Surging house prices and rising rents have made overseas property seem even more of a bargain, and with more of the same forecast, buyers are increasingly looking overseas to get more bang for their buck.
Throw into the mix a potential shortfall on superannuation for retirees — alongside a growing number of countries relaxing rules on foreign ownership — and investing in a second home, or retiring to some far-off land, becomes even more appealing.
For those looking to spend their Aussie dollar abroad, the world is increasingly becoming their oyster. But where to begin your overseas property hunt? From France and Florida to Greece and Dubai, these property experts reveal some of the best value destinations for investing.
Nouvelle-Aquitaine, France
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For the price of a Sydney home, you could own a French chateau. Picture: realestate.com.au
Fancy being the King (or Queen) of your very own castle? In France owning a stately pile is not just something that’s in the realm of a fairytale fantasy or the thin plot of a Hallmark holiday movie, it can be reality.
While the median house price in Sydney sits around $1.6 million, for approximately $1,200,000, you could wake up in a beautifully restored historic manor, complete with lush gardens and its own pool.
“Over the past few years France has seen a significant increase in tourism, which has only heightened the demand for properties across the country,” said mortgage broker at Sydney-based agency, Liberty, Steven Tropoulos. “Offering a perfect mix of old-world charm and modern luxury, French chateaus are perfect for those looking for a vacation home, or a unique investment opportunity.”
Bali, Indonesia
The popular Canggu area in Bali boasts huge luxury homes. Picture: realestate.com.au
The Australian love affair with Bali is still going strong. Visitor numbers are soaring and the Island of the Gods is still ticking serious boxes: gorgeous beaches, great surf breaks, vibrant local culture and stunning 5-star hotels. From beaches to lush green rice terraces, Bali offers both a desirable tropical escape and desirable place to live or invest in.
“Compared to Australian property markets Bali offers incredible value,” said founder and managing director of Brisbane and Gold Coast based buyer’s agency, Buyers Collective, Jack Freestone. “With its attractive leasehold options, Bali remains one of the most affordable exotic destinations to invest in. You can secure luxurious villas at a fraction of the cost you’d pay for similar properties in Australia. Plus, given the strong rebound as tourism booms again post-pandemic, the strong rental yield potential, coupled with the island’s ever-growing popularity, makes now a prime time to invest here.”
Luxe villas in the hip area of Canggu, can be had for around $3 million.
“For similar coastal properties in Australia you’d be paying close to double for the same level of luxury and proximity to beach hotspots,” continued Freestone. “So, it’s an ideal option for investors looking for holiday rentals or for a personal escape.”
Athens, Greece
New, luxury apartments in Athens are about the price of a Brisbane home. Picture: realestate.com.au
One nation’s economic crisis became a property hunter’s bargain basement. And now, a decade after Greece’s financial meltdown, property in the country can still be had for a song.
Athens has long been a sought-after destination for travellers, and with its rich history, vibrant culture, and iconic landmarks, so it’s no surprise that interest in Greek real estate property is surging. In fact, Greece — and Athens in particular — has seen a record number of visitors in recent years, further boosting demand for real estate in the city.
“Athens is where the majority of our clients are purchasing,” said Mr Tropoulos — who has a speciality helping clients finance, purchase, and build properties in Greece. “It serves as the gateway to Greece and Europe, offering a wide range of properties, primarily apartments, which are easier to maintain than houses.
“With Greece’s record tourist arrivals and growing year after year, Airbnb rentals can provide a great return when you’re not using the property, making it a more cost-effective way to own a holiday home.”
While the median house price in Brisbane sits at around $937,000, for a touch more you could upgrade to a two-bedroom luxury apartment with views of the UNESCO World Heritage-listed, Parthenon, in the centre of the city.
Kalymnos, Greece
Kalymnos, Greece is a mostly untouched haven. Picture: Getty
Known for its untouched beauty and relaxed island lifestyle, the island of Kalymnos is one of the country’s undiscovered gems. And with its world-class rock climbing, stunning beaches, and pristine waters, it’s becoming a highly desirable holiday home destination.
“We’ve noticed a growing interest from Australians in purchasing property in Kalymnos,” said Mr Tropoulos. “ That’s partly due to the large Kalymnian diaspora in Australia, but also because the island is located in a part of Greece where summers start earlier and last longer compared to most other regions. It’s very affordable, perfect for families, has wonderful beaches, and offers great potential for rental income through platforms like Airbnb when you’re not there.”
