City gateway locations in the Mediterranean, Alps, South Africa and the Caribbean could see the biggest property price growth in the next five years, says top agent Savills
The biggest growth in the overseas property sector over the next five years could be city ‘retreat property’ in ‘getaway locations’, a new report predicts.
With many first tier world cities now looking “fully valued”, real estate buyers are casting around for alternatives and “immense buying opportunities” now exist in ‘retreat property’ locations in the Mediterranean, Alps, South Africa and the Caribbean, with prices rising up to 10% a year, says leading global agent, Savills.
Yolande Barnes, of Savills Research, says, “The growing interest in this type of real estate comes at a time when urban real estate has been the biggest growth story of the last five years.
“City property defied the credit crisis, even in some of the countries that it hit hardest. Strong price growth was seen, especially in world class cities, while many out-of-town markets languished and fell in value.
“While cities may have been the growth story for the last five years, it is likely to be city getaway locations that show the best growth in the next five.”
Prime residential retreats, reliant …read more