3 Locations in Which to Consider Buying a Second Property
If you have money to invest, buying property remains one of the safest options – however, property prices can go down as well as up, so choosing your location carefully is crucial. The attraction of buying property in Europe is how much you can get for your money, though sometimes cheap property is not necessarily the best investment. Perhaps you’re tempted by some rambling half ruin in rural France, it seems impossibly cheap, and it is. The reason is that the French simply don’t want old rural properties in need of renovation. That may change in the future, but in the meantime, don’t expect the value of your lovely French farmhouse to increase very much and don’t expect the thousands you’ve thrown at in in renovation to add much value, it won’t. So you need to look at locations where property prices are rising and are likely to continue to do so. Here are three city locations you could consider.
One of Portugal’s oldest cities, full of imposing old mansions, grand squares, museums, palaces and a cathedral. In 2019 the city was voted Europe’s second- best tourist destination. Average property prices are around 230,000 euros but according to data from the Imovirtual property platform, average prices have increased by 8.8% in the last 12 months, suggesting that Braga could be a great investment opportunity. As a further incentive to purchase, there’s Portugal’s ‘Non habitual resident tax programme’ which exempts foreign sourced income from tax and the ‘Golden Visa’ scheme which entitles purchasers of property in excess of 500,000 euros, to residency rights and free movement within the Schengen territories.
Valencia, Spain’s third largest city, situated on the south-eastern coast, enjoys a climate which was described by the World Health Organisation as ‘perfect’. A survey in 2021, by the expat organisation, InterNations, identified the city as the best destination for ex-pat relocation in the world. Valencia has an awful lot to offer: six city beaches and six more on the outskirts, the City of Arts and Science (a scientific and cultural leisure complex) an ancient city centre with the biggest fresh produce market in Europe, 34 museums and outstanding architectural examples of Art Nouveau, Art Deco, Rococo and Valencian Gothic. Property prices are cheaper than Barcelona but are being driven up by strong foreign demand; 35% of recent sales are from foreign buyers.
Obviously, this is the most expensive of the three options, although property prices are still around 12% lower than in London. Whilst London house prices have been affected by a drift to the country, around a million people left the U.K. capital during the last year, Paris property priceshave continued to rise and are predicted to rise by 3.5% in 2021. The attractions of France’s capital are well known, and it is the second most visited capital city in the world, so letting out your property is never going to be a problem.
A customizable subscription slide-in box to promote your newsletter
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.