Rental property investments in coastal resorts have a number of advantages over those on the mainland. Other things being equal, the seasonal influx of holidaymakers puts the former in a more favourable position. If, in addition to the sea, there is something to see or a lucrative job to be had, the owner of such a property can, by a lucky coincidence of circumstances, hit the jackpot. In addition, seaside resorts create a wide field of activity for business and commercial rentals. This blog presents a number of popular urban destinations that offer favourable conditions for the purchase and subsequent rental of property.
Malaga, Spain
The resort city of Malaga is located in the centre of the Mediterranean Costa del Sol and is the sixth most populous city in Spain with a population of over 500,000. It is one of Europe's oldest cities, an important transport and logistics hub, and a centre of education and culture. Artist Pablo Picasso and actor Antonio Banderas are among its most famous residents. From a quiet coastal settlement, Malaga has developed into an international commercial and economic centre with a high happiness index and quality of life. The city's main assets include:
- A highly developed urban transport network, so that a private car is not a necessity. The local airport, considered one of the busiest in the country, provides easy access to the province of Andalusia for Spaniards and residents of other countries.
- Professional and efficient healthcare services, including an actively developing international medical tourism sector.
- Dynamic economic growth. More than 600 companies from different countries have opened their offices in the Technopark of Málaga. This ensures the financial well-being of the city, which is becoming a true technological centre. Progress, in turn, stimulates demand for residential and commercial property.
Malaga has over 300 days of sunshine a year, beautiful beaches and an attractive historic centre. The city offers a wide range of properties: you can find a luxury villa on the beach in a well-appointed neighbourhood. There are also budget options in residential complexes at various distances from the coast. Spain also has a high quality of construction and a variety of architectural solutions. As a result, rental property in this region has a high yield and is able to generate a stable profit. Tenants are mainly beach lovers and discoverers of local attractions. Each year, Malaga hosts a number of festivals, exhibitions and other cultural mass events, whose guests require short-term rentals. Students and business people are also potential tenants, but for longer periods. It should be noted that the demand for rental properties has increased significantly throughout Spain in recent years, mainly due to the growing influx of expats from the post-Soviet republics. Nevertheless, the picturesque coast of Andalusia offers accommodation to suit all tastes, conditions and budgets.
Paphos, Cyprus
The seaside resort of Paphos is popular not only with locals but also with millions of foreign tourists. It harmoniously combines resort romance, modern infrastructure and a rich historical and architectural heritage, thanks to which the city has been included in the UNESCO World Heritage List. The tourism sector is well developed here: excellent beaches, comfortable hotels, a modern entertainment industry, and the seaside holiday season lasts from April to October. By Cypriot standards, the region has a high level of quality and safety of life, providing a comfortable lifestyle for its residents. Paphos is ideal for families and those moving to Cyprus in search of a relaxed lifestyle, warm climate and affordable seaside beauty.
Paphos Airport plays an important role in the life of the resort, making it a convenient and accessible destination for both local and incoming tourists. The activity in the local property market is due in part to investment for further rental. At the same time, the number of tourists is growing steadily and the Cyprus Ministry of Tourism, together with the relevant organisations, is working to create the conditions for year-round recreation on the island. In addition, the number of people moving to the region, mainly from northern European countries, is steadily increasing. The housing stock in Paphos is very diverse, ranging from modern complexes with their own infrastructure to luxury villas with private swimming pools and charging points for electric cars. It is logical to conclude that the most liquid housing is located at a minimum distance from the sea.
Sochi, Russia
Every resident of Russia and the post-Soviet space associates Sochi with the most popular seaside resort. Fabulous nature, variety of excursions, friendly sea and tasty cuisine attract millions of guests to the region. Officially recognised as the best equipped resort in the Black Sea region, the city received a noticeable boost after the 2014 Winter Olympics. A new air terminal complex has been built, the road network is developing dynamically, and sports and cultural facilities are not idle. This has led to an influx of investors and a noticeable rise in property prices, which are among the three highest in the country. Over the past three years, the increasing popularity of the resort has been due to the problems Russian citizens have had in obtaining visas and staying in the European Union, as well as the aversion of many tourists to Asian resorts. According to statistics, a certain percentage of objects in the city are bought with the intention of renting them out. Experts believe that due to the high cost of housing, apartments are the best option for passive income.
The portrait of the tenants of Sochi real estate is as follows: first of all, they are lovers of sea holidays in the holiday season, which traditionally begins with the May holidays and ends in September. In the winter period, before the snow melts in the nearby mountains, lovers of skiing leisure come here. In the off-season you can count on the participants of conferences and other public events. In addition, residents of large cities, exhausted by weather conditions, poor ecology, "plastic tomatoes" and six-lane traffic jams on the roads, are potential tenants of real estate in Sochi not only for holidays, but all year round. The purchase of commercial property for rent is also considered a promising and profitable investment. As a rule, it is rented on a long-term basis, and the owner can count on repairs being carried out at the tenant's expense. The peculiarity of the region in the form of popularised dark nights is complemented by the actions described in a popular local song: "Sochi gives everyone hope, Sochi gives everyone love".
Nice, France
Nice is the most visited resort on the Cote d'Azur and the prefecture of the Maritime Alps. Named in honour of the goddess of victory, Niki, the city has changed hands many times over the centuries due to its strategic location. The azure sea, mild Mediterranean climate and fertile countryside have attracted many conquerors. Nice is an important economic and business centre in the south of the country, home to trade exchanges, a technology park and Europe's first science and technology centre. The main seaport of Limpia and Nice airport, the third busiest after Paris, play an important role in the French transport system. The city prides itself on its architectural landmarks, including the famous Negresco Casino.
