Best places to buy a vacation home in the world

More Americans than ever are buying vacation homes abroad, and it's easy to see why. A property in another country can be both your personal holiday retreat and a source of steady rental income.

Here's a round-up of the best places to buy a vacation home with the average real estate prices you can expect.

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Table of contents

What to consider before buying a vacation home Best places to buy a vacation home 1. Bali, Indonesia 2. Tamarindo, Costa Rica 3. Cabarete, Dominican Republic 4. Antalya, Turkey 5. Valencia, Spain 6. Chiang Mai, Thailand 7. Playa del Carmen, Mexico 8. Budva, Montenegro 9. Athens, Greece 10. Medellín, Colombia Buying property abroad? Send money the hassle-free way with Wise Buying a vacation home FAQs

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What to consider before buying a vacation home

It's important to educate yourself before making your real estate investment. Here are a few things you should keep in mind.

Residency requirements

Each country has different rules about foreign property ownership. Some places allow foreigners to buy property with no restrictions. Others like Thailand don't let foreigners buy land directly, so make sure to research local laws.

Housing market research

Look at property values over the past 5 to 10 years in your target area and pay attention to upcoming development projects, tourism trends and other factors that could affect the value of your vacation property.

Property taxes

You need to understand how much you'll have to pay in property taxes and whether your new property affects your home country's tax obligations.

Financing options

Do you need to finance your purchase? Getting a mortgage as a foreigner is sometimes possible, but it varies from country to country. You'll also often need a larger down payment compared to buying in your home country.

Vacation rental potential

If you plan to rent out your property, research local rates and seasonal demand. You'll also need to understand local rental regulations - sometimes short-term rentals require extra paperwork or aren't allowed at all.

Rental income is also typically subject to tax.

As you're figuring out where to buy a vacation home, consult with lawyers and tax professionals. They can help you understand the process of buying property abroad as an American.

💡 Read more
Best countries to buy property as an American Guide to international mortgage lenders Overseas property mortgage: explained

Best places to buy a vacation home

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1. Bali, Indonesia

• Known for: Gorgeous beaches, natural settings and a growing digital nomad community
• Average cost per square meter: 1,694 USD¹
• Climate: Tropical year-round

If you're looking for natural beauty and modern amenities at surprisingly affordable prices, you'll find them in Bali.

The Indonesian government has recently made it easier for foreigners to buy property, and the island's growing digital nomad scene means you'll have plenty of potential long-term renters.

2. Tamarindo, Costa Rica

• Known for: World-class surfing, eco-tourism and a stable political climate
• Average cost per square meter: 4,000 USD²
• Climate: Tropical with dry (December-April) and rainy (May-November) seasons

Costa Rica is one of the most stable and wealthiest countries in Central America, and its Pura Vida lifestyle attracts many American buyers.

Tamarindo stands out for its well-developed infrastructure and a strong rental market during tourist seasons. Learn more about buying property in Costa Rica here.

3. Cabarete, Dominican Republic

• Known for: Kitesurfing, bachata and affordable Caribbean living
• Average cost per square meter: 1,265 USD³
• Climate: Tropical with steady winds

If you're looking for an island destination, Cabarete is popular with water sports enthusiasts - both kitesurfing and surfing - and has slightly lower property values compared to other spots on this list.

This beach town doesn't have the big all-inclusive resorts you'd typically expect from the Dominican Republic. Instead, it charms you with its laid-back lifestyle and a mix of locals and expats.

4. Antalya, Turkey

• Known for: Mediterranean beaches and all-inclusive resorts
• Average cost per square meter: 1,949 USD⁴
• Climate: Mediterranean with hot summers and mild winters

Turkey makes it relatively easy for foreign buyers to purchase property, and Antalya is a historic city with modern developments at competitive prices. The city's growing tourism industry provides strong rental potential, too.

5. Valencia, Spain

• Known for: Arts, culture and excellent healthcare
• Average cost per square meter: 3,279 USD⁵
• Climate: Mediterranean with lots of sunshine

Valencia is more affordable than Madrid and Barcelona, but it has high living standards and beautiful Mediterranean beaches. Beyond lounging, there are also many cathedrals, museums and cobblestone streets to explore.

