A friend sent me an article over the weekend about the demise of local districts’ identities in Lisbon as a result of increased tourism in that city.
The writer of the piece takes the position that tourists are killing the local charm that attracted them to Lisbon in the first place. His argument is that growth of the short-term rental industry has resulted in rising rents, which are in turn forcing local residents out of their homes.
AirBnB is identified as the primary malevolent factor at work, the underlying source of the situation that is resulting in Lisbon locals not being able to afford rents in the central areas of their own city.
Many around the world seem to be on an anti-AirBnB soapbox. In one story, a California investor bought a four-plex and kicked out all the tenants so he could offer the apartments for rent to short-termers on AirBnB for more money. Guy’s being vilified.
In fact, this dislike of short-term rentals predates AirBnB. Short-term rentals were illegal or seriously restricted in some markets long before AirBnB arrived on the virtual scene.
It has been illegal to rent an apartment for less than a year at a time in …Continue Reading
Spain’s housing bubble, Greece’s debt crisis, and recession in Portugal resulted in drops in real estate values in those countries that carry on today (though Spain and Portugal are this side of their bottoms).
Meantime, U.S. dollar buyers are benefitting from an uber-in-their-favor exchange rate between the greenback and the euro.
Likewise, this is perhaps the best time in a decade to diversify into Latin American real estate thanks, again, to the strength of the U.S. dollar against key currencies in this region… as well as market developments of note, including fast-expanding middle classes in Panama and Colombia, for example, and growing rental demands in places like Playa del Carmen, Mexico, and Las Terrenas, Dominican Republic.
This is all to say, we are enjoying a Golden Age of real estate investment opportunity across the globe.
Where, specifically, should the property buyer or investor be focusing his attention?
In our just-released Retire Overseas Index, we looked at the current average prices per square meter to purchase in 20 destinations of particular appeal.
These per-square-meter averages are based on the cost to buy a …Continue Reading