There are a large number of cafes and restaurants, with menus containing more than 200 authentic recipes, as evidenced by a local saying: 'Fish are born in the sea and die in oil on the shore'. The city has a long history of tourism and will be declared a World Heritage Site by UNESCO in 2021. Nice welcomes more than 4 million tourists every year, who are attracted by the sea activities as well as the local attractions. In winter, it is popular to go skiing in the Alps, the foothills of which are less than an hour's drive away. At any time of the year, there are also those who want to combine walks by the sea with an active holiday in the ski resorts of Isola or Auron. Business tourism also plays an important role in the life and economy of the region. Every year there are numerous sporting and cultural events, such as the traditional carnival. All of these factors provide a boost to the rental sector. Nice offers a wide range of properties, from low-rise buildings in the city centre to the most modern residential complexes and cosy chalets.
Dubai, UAE
Dubai is the largest city of the Emirates, located on the south-eastern coast of the Persian Gulf. It is the busiest seaport, a popular resort and the administrative centre of the emirate of the same name. It is also the commercial and financial centre of the entire Middle East. The city is unique in its extremely fast pace of development: in just a few decades it has gone from a deserted fishing village to one of the most developed metropolises in the world, with astonishing and admirable architecture. The emirate's humane tax policy creates favourable conditions for doing business, which many foreign companies take advantage of. The city has an excellent transport infrastructure and the huge local airport is a world leader in terms of transit passengers. As well as unforgettable seaside holidays, tourists are welcomed to Dubai by local attractions, most notably the city's striking buildings of inimitable modern architecture. The city is a shopper's paradise, with multi-storey malls and smaller shops offering a wealth of goods from around the world to suit every taste.
The extremely hot climate forces locals to adapt their daily routines, especially during the summer months, with activity beginning after the scorching sun sets. Dubai offers plenty of entertainment for adults and children throughout the day. There is a concentration of restaurants, nightclubs, sports and entertainment centres. Despite the city's ambient temperature, there are ski resorts. In the UAE, everything is big: the tallest skyscrapers, the largest man-made natural parks and even the fastest police cars. The locals are hospitable and tolerant of other religions. Urban property is mainly represented by the most modern residential complexes of various heights and shapes, including those built on islands. At present, investment in residential property for rent in Dubai is one of the most promising and quickest paying investments in the world. In turn, the city has no shortage of tenants: not only holidaymakers and travellers, but also businessmen and expatriates.
Dubrovnik, Croatia
The famous Croatian resort and port of Dubrovnik is located on the Adriatic coast. The Slavic settlement of Dubrava, surrounded on all sides by oak groves, appeared at the foot of Mount Srdj in the VII century, but over the years its name was transformed into the modern one - Dubrovnik. In 1979, the centre of the old town, known as the 'Pearl of the Adriatic', was declared a UNESCO World Heritage Site. The period of Croatian independence, in the first half of the 1990s, had a negative impact on the city: it suffered from the armed conflicts that accompanied the break-up of Yugoslavia. Thanks to its subtropical climate, the beach season lasts from April to October, and Dubrovnik's modern transport infrastructure makes it easily accessible by all means of transport. The city has a large number of historical and architectural monuments, cultural and scientific institutes, and every summer it hosts international festivals and exhibitions.
Dubrovnik attracts tourists for several reasons. First of all, it is the picturesque sea, rich nature with many exotic plants, excellent service and delicious rich cuisine. The region is famous for its fresh seafood and lamb and mutton delicacies, as well as its own wines. Dubrovnik is also a fine example of the medieval buildings of southern European seaside towns. It has a highly developed entertainment industry with many bars, discos and trendy nightclubs. The government's "Croatia - your new office!" programme is designed to attract specialists in the field of Internet technologies and to present the country as a comfortable place to live and work remotely. Freelancers, mainly from the former Soviet Union, who have chosen Dubrovnik as a place to live and work remotely, have quickly responded to the government's initiative. They are attracted, among other things, by the similarity of mentality and the familiar working hours of commercial and service companies. It is easy to see that the region is favourable to the purchase of rental property. The local housing stock is represented by low-rise buildings, private cottages and modern residential complexes.
Miami, USA
Miami is not only one of the largest cities in the USA, but also the most popular resort. Located on the Atlantic coast, it attracts millions of beach and water sports enthusiasts from all over the world. Summer, with its heat and humidity, lasts all year round, so the most pleasant season is winter. Unfortunately, Florida is subject to the most violent hurricanes, which is undoubtedly taken into account in the construction of buildings and storm drains in the streets. This is why it is home to the National Centre for the Study of Natural Disasters. The centre of Miami is home to the largest concentration of banks in the Americas, as well as the headquarters of international companies. It should not be overlooked that the state government is creating attractive conditions for business. A large number of new residential and office complexes are being built throughout the metropolitan area, and Miami ranks third in the country in terms of the number of skyscrapers. At present, American companies are actively opening offices here, and the result is internal relocation.
Despite the city's island location and sea canals, the local road network is well developed. The airport welcomes liners from all over the world, and the port is home to cruise ships flying the flags of many countries. Miami is a very international city, with a large number of people from Latin America and the Caribbean. As a result, Spanish is sometimes heard more often than English. It is also popular with people from the post-Soviet republics, especially those in the creative industries. The city has a thriving music industry and is home to a number of recording studios and cultural institutions. Currently, Miami is one of the leaders in real estate investment in the United States, which is considered to be profitable and timely. The number of people looking to rent property in the city would be the envy of any resort city in the world. Modern, comfortable apartments in multi-storey buildings and luxurious villas on the beach are available for rent.
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