It’s been a sobering time for property investment in recent years. Property prices have gone from being a sure bet to one of the most volatile prices out there. And thanks to all of the uncertainty that still dogs the global economy, this is unlikely to change anytime soon.
But having said that, there are a few oases around the world where prices aren’t going to fall flat anytime soon. In fact, in many parts of the world, there are legitimate economic reasons to believe that high prices are here to stay. The population is booming, but at the same time, the supply of housing is rising more steadily. It sounds strange to say it, but when it comes to house prices, more planning laws are actually better for property. The fewer properties there are, the higher their price.
So without further ado, let’s have a closer look at some of the best places to invest in property right now.
Melbourne, Australia
Australia has become the poster child for the bust property market.. But since the bust of 2008, the Australian property market is showing signs of recovery, especially in the Melbourne. Across the continent, Melbourne has a reputation for being an exciting city. And this has driven many people to want to live there. A penthouse apartment for sale here tends to fetch well below what we might consider fair market value. Now the beauty and the appeal of the city is driving prices higher. In other words, there seem to be real reasons underlying the rises in property prices this time around. And barring a collapse in Australian financial markets, there doesn’t seem to be any reason not to invest in the area.
The French Riviera
If there’s one place where prices are likely to continue rising, it’s the French Riviera. This haunt of the wealthy and powerful already commands elevated prices. But as the wealthy get wealthier, the premium they will be willing to pay for exclusivity will also rise.
Thus investing in property in the Riviera seems like a sure bet. Places like St Tropez, Cap Ferrat, and Cap d’Antibes continue to see surges in inquiries.
Grenada
Grenada once used to be notorious for pirates. But now, this little Caribbean slice of paradise is attracting a very different clientele. Right now the government is introducing a “Citizenship by Investment” scheme. And like most government projects, this will have the effect of driving prices higher. In fact, this is exactly what happened in neighbouring St Kitts and Nevis. Property prices here are already quite high but expect them to go higher in the coming years.
Tuscany, Italy
Tuscany is a world famous region of Italy – and for good reason. The landscape is truly stunning. And whether the area is in the throes of a buoyant housing market or not, your friends will still be jealous if you live there.
With that said, it does seem like the market is emerging from an extended period of depressed prices. Classic villas here are going for over £1.5 million.