The bods in the know at Rightmove have spoken: Morocco, Cyprus and the Caribbean are officially the top destinations in which to invest your money in overseas property in 2007. The experts chose the locations based on current prices and rental and capital growth potential.
Thanks in no small part to its growing accessibility, owing to the recent introduction of bargain priced flights, Rightmove Overseas also waxes lyrical over Morocco’s ‘lush gardens, olive groves and palm trees coupled with medieval alleyways and the vibrant market stalls’. This exotic excitement is deemed key to the country’s increased popularity with today’s increasingly shrewd investors who are notably keen to branch out and purchase great value, cheap property overseas – before everyone else gets there. The website points out that flight bookings alone to Morocco were up 295 per cent in 2006 compared with the previous year.
Prices for Moroccan properties range between £100,000 and £125,000 on average, but investors have increasingly been searching for something a little more special than your average dilapidated riad to renovate, being attracted instead to high end properties such as those at Port Lixus, situated near to Larache, an Arab-Andalusian city, and an area noted for its unspoilt nature and history.
Cyprus investment makes sense
Cyprus has grown in people’s estimation as a viable investment opportunity, thanks to its relatively inexpensive living costs and great climate. Traditionally a popular holiday destination, people are waking up to the fact that buying cheap property in Cyprus as a buy-to-let decision makes sound financial sense, with rental demand high. Property in areas such as Alsancak and Bafra, in the north of the island, offers savvy investors the opportunity for excellent capital growth and rental returns. The Residence is the first private residential development set in the fantastic tourism area of Bafra. This luxury apartment complex will benefit from a host of facilities. Close to the newly planned Marina and Botanical Gardens, this great development is only a 2 minute walk to a superb white sandy beach. The Residence is being marketed internationally as a prime holiday destination and domestically as a luxury residential complex and it is anticipated that the development will achieve a high year round occupancy rate.
Caribbean property one of top overseas favourites
The Caribbean has seen property prices rocket thanks to the recent Cricket world cup and it seems as though the overseas property investment world has gone crazy for this most beautiful part of the world. Traditionally limited to interest in Barbados, St Lucia and Barbados, attention has turned to La Isla Margarita, known as the 'Pearl of the Caribbean', situated 38km north east of the mainland of Venezuela and far from the track of Atlantic tropical storms. Stunning property is available at unbelievable prices and homes are going very quickly indeed, investors spurred on by the simplicity and beauty of the developments on offer as well as their guranteed rental income. One such development is that marketed by Property Club International on Coche Island, lying just 8 miles south of Margarita and just 11km long and 6km wide. Here is the Isla Spa Resort, a veritable haven of relaxation and five star pampering facilities. Coche Island, together with Margarita and Cubagua, form the state of Nueva Esparta, and is a tax and duty free zone, and there is no VAT on the island. Being accessible by boat, it is only a short ride from the island of Margarita. There are direct flights, the majority of which are through Caracas in Venezuela and from there it is a short 35 minute flight to Margarita.
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