The best cities in the world to buy a vacation home in 2023
Suffering from the UK’s cold, dark winters can be a drag, especially if you have the travel bug and are desperate to head off to your favorite holiday destination for a healthy dose of fun and relaxation. If that sounds like you, you might be pleased to hear that we have the perfect solution – buying a vacation home you can visit whenever you want, that perfect asshole that works like the getaway. ideal when you need fun and sun in another country.
Even better, if you buy a vacation home abroad, you can reap the benefits if you decide to rent it out between visits and that extra income should not only pay for the initial purchase in record time, but provide you with a significant income from year to year.
Of course, it won’t be as simple as picking a place you like and going there, there will be set-up costs to ensure your holiday home is ready for lots of visitors and you will need to organize a redecoration, regular cleaning services and also accommodation requirements.
You’ll also want to think carefully about where you choose to buy your home, and that’s where we can help. Use of data collected by CIA Owner’s Insurance – which analyzed 50 cities around the world with thriving tourism ecosystems and considered data such as average house prices per square meter as well as average local temperatures, number of nearby restaurants to indulge in and the location profitability for homeowners with real estate prices versus potential rental income on Airbnb – we’ve rounded up five of the world’s best cities to buy a vacation home this year.
Istanbul tops the list as the best city in the world to buy and rent a holiday home, with house prices averaging £195.67 per square meter and the potential to earn £3,053.00 per month in renting a two-bedroom property on Airbnb.
As a popular tourist destination, The largest city in Turkey saw 14,716 travelers pass through arrivals in 2019, many of whom were likely drawn to the 15,205 restaurants and 438 bars. This means there will likely be plenty of vacationers to keep your rental booked and occupied throughout the year.
Bars and restaurants are attractive amenities for tourists as they provide an opportunity to experience local cuisines and authentic nightlife scenes.
Turkey is also home to the second best city to buy and rent a holiday home, with Antalya ranking just behind Istanbul. Compared to the capital, property prices per square meter are more expensive at £962.54 on average and Airbnb rental income is also lower, averaging £2,973.00 per month for a 2-bedroom home. two rooms.
Property prices in Turkey are expected to increase by 161% in just one year and will increase by 758% over the next ten years, something to keep in mind if you hope to invest in property before this strong slope.
Las Vegas is the most profitable city for vacation homes, with an investment paying for itself in just one month – good news if you can’t get enough of the bright lights and excitement of Sin City.
In Nevada’s most populous city, Las Vegas, holiday home owners can earn an average of £16,920 per month from Airbnb rentals and pay just £16,888.48 for a two-bedroom property. This means that the investment could pay for itself in just one month.
On top of that, vacation homes in Las Vegas get the sunniest, and the city ranks as the sunniest vacation spot on the list, averaging 10.48 hours a day.
Second on the list of profitable places is Los Angeles, where Airbnb earns an average of £15,587 per month, but buying a two-bedroom apartment would cost you £57,277.68 on average, which is significantly more expensive. that the same house would cost you in Las Vegas. However, it is estimated that it will only take 3.62 months to reap what you put in and with such a dazzling location, you couldn’t ask for much more.
A superb all-rounder, the United Arab Emirates glitzy city of dubai not only comes in as the fourth best city overall, it tops the list of vacation destinations with the hottest weather, averaging 27 degrees Celsius per day, is the third most cost-effective location, and enjoys also a whopping 9.61 sunny days on average.
With stunning architecture, the city’s ostentatious nature, and world-class hotels and sites to visit, Dubai ticks all the boxes.