5 Of The Hottest Overseas Property Destinations Making Headlines Today

5 Of The Hottest Overseas Property Destinations Making Headlines Today

If you are looking to buy an overseas property, it’s likely that you fall into one of three categories:

Buying a retirement home

You’ve always dreamed about retiring overseas, and have decided that the time is finally right. You are either looking to sell your current home to fund the move, or, if financial circumstances permit, you are thinking of purchasing a second home abroad. Remember, the tax treatment will be different if you are buying a second home; so make sure you check the tax regulations in the country you are thinking of buying in; especially if you plan to let the property during the periods you are not living there.

Moving abroad for work related reasons

You and your employer have agreed that you will relocate abroad and, since this arrangement is for the longer term, you are looking to buy a property in your new neighbourhood.  You may not be intending to remain abroad permanently, so you may wish to search for a property that you can rent out, or sell at a profit, when you finally return home.

Moving abroad for lifestyle or personal reasons

You have decided to up sticks and relocate to a different country. Perhaps your partner or spouse is from overseas and has persuaded you to settle where they grew up, or possibly, you just decided a complete lifestyle change is what you want, and you have the financial means to invest in a property in your target destination.

Decisions, decisions

Making the decision to move abroad is probably the hardest part of the process, but it is still important to research property markets thoroughly, especially if you have still to decide exactly where you want to settle.

With that in mind, here are 5 overseas property markets making headlines for different reasons.

New Zealand:

A beautiful country and a hugely popular choice for many overseas buyers, New Zealand offers tranquility, luxury, and an outdoors lifestyle that many find irresistible. You should beware, however; the New Zealand government has recently introduced legislation, known as the Overseas Investment Amendment Bill, that will mean only residents of Australia and New Zealand will be permitted to purchase existing homes in the country. For everyone else, there is the option to invest in a new build property, or apply to the Overseas Investment Office for the right to buy an existing property.

The word on the street?

A tranquil des res, New Zealand’s authorities are making things tough for overseas buyers.

Vietnam:

In Ho Chi Minh city, new build blocks of condos are springing up at a surprising pace, and the Vietnamese government is making up to 30% of all apartments in these developments available to foreign buyers, as well as introducing new legislation that makes it easier for people from overseas to make property purchases in the country.

Vietnam was a popular choice for overseas buyers before the global financial crisis drove many foreigners away, but they are beginning to return in numbers, attracted by the possibility of purchasing state of the art two or three bedroomed properties, starting at around $350,000, in convenient locations within major, developed cities of international repute.

The word on the street?

A welcoming environment, and a great time to be buying in Vietnam, particularly in the cities.

Cyprus:

Property sales in this popular expat location are booming, thanks to improving economic conditions and the willingness of banks in the country to lend on mortgages. Last month, more than 50% of property sales were to foreign buyers, with the most popular destinations being Nicosia and Limassol, whilst Paphos also proved popular. Beware, however; property prices in the country are rising fast.

The word on the street?

As popular as ever with expats, but rising prices may put some off.

Dubai

An immensely popular location for expats, holiday makers, and business people, Dubai has launched a charm offensive to try to attract more overseas buyers. The majority of overseas property purchases in Dubai are made by buyers from India and China, but research shows that buyers of property in Dubai hail from an impressive 149 different countries!

Foreign buyers are only permitted to purchase freehold properties in certain areas of Dubai, which tend to be luxury enclaves that offer everything from vast estates next to lush golf course, to “pied a terre” style city apartments.

The word on the street?

Money talks, but you can secure a dream home in Dubai.

Portugal

Famed for its magnificent coastline and exceptional climate, Portugal remains overlooked at times, with neighbouring Spain taking the lion’s’ share of overseas property investment. That should not deter buyers however. Whether its a retirement home somewhere along the Algarve, or city living in Lisbon, one of Europe’s hippest capitals, accepted thinking amongst property experts is that widening the scope of your search, away from the best known or most developed locations to less well known, but equally charming spots, is the best way forward.

The word on the street?

There are bargains to be had away from the crowds and in the lesser known parts of the big cities.

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