Known for resisting the rampant commercialisation experienced in the likes of Santorini, Mykonos, and Paros, Kalymnos retains its authentic charm, despite it only being a 30-minute boat ride from the bustling island of Kos, which has a large international airport.
“The median price for a home in Sydney sits just above the $1 million mark” said Mr Tropoulos. “But for under $1 million, you can own this breathtaking property complete with a jacuzzi and panoramic ocean views across the southeastern Aegean Sea. Plus, with the Greece’s Golden Visa program — which offers residency to individuals who purchase property in Greece valued at over 400,000 euros — Australians can access residency in Greece and visa-free travel within the European Union.”
Dubai, UAE
Luxury apartments in the UAE are about the price of a tiny Melbourne home. Picture: realestate.com.au
Sun, fun and a no-tax haven, Dubai’s plus points have seen it lure a continual stream of foreigners to its shores, property investors included.
The second-largest Emirate has seen an almost uninterrupted stream of government-backed development projects, which, coupled with a phenomenal increase in the number of available housing developments, has equated to a property boom. And while the cost of buying property in Dubai remains low compared to international prices, rent remains high, so a healthy rental return is likely. “This dazzling, desert has become a hotspot for property investment on a global scale,” said founder and buyer’s agent at Austin Buyers Agents, Luke Bindley. “The zero tax is super-attractive, as are the low crime, luxe lifestyle, and lucrative property returns. With more huge growth and government-funded projects, the property boom will continue.”
For around $800,000 (which would buy a tight-squeeze Melbourne unit) in Dubai you can nab a palatial apartment in ‘Sports City’ — a luxury development boasting world-class sports amenities, alongside premium dining, retail and leisure options.
Tuscany, Italy
Italy’s Tuscany region is awash with beautiful historic homes. Picture: realestate.com.au
Charming, romantic and beautiful, Italy’s region of Tuscany has long held an irresistible pull for travellers, thanks to its mishmash of bustling Renaissance cities, epic art, amazing architecture, wondrous wine, and backdrop of medieval hilltop towns, rolling hills and olive groves.
“In comparison to Australian rural properties Tuscany presents excellent value,” commented Mr Freestone. “With stunning farmhouses and villas available at a significantly lower price point, you can enjoy the European lifestyle without breaking the bank.
“The euro remains relatively weak, which benefits international buyers looking to invest in European properties. Tuscany’s enduring appeal ensures it’s a stable and rewarding investment over time.”
A budget of around $2 million in Australia can buy you an un-renovated unit in Bondi Beach, while over in Tuscany, you can live the la dolce vita dream in a historic building with gardens, olive trees and a swimming pool to boot.
Florida, United States
In the Florida Keys, relatively affordable water-side homes are abundant. Picture: realestate.com.au
The idea of soaking up the famous Floridian sun is an appealing prospect. A hot spot for its year-round sunshine, beautiful beaches, and lively cities, with a growing population and infrastructure upgrades — including a recent $1.1billion expansion of Orlando International Airport — Florida is a great location for investors and holiday home owner wannabes alike.
“Resorts, theme parks and the famed sunshine all mean a significant population which comes with a high rental market,” said Mr Bindley. “With no state income tax, there’s more money in the pocket too.”
The average house price in the inner-west Sydney suburb of Burwood, for example, has risen a whopping 35-plus percent in the past year to $3,156,500 (almost $1.5 million more than the Sydney median)
Stateside, for a touch of $3 million, you can buy your very own slice of a Flordian island or key.
Limon, Costa Rica
Homes in Costa Rica’s Limon are a fraction of the price of an Australian entry-level home. Picture: realestate.com.au
Safe, stable, beautiful and abundant in picturesque beaches and lush jungle, Costa Rica is the jewel in Central America’s crown. Famed for having no army, a stable economy and being the bastion of eco-tourism, this place is an expatriate melting pot, making it great for a sea change or retirement
“Costa Rica has a stable and reliable real estate market,” said Mr Bindley. “With a low cost of living and strong eco-tourism, this appealing haven offers an idyllic property for change under a million.”
Stretching along the Caribbean Coast, Limon is considered to be one of the most pristine and lush regions in the country and, for less than the price of a bargain entry pad sub-$1 million in Australia, you can get not just one, but THREE furnished houses, in this tropical jungle property, only 400 metres from the beach.
