Christopher ZeniosThe whole Brexit situation stirred mixed emotions for many investors in 2019, as they looked to cities in other European countries to invest in a second home.
Throughout the year, political decision-making dragged on and there were signs that no deal would be finalised to benefit the United Kingdom. This affected most industries including the real estate sector.
Furthermore, economic effects continued to ripple the European economy, resulting in an increased demand for properties. However, finding good investments in the real estate sector became scarce throughout the year.
Let us discover which other cities are showing real estate growth for the year 2020.
Megève, France
This location has been a hotspot for many tourists, enthusiasts, skiers and on top of that, it’s been a site of a Tour de France stage some years ago. Due to the economic situation in Britain, purchasers from the UK have increased by 10% over the last year. Also, investors from Switzerland are accounted for 5% more in 2019 than the previous year.
Individuals who wish to invest can purchase chalet-styled 2 bedroom condos or cottages for under €449,000, making it a good investment for 2020.
Naples, Italy
The historic city of Naples has seen a 15% increase in real estate sales in 2019 and for good reason. It’s close to the major city of Rome, it shares a warm Mediterranean climate, it’s situated by the Mediterranean coastline and it has neighbouring islands Capri and Ischia that attract further holiday-goers.
Due to the aforementioned facts, Naples has become a popular place to live and is preferred more than Rome. Prices in Rome start at around €280 per square foot, whereas property in Naples start at approximately €175 per square foot, proving yet another reason why it’s preferred.
Limassol, Cyprus
This holiday resort is a “one of a kind” location to many today. Situated in the Mediterranean, it’s attracted many foreigners and other tourists and converted them to actual citizens due to the many benefits Cyprus has to offer. In recent years and especially in the last 5 years, the city of Limassol has seen a rapid increase in real estate purchases. Direct foreign investments along with a large amount of tourism and Citizenship by Investment Program, are the major factors of this becoming a reality.
Rental properties and properties that have been purchased to be fixed and then sold later have become a popular investment strategy, especially with benefits from the Cyprus Investment Program when purchasing real estate.
Porto, Portugal
Porto is a prime location to invest in real estate, seeing that it’s had a 15% increase in sales and is 30% cheaper than the capital of Portugal, Lisbon. The recently changed rental laws and the relatively cheaper prices on homes than Lisbon have made it a more reputable and favourable place for any landlord to make a profit.
What is key to note also is that Portugal is known to have one of the best Citizenship by Investment programs available, which gives further incentive for investors to choose this location as a good investment.
