In 2024, the best opportunities to buy property will be found on the coasts of northern Cyprus, Colombia, Brazil, Mexico, and Belize.
The findings are based on the 2024 Living and Investing Abroad global real estate survey, which annually ranks property ownership costs in the world’s best places to live or retire abroad.
The survey looks at the purchase price of two-bedroom, two-bathroom apartments, approximately 70 to 100 square meters (about 800 to 1,100 square feet), in neighborhoods typically preferred by foreign retirees and most likely to buy.
If you dream of retiring by the beach, here are five affordable options in 2024. Also, each of these markets offer great rental investment opportunities, making them prime options for buying for part-time personal use and generating local currency cash flow while you’re elsewhere.
Skeleh, North Cyprus
Northern Cyprus, located on the Mediterranean Sea between Europe and Turkey, isn’t usually at the top of most Americans’ bucket lists, but this former British colony has a lot to offer. This is the ultimate Mediterranean experience at a lower cost than living elsewhere in the Mediterranean. North Cyprus is also a safe and hospitable destination with a well-developed tourist infrastructure that includes clubs, casinos, and luxury hotels, all at cheaper prices than their equivalents in France or Italy.
Besides the low cost of everything, the main attractions are the sand and the sea. You could own an ocean view apartment with direct beach access for as little as $75,000 at current exchange rates (property in Northern Cyprus is traded in British pounds). It is also possible to buy with developer financing, which means less initial capital is required.
See more: The port city of Northern Cyprus
Look in a special area called the Wharf (pronounced E-coin-leh), located on the east coast. This area is known for having the best and longest beach on the island as well as its seafood specialties.
Retiring in North Cyprus means living outside the familiar comfort zones of Europe and the Americas. If you are ready for an adventure at this stage of your life, while stretching your retirement budget to achieve a truly luxurious standard of living in one of the world’s most beautiful coastal locations, North Cyprus should be at the top of your list.
Note that the island’s policies can be sensitive and you should research the situation before investing.
Santa Marta, Colombia
Fifteen years ago, Santa Marta was developing, rough in some areas and downright unsightly in others.
Today, Santa Marta has a different story. Its downtown has undergone a redevelopment effort that has restored its Spanish-colonial architectural parks, churches, and homes to its former glory. New elements have also been introduced and the city now boasts an attractive marine park, excellent seafood restaurants, cafes, boutique hotels and even a cruise ship port. These upgrades have attracted attention from around the world, and beautiful condo projects have sprung up all over the coast.
Festivals and friendly, El Rodadero is a favorite among expats, with longer, wider, better-maintained beaches and a small-town feel. At El Rodadero beach, there is a palm-lined promenade where people come to walk, exercise, and take in the sights. The energy picks up after sunset and the outdoor center takes on a party atmosphere, with live music and people of all ages coming out to socialize.
Santa Marta, Colombia
In 2024, real estate prices increased by 23% in dollar terms. This valuation is expected to continue. Meanwhile, you can buy a two-bedroom condo on the beach in a new building for around $175,000 at the current exchange rate between the dollar and the Colombian peso.
Fortaleza, Brazil
Brazil is a country that loves beaches, and Fortaleza, the capital of Ciara state in northeastern Brazil, is one of the country’s top beach destinations for its long, beautiful white-sand beaches, promenades, restaurants, and vibrant nightlife. With the recent increase in the number of international destinations covered by the airport here, it’s easier than ever for North Americans and Europeans to access the virtues of Fortaleza.
Fortaleza is a Brazilian coastal town where fishermen serve their daily catch from wooden tables set up on the sidewalk. Men climb trees on urban beaches to fetch fresh coconuts to sell their water. Across the beaches, you’ll find ever-active Brazilians playing volleyball and soccer, kitesurfing and practicing yoga.
Fortaleza is also one of the most populous cities in Brazil, meaning there are great urban amenities to support your beach life. Biramar Avenue is the main beating heart of the city, with wide, tree-lined highways that continue until they narrow into small streets.
