6 Overseas Markets With Affordable Beach Property

29.04.2024 - 01:39 / forbes.com

Beachfront living is a dream for many people, but prohibitively high prices in the United States mean that it’s a reality for only a select few.

For those who aspire to own beach property but can’t afford California’s prices, the solution is to look beyond the borders of the United States.

I’ve identified six international destinations where the average price per square foot of beachfront property is many multiples less than that of California (which can be as high as $2,500 per square foot and beyond).

These are attractive, well-developed markets where you can achieve the dream of seeing sparkling waters from your bedroom window and more.

A property purchase in one of these markets can bring additional benefits like portfolio and currency diversification.

Overseas property is a store of value held outside of the United States, likely in a currency that isn’t the U.S. dollar. This can be an important hedge against risk since overseas markets can be immune to disruption in U.S. markets and fare better during crises.

By gaining access to lower prices overseas, you can further insulate yourself from risk because you can afford to buy more property. Instead of spending $600,000 on one property in one market, for instance, you could spend the same amount and get three properties in three different markets with three different currencies.

Here are six international markets where beach property is affordable. The costs per square foot are based on the average prices for two-bedroom, two-bathroom ocean-view apartments in each case.

Cartagena is a world-famous destination on Colombia’s Caribbean coast. It’s known for its colorful Spanish-colonial center, which is one of the few remaining walled cities in existence today.

It commands strong tourism numbers because of its intrinsic beauty, Caribbean beaches, warm climate, and well-connected international airport.

These factors, plus the fact that a wide selection of property is available for less than $200,000, make it ideal for property investment.

Cartagena offers buyers remarkable diversity in property type as well as low operating costs and steady occupancy.

The El Laguito and Bocagrande areas command steady short-term demand, making them solid choices for a buy-to-rent investment. Castillogrande is ideal for a second home investment since it’s more peaceful.

Santa Marta is on the same coast as Cartagena, just a few hours’ drive away, yet it doesn’t attract as much international tourism attention. Instead, it’s popular among domestic tourists.

Along its 12-mile stretch of coastline, you’ll find breathtaking coves bordered by small towns, new residential projects on isolated beaches, and Colombia’s oldest historic center.

Its beaches have soft sands, clear,