2024 is going to be big for global property investors, especially in Europe.
Key to having a profitable year is identifying emerging markets and staking claims as early as possible.
To that end, in-house real estate investment expert, Lief Simon, and his team of international property scouts (including me) are currently planning scouting trips in the markets that are on his radar.
Here’s a snapshot of where we’ll be putting boots on the ground in 2024.
Montenegro
While it’s not a new market for us at Live And Invest Overseas, Montenegro is the first place I’ll scout in 2024.
I last visited this country in November 2022 and toured the grounds of a project that we highlighted there…
Early investors who got in on that project now hold the keys to completed, ready-to-rent units. They toasted its grand opening in June 2023, reporting back on their satisfaction with the first-class amenities and undeniably gorgeous views.
The developer behind that project has a newer opportunity just down the road… A number of units remain available under favorable payment terms (30% down payment and 36 interest-free monthly installments). Go here for more information.
Part of my scouting trip will be dedicated to visiting this new project and relaying my findings. The other part will be about scouting new opportunities, including a new project on the waterfront that Lief has identified.
As property values appreciate and it gets closer to joining the EU, Montenegro’s appeal to investors grows every year. Remember, buying property qualifies you for residency in Montenegro… which, in a few years, could become EU residency.
Spain
By now, the secret is out: we named Spain the #1 place in the world to retire in our 2024 Overseas Retirement Index.
Its diverse lifestyle opportunities, great weather, easy residency, safety, excellent health care, and low costs of living sent it to the top of this year’s rankings.
Big, well-established expat communities across the country speak to Spain’s broad lifestyle appeal…
It’s only fitting that we delve into its investment appeal in 2024, and we’ve identified a turn-key opportunity in Madrid’s student accommodation market that throws off regular annual returns of about $15,000 starting this year.
Greece
I forever have my eye on Greece, and I’m looking forward to my annual visit in mid-2024.
Greece offers some of Europe’s most affordable property values, especially if you look outside of Athens to lower-density areas of the country. The islands of Corfu and Crete are among my favorite markets.
Greece stands out as particularly friendly to investors and retirees…
It offers one of the few remaining golden visa programs in Europe, where you can invest as little as 250,000 euros and gain residency, including visa-free travel in the Schengen area and citizenship in as few as seven years.
It also offers the Non-Dom Tax Regime to resident retirees, allowing a flat tax of 7% for 15 fiscal years on pension or passive income from abroad.
Turkey
Top of Lief’s watch list is Turkey and its Mediterranean coast specifically.
Turkey has the most affordable property in Europe right now—bargain prices compared to more well-known and visited destinations in the Mediterranean.
Turkey is investor-friendly, and with its affordable living, high-quality health care, favorable climate, beautiful landscapes, and rich culture, its appeal can’t be denied or ignored.
Investors who get in now are getting in on a rising tide. During the year to November 2022, house price growth was 57%, adjusted for inflation.
And ranking #1 on our list of 2024’s Hottest Property Markets is Northern Cyprus.
This is pure, Mediterranean Sea beachfront… and while prices here may have risen over the past three years, they’re still amazingly low. You won’t match them anywhere on the Med.
In fact, prices here are even cheaper than Mexico.
Cyprus is situated in the balmy eastern Mediterranean Sea just south of Turkey. Long Beach is on the eastern shore of Northern Cyprus in the district of Iskele (pronounced ee-SKEH-leh). The beach is 1.55 miles long (2.5 km) which makes it the longest beach in North Cyprus.
When Lief zeroed in on this area back in 2020, some of our property editors wondered if it would be too expensive… or too far off the beaten path. But the first project he brought to the table—offering new, modern beach condos for less than $60k—served to set the record straight. The attention of investors and second homeowners turned to one particular beach on the northern coast.
Lief ran the numbers at the time, and made a good investment case for a rental property here… projecting returns of around 8% to 10%, with close to 90% occupancy. Any capital gains, he said, would be icing on the cake.
The “icing on the cake,” as it turns out, has been a 100% increase in average property costs over the past three years. Yet despite this impressive performance, the cost per square meter here is still just $2,595… partly due to the U.S. dollar’s strength against the British pound. This price is a bargain for any beach property anywhere, let alone on the Mediterranean.
A fair number of readers have already purchased here, and if you’d rather not navigate the market for yourself, we’ve identified a great development offering both pre-construction deals and move-in-ready units in a convenient, sought-after area.
This former British colony has a lot to offer. It’s a safe, low-crime environment, with beautiful beaches, good amenities, great weather, a low cost of living, and inexpensive properties.
Know Your Priorities
And, if you’re looking for a home abroad for your own use, then price—and buying at a good price point—may be your most important consideration. In fact, the price, the view, the cost of living, amenities, and the weather are probably all you need to care about.
Investors, however, will need to consider occupancies, rental demographics, liquidity, ease of getting there, and a host of other factors—in addition to price— before making a final decision.
The markets on our radar in Europe this year definitely have strong momentum, yet still have room to grow. Most importantly, they have the world’s attention…
Sincerely,
Sophia Titley
Editor, Overseas Property Alert
