Proven Partners, specializing in upscale real estate marketing, have identified 20 desirable destinations for UK investors seeking second homes, considering factors like property prices, taxes, dining expenses, car rental rates, flight costs, and potential Airbnb revenue. Ireland tops the list as the most economically viable country, with a perfect affordability score of 10. Boasting an average cost of £453,808 for a 3-bedroom waterfront property, a tax-friendly environment, and favourable square foot prices, Ireland stands out. Proximity to the UK, affordable summer flights, and a one-hour travel time further enhance its appeal. The study encourages investors to explore exotic destinations like Mauritius and South Africa for value.
Proven Partners, specialists in upscale real estate marketing, have revealed a list of 20 desirable destinations for UK investors seeking second homes, evaluating their cost-effectiveness. This announcement coincides with a noticeable increase in property taxes for second homes across various UK regions.
The rankings considered multiple factors, such as property prices, taxes, expenses for fine dining, premium car rental rates, flight costs from the UK, and potential Airbnb revenue. Utilizing data from 3,600 luxury property listings on platforms like James Edition and others, the study assigned an “affordability score” on a scale of 10 to each country.
Remarkably, Ireland emerged as the most economically viable country for luxury second homes, attaining a perfect score of 10. With an average cost of £453,808 (€521,879) for a 3-bedroom waterfront property, along with a tax-friendly environment and favourable prices per square foot, Ireland emerges as an attractive investment option.
Its proximity to the UK, with summer flights averaging £68 (€78) and taking only an hour of flight travel, adds to its allure for weekend getaways.
Ronan Hannan, Co-CEO at Proven Partners, commented that the luxury real estate market has experienced a rebound post-pandemic, witnessing significant growth in emerging markets. He also suggested that while demand for second homes remains robust in traditional markets like France and Spain, investors seeking value should explore more exotic destinations such as Mauritius or South Africa.
Hannan said that they initiated this extensive investigation with the goal of pinpointing the most cost-effective countries for UK investors seeking a luxury waterfront second home among highly desired destinations.
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