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How Long Does It Take for Your Holiday Home Abroad to Pay Off?

At least half a million Britons own a holiday home abroad. And based on the amount of searches for property overseas, that number is expected to continue to grow.  While owning a place of your own on some of the most stunning locations in the world definitely has its advantages, a question occurs is it really worth the investment? Or is it cheaper to simply stay in a hotel?

The answer to the question above depends on a number of factors including the cost of the property, how often and how long you are planning to stay in your holiday home, mortgage interest rates, local property taxes, etc.  To keep things simple, our analysis considered only the purchase price and the rates of the nearby hotels for a period of 28 days (the duration of a typical paid holiday a year for full-time employees) for two people.

Spain

spain
– Asking price: £155,000
You get a stunning fully furnished 1 bedroom flat with a view of the sea in Ibiza. The property is nestled within a complex of flats with two swimming pools.
– 4-star hotel rate per night (2 adults): £270
– Pays off: 20 years

 

France

france
– Asking price: £160,000
This will get you a 3 bedroom villa on the beautiful French Riviera. The property comes fully furnished, dedicated parking and shared pool.
– 4-star hotel rate per night (2 adults): £250
– Pays off: 23 years

 

Italy

italy
– Asking price: €250,000 (£208,000)
For this price, you will get a picturesque 2 bedroom semi-detached house in Tuscany. The property is slightly secluded but close to all the urban conveniences. Also featuring a private garden and swimming pool.
– 4-star hotel rate per night (2 adults): from £100
– Pays off: 74 years

 

Greece

greece
– Asking price: €70,000 (£58,000)
You will get a charming 2 bedroom village house on the island of Rhodes. Whilst retaining its early 20th century look, the house includes all the modern conveniences.
– 4-star hotel rate per night (2 adults): from £100
– Pays off: 21 years

 

United States (Florida)

florida
– Asking price:  $270,000 (£202,000)
This will buy you a beautiful fully furnished 2 bedroom holiday home at Pensacola Beach.  Just a short walk from a white sandy beach, the property also includes a garage, two bathrooms and a utility room.
– 4-star hotel rate per night (2 adults): £250
– Pays off: 29 years

 

Cyprus

cyprus
– Asking price: €93,000 (£77,500)
For less than £80,000, you can get a cosy 2 bedroom town house with access to communal garden and a walking distance to the beach.
– 4-star hotel rate per night (2 adults): from £100
– Pays off: 27 years

 

New Zealand

new-zealand
– Asking price: £132,000
You will get a charming 3 bedroom holiday home that is surrounded by a spectacular landscape and unspoiled nature in the Catlins.
– 4-star hotel rate per night (2 adults): £110
– Pays off: 43 years

 

Australia

australia
– Asking price: £83,000
This will buy you a 2 bedroom villa in Queensland. Featuring two en-suits, the villa overlooks the nearby golf course and a scenic countryside.
– 4-star hotel rate per night (2 adults): from £100
– Pays off: 30 years

 

Portugal

portugal
– Asking price: €81,000 (£67,000)
This is the asking price for a gorgeous 2 bedroom flat in Algarve. It’s just a short walk from the beach, restaurants and shops.
– 4-star hotel rates per night (2 adults): £150
– Pays off: 16 years

 

Turkey

turkey
– Asking price: £45,000
You will get a 2 bedroom flat in the Antalya region. Less than 20 miles from the Antalya International Airport, the flat is located less than a mile from the beach. Also featuring access to the communal garden and swimming pool.
– 4-star hotel rate per night (2 adults): from £90
– Pays off: 18 years

 

All images used credited to istockphoto.com 

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