Affordable Vacation Home Destinations Overview
Owning a vacation home means any time can be vacation time. However, with real estate prices and mortgage rates surging in the United States, your dream second home might be waiting for you outside the country’s borders.
Investing in a residence abroad might initially involve legal challenges; therefore, always work with a local certified real estate agent and lawyer on closing the deal. Moreover, it comes with many perks: exposure to new cultures, private vacation spaces, and in some cases, the potential for second citizenship. Additionally, investing in real estate abroad can generate extra income through rentals.
To help you narrow down your search for an affordable vacation residence abroad, we consulted professional brokers worldwide and rounded up eight of the best, most affordable, and dreamiest destinations for your house-hunting journey.
Portugal
In recent years, Portugal has transformed into a vacation hotspot, boasting over 300 days of sunshine, enchanting golden sand beaches, delectable cuisine, and rich culture. The Algarve region in the south has emerged as a premier destination for vacation homes due to its stunning landscapes and reasonable cost of living.
“The most popular areas for real estate investment in the Algarve are typically near coastal places like Vilamoura, Carvoeiro, Lagos, and Albufeira, where a variety of resorts, golf courses, and amenities abound. However, many smaller towns in the region offer more affordable options for those seeking a quieter lifestyle,” states Sandra Vicente of Portugal Sotheby’s International Realty.
St. Martin
This picturesque Caribbean island offers a unique blend of cultures, nestled against a backdrop of white sand beaches and lush mountains. With numerous options to buy a vacation home at competitive prices, St. Martin stands out as an attractive option. According to Harrison Drouin-Reed from St. Maarten Sotheby’s International Realty, the median price of a single-family home in St. Maarten is around $550,000, which is lower than other Caribbean destinations.
Crete, Greece
As Greece’s largest island, Crete showcases breathtaking sea vistas and a rich history. Marios Pavlakis from Sotheby’s International Realty notes that despite a surge in interest in Crete’s real estate market, bargains can still be found, particularly in lesser-known areas that experience fewer crowds.
Bulgaria
This small East European country, home to scenic Black Sea coastlines and majestic mountain ranges, offers the second most affordable cost of living in the EU. Hristo Angelkov from Bulgaria Sotheby’s International Realty highlights the country’s low average price per square meter, making it an attractive location for second homes.
Sicily, Italy
Sicily attracts attention for its small villages and slower rhythm of life. Diletta Giorgolo from Italy Sotheby’s International Realty explains that emerging markets offer lower prices while maintaining high quality of life, especially in villages less frequented by tourists.
Montenegro
This small country in Eastern Europe combines stunning scenery with a relaxed outdoor lifestyle. Niko Laković from Montenegro Sotheby’s International Realty notes that looking outside major developments can lead to budget-friendly property options that still boast breathtaking views and luxury amenities.
Mexico
With its vibrant dining scene and rich culture, Mexico is a prime location for vacation homes. Liszett Torres from Riviera Maya Sotheby’s International Realty reports that Cancun, Playa del Carmen, and Tulum represent some of the fastest-growing real estate markets globally, making them ideal for investment.
Thailand
Thailand, with its picturesque islands and vibrant culture, attracts many expatriates. Investors can find properties at various price points; Miss Abhista “Maeo” Patintu from List Sotheby’s International Realty indicates that vacation homes can start from as low as $202,000.