Read more about buying property in Spain as an American here.

6. Chiang Mai, Thailand

• Known for: Food scene, ancient temples and low cost of living
• Average cost per square meter: 2,000 USD⁶
• Climate: Tropical

Chiang Mai's growing reputation as a digital nomad hub means there's likely going to be consistent rental demand. At the same time, the low cost of living and high quality of life make it a great place to retire.

Foreigners can't own land directly in Thailand, but you can invest in condos or do a long-term land lease. Learn more about buying property in Thailand here.

7. Playa del Carmen, Mexico

• Known for: Beaches, nightlife and Mayan ruins
• Average cost per square meter: 2,640 USD⁷
• Climate: Tropical

Playa del Carmen is a popular Mexican resort town with year-round tourism and easy access from the US. There's an established expat community and property appreciation has been steady, even with new developments.

Learn more about buying property in Mexico here.

8. Budva, Montenegro

• Known for: Adriatic beaches, outdoor activities and medieval architecture
• Average cost per square meter: 3,054 USD⁸
• Climate: Mediterranean

Property prices in Budva are lower than in similar Mediterranean coastal destinations like Croatia or Greece, but the amenities and infrastructure are similar, so it's one of the best vacation home locations.

There are many beaches, and the old town is small but beautiful.

9. Athens, Greece

• Known for: Ancient history and Mediterranean lifestyle
• Average cost per square meter: 3,300 USD⁹
• Climate: Mediterranean with hot, dry summers

Athens is one of the best places to buy a vacation home in Europe with a lot of history to discover. It's one of the world's oldest cities, and you can get a Golden Visa if you buy a property for at least 800,000 EUR.

Read more about buying property in Greece here.

10. Medellín, Colombia

• Known for: Eternal spring climate, modern infrastructure and cultural scene
• Average cost per square meter: 1,602 USD¹⁰
• Climate: Spring-like year-round

Medellín has transformed into a modern, innovative city with excellent infrastructure and a growing expat community. The combination of affordable prices and year-round perfect weather makes it an increasingly popular choice for buying a vacation home.

Learn more about buying property in Colombia as an American here.

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered some of the best places to buy a vacation home in the world, you may be wondering: how to send money to pay for your property overseas?

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Buying a vacation home FAQs

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Where do Americans buy vacation homes?

Many Americans buy vacation homes in the US, but international property ownership is steadily growing, too. Mexico is one of the most popular places for buying a vacation home, but other top international spots include Costa Rica and Spain.

What percentage of Americans own a vacation home?

It's hard to track the exact numbers for vacation home ownership across all Americans, but recent reports show that about two-thirds of wealthy Americans own second homes.¹¹

What is the cheapest place to buy a vacation home in the world?

Thailand, Bali, Turkey, Colombia and the Dominican Republic are some of the cheapest places to buy a vacation home on this list, but you can also look into Belize and Bulgaria.

What are the best places to buy a vacation home in Europe?

Spain, Greece and Portugal are some of the best places to buy a vacation home in Europe because they're affordable while offering a high quality of life. For traditional luxury markets, research France's Côte d'Azur or Italy's Tuscany.

Some European countries have Golden Visa programs - a path to EU residency through property investment.

What is the vacation home capital of the world?

Kissimmee, Florida is known as the "Vacation Home Capital of the World." The city has over 50,000 vacation homes and short-term rental properties.¹²

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Buying a vacation home abroad is both a lifestyle upgrade and a smart investment.

You can choose from popular destinations like Spain and Costa Rica or look into emerging markets like Colombia and the Dominican Republic. Either way, make sure to research the location and understand local property laws.

Connect your money worldwide with Wise. It's fast, simple and secure even when sending large amounts abroad.

Sources

1. Numbeo - Bali
2. Numbeo - Tamarindo
3. Numbeo - Cabarete
4. Numbeo - Antalya
5. Numbeo - Valencia
6. Numbeo - Chiang Mai
7. Numbeo - Playa del Carmen
8. Numbeo - Budva
9. Numbeo - Athens
10. Numbeo - Medellin
11. Nasdaq - Two-thirds of wealthy Americans now own a second home
12. Experience Kissimmee - Vacation homes fact sheet

Sources checked 12.2.2024