Fortaleza, Brazil
Brazil’s middle class is growing at a rate of 1% per year, fueling development on its sandy beaches. Ciara is particularly benefiting from this boom and is a good option for rental investment. The Fortaleza market rose in 2024 with valuations in Brazilian reals but depreciated by almost 16% in dollar terms, creating a buying opportunity during currency weakness. Good options for beachfront property starting at $100,000 will be.
Mazatlan, Mexico
While Americans have become accustomed to investing in and spending time in Mexico’s real estate market, most of their attention is drawn to familiar destinations in the country such as Puerto Vallarta and Playa del Carmen, which represent the gold standard of real estate investment opportunities in Mexico. However, another city is emerging as an attractive option.
Mazatlan is located 9 miles south of the Tropic of Cancer on the west coast of Mexico. Like Fortaleza, it is a major domestic tourism destination and offers a unique opportunity to enjoy urban amenities with sandy beaches on the doorstep. Mazatlan Beach is approximately 11 miles long and has warm swimmable waters. Its beach is lined by a long boardwalk where, on any given night, most of the people you run into are Mexican. Unlike most tourist towns in Mexico, this is a real city of about half a million people.
However, Mazatlán attracts a number of expats who are attracted by the year-round pleasant weather, the truly Mexican lifestyle and the opportunity to own beachfront property for less than owning property farther up the coast in Puerto Vallarta or Playa del Carmen.
Another notable feature of Mazatlán is its historic center, which stands out among colonial Latin American regions for being more than a few blocks long. Founded in 1531, the historic center has colorful Spanish-colonial architecture and cobbled streets lined with top restaurants, cafes and galleries that compete with the beaches for expats’ attention.
Despite the pandemic and global recession, sales remain stable and inventory decreases.
Ambergris Caye, Belize
English-speaking and less than a three-hour flight from the southern United States, Belize is known as a popular retirement and second home destination. With Caribbean waters, its long coastline is punctuated by bays and inlets and scattered with hundreds of cays (low-lying sandy islands resting on coral reefs).
Ambergris, the largest and, thanks to Madonna’s song “Isla Bonita,” the most famous cay in Belize, is 26 miles long and 1 mile wide, surrounded by turquoise waters and capped on its eastern side by the largest barrier reef in the Western Hemisphere. Diving and fishing in these warm waters are world-class. The sunshine is plentiful year-round, the locals are said to be friendly and welcoming, and you can easily settle in by entering the country as a tourist.
Prices in ambergris fell 10% in 2020 due to travel restrictions, but the market is expected to recover quickly once the pandemic passes. You can buy in original Belize today for less than $100,000, but prices are higher in Ambergris. It’s no longer the budget destination it was a few decades ago, but it’s still affordable compared to higher-profile Caribbean markets.
Before the pandemic, Ambergris’ short-term rental market was active, with high occupancy rates thanks to high levels of repeat visitors. Property taxes in Belize are very low (tens of dollars per year), which increases rental investment returns.
last word
At the end of the review of investment opportunities in coastal property for 2021, what emerges from the results of the global real estate survey “Living and Investing Abroad” is that the investment markets in northern Cyprus, Colombia, Brazil, Mexico, and Belize offer rare opportunities. provide value to buyers and investors. These areas are not only known for their affordable prices, but also for their unique cultural and natural benefits.
With its rich history and abundant tourist opportunities, Northern Cyprus has emerged as a top choice for those looking to experience Mediterranean life at a lower cost. With real estate offers at exceptional prices and advanced recreational and tourism facilities, this area can be considered as an ideal destination for retirement or investment.
Colombia’s Santa Marta represents a dramatic shift in the country’s real estate market, with urban renewal and waterfront real estate development garnering global attention. By providing a combination of natural beauty and modern amenities, this city offers special opportunities for investors and future residents.
