after the 2010 debt crisis. The program of granting “golden visas” has become attractive for them. Participation in it allows investors who have invested in the real estate of the country from 250 thousand euros to apply for a residence permit and, subsequently, for Greek citizenship.
Real estate in Greece by the sea
Alexandre Chambon / Unsplash
According to George Kachmazov, managing partner of Tranio, an international real estate broker, “now is the perfect time to enter the market.