8 Dreamy Mediterranean Towns Where It’s Easy to Buy Real Estate
The Mediterranean Sea is a nearly enclosed body of water between Europe, North Africa, and Western Asia that connects to the Atlantic Ocean via the Strait of Gibraltar. The area offers pristine natural beauty, turquoise water, and a mix of sleepy, sun-soaked coastal towns and cosmopolitan cities perched on craggy cliffs. The climate is a huge draw—the summers are dry and hot and the winters are fairly mild—and of course, there’s the amazing food.
With real estate prices and cost of living lower than many areas of the U.S., the Mediterranean is becoming an increasingly popular place to live and retire. “Mediterranean cities offer various opportunities for real estate investments, with advantages ranging from competitive prices to tax incentives and residency programs,” Francesca Crema, a broker with RE/MAX Puntocase located in Padua, Italy, says. Here are eight stunning towns that make investing a breeze.
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Valetta, Malta
Few countries make it easier for foreigners to buy property than Malta. The island country, located south of Italy, has no annual property tax and a favorable tax environment, and it offers the potential for citizenship or residency through investment. What’s more, “English is an official language, and Special Designated Areas allow foreigners to buy without additional permits,” Tammy Fahmi, Sotheby’s International Realty SVP of strategy and global servicing says. “The country’s strategic Mediterranean location and pro-business ecosystem are additional incentives for American buyers.”
Valletta is Malta’s capital city, but with only about 6,000 residents and squeezed into less than 0.3 miles, calling it a city is a bit of a stretch. Still, its walkable size makes it easy to enjoy the many high-end restaurants, local cafes and bars, baroque architecture, and historic sites around every corner.
Athens, Greece
One of the oldest cities in the world, Athens is known for its famous ancient ruins, but it’s also a thoroughly modern place with cutting-edge infrastructure as well as exciting nightlife, shopping, hotels, and restaurants—and the chic seaside district of Glyfada (known as the Athens Riviera) is just a 30-minute car ride away. This capital city is home to 3.8 million people, but it’s friendly and walkable with a small-town feel, making it an appealing place to live.
“Athens offers a wide range of properties, from modern urban apartments to traditional houses,” Crema says. “And Greece has streamlined the procedures for foreigners wishing to purchase property.” For example, Greece offers a Golden Visa program that allows foreigners to obtain a long-term residence permit through making a minimum real estate investment of €250,000. (“This is one of the lowest investment requirements in Europe for Golden Visa programs,” Crema says.) Greece also provides tax incentives for real estate investors, such as a relatively low transfer tax compared with other European countries, and real estate prices here tend to be lower than in other major European cities.
Paxos, Greece
Often overshadowed by bigger, flashier Greek islands like Mykonos and Santorini (no disrespect; they are beautiful and a lot of fun), Paxos is a sleepy little island located south of Corfu. These islands captivate with their natural beauty, crystal-clear waters, and breathtaking landscapes. Their rich history, vibrant culture, and easy access to the sea, combined with a lively, laid-back lifestyle, make them especially attractive.
Another reason Greece is so attractive to international buyers is the potential for high returns on investment (ROI) in the real estate market. Whether through vacation rentals, long-term leasing, property appreciation, or “flipping,” Greek real estate offers great income potential. Popular tourist destinations and major cities such as Athens and the Greek islands see particularly strong returns due to growing demand and rising property values. With tourism continuing to thrive, property prices are on the rise, further increasing the potential for substantial ROI.
Nice, France
Perched on the shores of the glamorous French Riviera, Nice is known for its beautiful beaches, pleasant climate, and rich cultural history. It’s also known for welcoming foreigners with open arms. “Nice is a cosmopolitan city with a strong international community. It is a place where foreigners can easily integrate, thanks to the prevalence of the English language and the presence of services tailored to expatriates who move temporarily or permanently abroad for work reasons,” Crema says, noting that the excellent educational and health care systems and overall safety make it a good spot for families. France’s purchasing procedures are clear and straightforward; the only downside is that property prices in Nice tend to be high—and the cost of living can be steep, too.
Related: 9 Most Affordable Places to Buy a Pied-à-Terre in Paris
Split, Croatia
The largest city on the Croatian coast and second-largest city in the country, Split is perhaps best known for Diocletian’s Palace, which the Roman emperor ordered built in 305 AD. And while Split is home to many historic landmarks (it’s recognized by UNESCO as a World Heritage site), the city is also buzzing with trendy restaurants and boutiques. “Anyone who walks along Split’s magical Riva promenade and soaks in the lively atmosphere is forever enchanted by this city’s energy, charm, and history,” Fahmi says.
This beautiful city by the sea also offers easy living and favorable tax policies (according to Fahmi that includes a low 3 percent transfer tax and no annual property tax), and its stylish villas have excellent rental potential.
Brač, Croatia
Located off the coast of Split lies the Croatian island of Brač. It’s easy to buy in Brač for the same reasons as in Split (favorable property tax policies), and it has its own airport and regular ferries to Split, which makes it easy to travel to other areas of Europe if you need a break from island life. “The island’s peaceful atmosphere, breathtaking landscapes, and potential for property investment make it a prime spot for those seeking a serene retreat or a lucrative investment opportunity,” Fahmi says.
The island is famous for its Zlatni Rat beach (seen here), which is considered one of the most beautiful in the Mediterranean, lush pine and cypress forests, and pearly native stone, which was used in the building of Split’s Diocletian’s Palace (above) and, as rumor has it, maybe even the White House.
Sicily, Italy
Anyone who watched season two of The White Lotus understands the allure of Sicily. And while it may be the rock getting kicked by the boot of mainland Italy, it’s one of Italy’s most desirable places to live—and also one of its most affordable. “Property prices in Sicily are generally lower compared to the rest of Italy, especially in comparison to northern regions. This makes purchasing property an interesting opportunity for those looking to invest with a lower budget,” says Crema.
Due to Sicily’s recent surge in popularity, it’s becoming a hot spot for both tourists and those seeking to relocate or purchase second homes, so now’s a good time to invest and enjoy the city’s beaches, cultural landmarks, and delicious food and wine.
Related: 5 Places in Italy Where You Can Buy a Home for $1
Valencia, Spain
Spain is a laid-back country, and that attitude extends to its property laws and policies. Spain offers a Golden Visa program “that allows you to obtain residency with a minimum real estate investment of 500,000 euros, and the country provides tax incentives for real estate investors, such as deductions for property renovations and the purchase of historic properties,” Crema says. Of course, Barcelona and Madrid are lovely, but Crema suggests looking a little farther southeast, where you’ll find the smaller and more affordable coastal city of Valencia on the western edge of the Mediterranean Sea. Valencia is a quiet city with many cultural and recreational activities (it has the largest urban park in Spain, plus miles of wide, uncrowded beachfront); if you want some action, you can always take a five-hour ferry over to Ibiza.
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