With its endless beaches and rich culture, Brazil and the city of Fortaleza offer beachside real estate investment opportunities at prices unmatched anywhere else in the world. Increasing international accessibility and tourist attractions have made Fortaleza one of the top priorities for property buyers.
With a focus on preserving the Mexican lifestyle and providing affordable investment opportunities, Mazatlán in Mexico is emerging as an attractive alternative to other more expensive destinations in Mexico. The historical center and rich culture of this city have made it an ideal destination for living and investing.
Ambergris Caye in Belize is an ideal choice for retirees and investors, offering opportunities to live by Caribbean waters with amenities and prices competitive with other parts of the Caribbean. Given the recent drop in prices due to travel restrictions, this area has great potential for growth and return on investment in the future.
Overall, the coastal real estate markets in these five regions are not only economically attractive, but also because of the high quality of life and diverse cultural and recreational opportunities they offer.
provide exceptional opportunities for global investors. Due to their advantages, these areas can be valuable choices for a wide range of investors and buyers, from retirees to professional investors.
Introducing the Kargar Consulting and Investment Group
Based on its many years of experience in the international markets, Kargar Consulting and Investment Group is recognized as one of the pioneers in the field of buying property in North Cyprus and investing in North Cyprus. By providing focused and professional consulting services, this group provides valuable guidance to investors and property buyers to take advantage of favorable investment opportunities in this area.
With offices in the heart of strategic areas and easy access to local resources and information, Kargar helps its clients make the best financial decisions with high accuracy and complete confidence. From searching for high-potential properties to managing buying and selling processes, every step is done under the strict supervision of the experts of this group.
Kargar’s investment and advisory group services include accurate market appraisals, legal and thorough property reviews, advice on local laws and regulations, as well as post-purchase support to ensure investment profitability. Focusing on customer satisfaction and creating added value for investors, Kargar is a reliable investment partner in North Cyprus.
For those looking to buy property in North Cyprus or plan to invest in the area, Kargar can facilitate the buying and investing process by providing expert advice and utilizing local knowledge. Therefore, this group is considered as an ideal consultant to realize your investment goals in North Cyprus.
Frequently asked questions about buying and investing in North Cyprus real estate
To buy a property in North Cyprus, do I need to be physically present in the country?International buyers can purchase property through local agents or lawyers, without personal presence. However, it is recommended that you visit North Cyprus in person to complete important transactions and inspect the property.
What are the side costs of buying a property in North Cyprus?Additional buying costs include transfer taxes, recording fees and possibly attorney’s fees, which can total between 5% and 7% of the purchase price.
Is there a limit to the number of properties foreigners can buy in North Cyprus? Yes, foreign buyers are usually limited to buying a property up to 4 hectares of land, unless they obtain special permits from the government.
What is the usual time to complete the process of buying a property in North Cyprus?The property purchase process usually takes between 1 and 3 months, depending on how quickly the documents are completed and the necessary approvals are received.
Does buying a property in Northern Cyprus give me a residence permit?Buying a property in Northern Cyprus can help you obtain residency, but to ensure compliance with all laws and obtain residency, it is better to consult an immigration lawyer.
What types of properties are recommended for purchase in North Cyprus? The choice of property depends on the needs and tastes of the buyer; But modern apartments, beach villas and rural properties have a good return on investment.
Is buying a property in North Cyprus suitable for retirement? Northern Cyprus is a popular choice for retirees due to its relatively low cost of living, mild climate and friendly communities.
What documents are needed to buy a property in North Cyprus? Required documents include a valid passport, tax documents, and proof of sufficient funds to purchase the property. Also, certain forms must be filled out and approved by the real estate office.
Can I rent my property in North Cyprus? Yes, you can rent out your property short or long term, but you must follow local laws and may need special permits.
How can I ensure the security of my investment in North Cyprus? To ensure the security of your investment, it is recommended that you do your due diligence before buying, use the services of a reputable real estate attorney, and check the legal status of the property.
