Portugal, Colombia top list of best places overseas to buy real estate in 2017
A ranking of the nine best foreign places to buy real estate in 2017 put Portugal and Colombia at the top of the list.
Panama-based publisher Live and Invest Overseas also included locations in Brazil, Cape Verde, Mexico and the Dominican Republic in its list of the nine best places overseas for real estate investment this year.
Here are brief excerpts from the list:
Algarve, Portugal (#1): Properties in the southernmost region of Portugal rank among “Europe’s best bargains … Long term, property in the Algarve [area] will hold its value thanks to restrictions on coastal construction.”
Lisbon, Portugal (#2): Compared with such West European cities as Paris, London, Dublin, Madrid and Rome, “Lisbon offers generally better weather, better property prices and a lower cost of living.”
Cali, Colombia (#3): A real estate boom like the one that happened in Medellin is likely to unfold in Cali. “Cali is Medellin 10 years ago. Property values are an absolute global bargain. The rental demand is expanding … as is the city’s middle class.”
Bogota, Colombia (#4): The city is Colombia’s leading tourism destination “and international travel to Bogota is increasing. … Neighborhoods are being gentrified and the local middle class is expanding quickly.”
Las Terrenas, Dominican Republic (#5): This town along the northeast coast of the Dominican Republic has relatively inexpensive Caribbean real estate: “It’s a bargain compared with the rest of the region … Las Terrenas is more accessible than ever and numbers of both international and domestic tourists are growing, meaning expanding rental demand.”
Playa del Carmen, Mexico (#6): This market is deep enough to find a real estate buyer when it comes time to sell: “Playa is the fastest-growing city in Latin America and enjoys an active resale market. Playa del Carmen is “another market we like for its strong and growing rental demand thanks to greater than ever numbers of both foreign and domestic tourists.”
Cocle, Panama (#7): This province in the agricultural heartland of Panama is ripe with opportunity for food-focused investors: “We targeted this region for turnkey agricultural investment opportunities four years ago and have yet to identify another place in the world with as much to offer in this regard.”
Ceara, Brazil (#8): This region of Brazil has become a hub of tourism with more than 60 million domestic visitors a year. Ceara has been “targeted for investment in improved infrastructure, including the expansion of the state highway and a new international airport.” Ceara also has monetary appeal: “Like most markets on our real estate investment wish list for 2017, this one is made more attractive by a weak currency.”
Cape Verde (#9): A growing tourist destination, Cape Verde has “some of the best beaches in the world.” International property developers and hotel operators are drawn by the market’s increasing rental demand. For individuals, “the real estate units being sold that make the most sense for investment are part of hotel-managed resort communities … versus single-family residences or condo units.”
Source: The Real Deal