Ireland came top of a “league table” by Dublin based Proven Partners ranking 20 popular destinations based on affordability for second-home investors.
The rankings considered factors like property prices, taxes, fine-dining costs, car hire rates, flight costs, and potential Airbnb revenue.
Largely because of lower flight costs, Ireland emerged as the most affordable country for luxury second homes, scoring a perfect 10 in affordability.
Proven Partners says that rising taxes on second homes in England make Ireland an attractive investment option due to its lower tax environment. They say Ireland offers coastal properties at a fraction of the cost in England, with an average price of €521,879 for a 3-bed waterfront property.
Other top-ranked destinations include Cyprus, Mauritius, South Africa, and Croatia, offering good value for second-home investors.
The study gains relevance as England’s regions implement significant property tax hikes on second homes to address housing shortages.
Proven Partners’ Co-CEO, Colin Hannan, said “the luxury segment of the real estate market has bounced back since the pandemic and we’re seeing decent growth in emerging markets.”
Ronan Hannan, Co-CEO, said “although there is still strong demand for second homes in more traditional markets such as France and Spain, investors seeking value should look to more exotic destinations such as Mauritius or South Africa.”
