The soft sands and warm waters of the Mediterranean are known around the world, accounting for one of every three international tourist arrivals globally, according to the UN World Tourism Organisation (UNWTO).
UNTWO’s research projects that the area will attract more than 500 million visitors annually by 2030, while the European Consumer Network has found that 90% of UK consumers are travelling to Europe more than they did 10 years ago. It makes a holiday home on the Med an attractive investment prospect for those looking to own a second home that can be used for holidays but that also has the potential to generate an income.
The classic Mediterranean destinations are all worthy of consideration when it comes to second home ownership. Italy offers abundant choice, while Spain and Cyprus have large expat communities that make retiring there an easy option for the future. Albania is the rising star of the Med locations, with some excellent properties currently attracting attention.
In Spain, the property market in coastal areas is picking up at a promising pace, as buyers look to take advantage of the bottomed out market before prices rise. Prices on the Mediterranean coast have already risen by 1.5% this year, according to valuation firm Tinsa. Upmarket areas such as Marbella and the surrounding towns are benefitting from the uptick, with new build developments such as Jade Beach, from leading Spanish homebuilder Taylor Wimpey España attracting those looking to own a prestigious property within just 100 meters of the seafront promenade leading to Puerto Banus. Prices start at €450,000.
Taylor Wimpey España is also keyed in to the potential of the Balearic Islands when it comes to holiday home ownership. Sales and Marketing Director Marc Pritchard comments,
“Mallorca is a great play to buy and has everything from key ready apartments at developments like Cala Magrana III to new build seafront houses like those at Cala Magrana Mar. Mallorca has so much to offer in terms of both land and sea-based activities – it is one of the Med’s most enchanting destinations.”
