Suffering through the cold, dark winters of the UK can be a drag, especially if you have the travel bug and are desperate to set off to your favourite holiday destination for a hefty dose of fun and relaxation. If this sounds like you then you might just be thrilled to learn that we have the perfect solution – purchasing a holiday home that you can visit whenever you fancy, that perfect bolthole that works as the ideal escape when you need to soak up the fun and sun in a different country.
Better yet, if you buy a holiday home abroad you will be able to reap the benefits should you decide to rent it out in between your visits and this extra income should not only pay for the initial purchase in record time, but provide you with a sizeable income year on year.
Of course, it won’t be as easy as simply picking a place you love and going for it, there will be some set up costs to ensuring your holiday home is ready for numerous visitors and you’ll need to arrange for redecoration, regular cleaning services and also the hosting requirements.
You’ll also want to think carefully about where you choose to purchase your home, and that’s where we can help. Using data collected by CIA landlord insurance – who analysed 50 cities across the globe with thriving tourism ecosystems and took into account data including average house prices per square metres along with local average temperatures, the amount of restaurants nearby to indulge in and how profitable the location is for landlords with property prices versus potential rental earnings on Airbnb – we’ve rounded up five of the best cities around the world to purchase a holiday home in this year.
Istanbul
Istanbul tops the list as the best city in the world to buy and rent out a holiday home, with house prices averaging £195.67 per square metre and the potential to earn £3,053.00 each month from renting a two-bedroom property out on Airbnb.
As a popular tourist destination, Turkey’s largest city saw 14,716 travellers pass through arrivals in 2019, many of which were likely attracted by the 15,205 restaurants and 438 bars. This means there’s likely to be plenty of holidaymakers to keep your rental booked and busy throughout the year.
Bars and restaurants are appealing amenities for tourists as they present an opportunity to experience local cuisines and authentic nightlife scenes.
Antalya
Turkey is also home to the second-best city to buy and rent a holiday home, with Antalya ranking just behind Istanbul. Compared with the capital city, property prices per square metre are more expensive at £962.54 on average and Airbnb rental earnings are lower too, averaging £2,973.00 per month for a two-bedroom house.
Property prices across Turkey are set to increase by 161 per cent in just one year and will rise by 758 per cent over the next ten years, which is something to keep in mind if you’re hoping to invest in property before this steep incline.
Las Vegas
Las Vegas is the most profitable city for holiday homes, with the investment paying off in just one month – great news if you just can’t get enough of the bright lights and excitement of Sin city.
In Nevada’s most populous city, Las Vegas, holiday homeowners can earn an average of £16,920 each month from Airbnb rentals and could pay just £16,888.48 for a two-bedroom property – this means the investment could pay off in just one month’s time.
In addition to this, holiday homes in Las Vegas get the most sun and the city ranks as the sunniest holiday home location on the list, averaging 10.48 hours per day.
Los Angeles
Second on the list of profitable places is Los Angeles, where Airbnb earnings average £15,587 per month but purchasing a two-bedroom apartment would set you back £57,277.68 on average, which is substantially more expensive than the same house would cost you in Las Vegas. However, it’s estimated that it will take just 3.62 months to reap back what you put into it and with such as dazzling location, you couldn’t ask for much more.
Dubai
A stunning all-rounder, the UAE glitzy city of Dubai not only comes in at the fourth best city overall, but it tops the list of holiday home destinations with the hottest weather, averaging 27 celsius each day, is the third most profitable location and also boasts a whopping 9.61 days of sunshine on average.
With the stunning architecture, ostentatious nature of the city and world-class hotels and sights to visit, Dubai ticks all of the boxes.
