Property clinic
Experts Martin Roberts and David Cox advise on how to choose a holiday property with long-term value
PROPERTY CLINIC
WE POSE YOUR QUESTIONS TO OUR INTERNATIONAL PROPERTY EXPERTS FOR THEIR TOP TIPS ON BUYING OVERSEAS
Martin Roberts presents BBC1’s property auction show Homes Under The Hammer, shown daily at 10am and 2.40pm. He also runs an independent overseas property consultancy, PropertyQC. Call 0800 977 4517 or visit propertyqc.com
Q IS OWNING PROPERTY IN LUXURY LOCATIONS AN IMPOSSIBLE DREAM? HOW WOULD I AFFORD IT?
WE ALL LIKE the idea of owning a Caribbean beach house or a mountain-side ski lodge, and if you do your research it is possible and affordable. The key is to look for up and coming areas, rather than established ones. Then, buy the property with the minimum deposit you can.
For example, buying on Barbados’ West coast would cost telephone numbers. But head to the newly developing south-east coast and you’ll have all the delights of the island at a fraction of the cost. A two-bedroom apartment overlooking the beach costs from around just £200,000.
Similarly, property in Whistler – Canada’s most famous ski resort – costs around
C$850 per square foot. A reasonable two-bedroom apartment will therefore set you back C$900,000 (approx £450,000 or €653,000). Just inland, however, Big White near Kelowna has a better snow record, is increasingly popular and is destined for great things.
Yet the price of mountain-side property here is only around C$350 per square foot, so a similar two-bedroom apartment costs less than half as much, at around C$400,000 (approx £200,000 or €290,200). In addition, you can purchase with a 15% deposit, meaning you can have your own ski in/ski out apartment for a deposit of around £30,000 (€45,500).
David Cox is the director of overseas property investment specialists, Property Frontiers, and author of Where to Buy Property Abroad: An Investor’s Guide. +44 (0)1865 202700; propertyfrontiers.com; aninvestorsguide.com
Q IS OWNING PROPERTY IN LUXURY LOCATIONS AN IMPOSSIBLE DREAM? HOW WOULD I AFFORD IT?
THE LIFESTYLE opportunities that luxury destinations offer draw people to those areas more than the up-and-coming investment markets in, say, Eastern Europe. But people often wrongly assume that those markets which offer high luxury don’t have affordable property. One example is Barbados, which of course has mega luxury properties with equally mega price tags. However, it is also possible to buy property there on a five-star resort for less £100,000 (€145,200).
Having finance in place can of course further reduce the capital requirements of a property. We are currently selling properties in Merricks Cove, which offers fantastically priced properties compared with much of the rest of Barbados. The development is conveniently located on the south east of the island and is well connected to the major resorts and the airport.
Other parts of the Caribbean can also be surprisingly affordable. We will soon launch a development in Grenada with apartments from just £60,000 (€87,115). The key to buying in luxury markets such as this is to identify genuine up and coming areas; places where the potential for development is good yet the prices have not caught up with the more popular resorts. It is perhaps more challenging to find these opportunities but they do exist. They can also prove to be a rewarding investment, both in your finances and your lifestyle.
