The Best ‘Hidden Hotspots’ For Retiring Overseas

The largest population of cash buyers at the moment is retirees and with all that money to burn a few niche areas around the world are coming up with ways to entice them to purchase homes in their part of the world. Dubai, for example, recently announced a favorable visa program for applicants over the age of 55 and Paris has started approving the urban equivalent of active lifestyle communities. I reached out to the worldwide consortium of international brokerages, LeadingRE, for some insight into pockets around the world that often get overlooked as places to retire, but are great hidden gems for buyers who don’t need to hit the 9 to 5 grind anymore. Some of them, such as the town in South Africa that now has a much closer airport, are good places to invest since they are up-and-coming communities which will appreciate quickly in value.

Also check out Forbes‘ coverage on the best countries to retire in for 2019 and since most of the places on this list are in Europe, it’s also worth reading Forbes’ coverage of the controversial ‘Golden Visa’ programs.

Cascais and Estoril, Portugal

Located on the southern tip of Portugal, about a half hour’s drive from Lisbon, are these two nearby cities that were considered the first official tourism region in the country back in the 1930s. They quickly became a coveted destination when European aristocracy were fleeing from the war and the high-end homes with many local recreational options have maintained their allure ever since. It is also where author Ian Fleming wrote the first James Bond novel, Casino Royale. Portugal has one of the more affordable golden visa programs, with options starting at around $270,000 in part to attract wealthier older residents to help stimulate their economy.

The brokerage INS caters to buyers who are downsizing and want apartments with views of the sea and according to their numbers, homes in these two towns typically range in price from $650,000 to $1.3 million. About 40% of the potential buyers who inquire through their offices are over the age of 60.

Zinkwazi, South Africa

Since there is no minimum retirement age in South Africa there are a bevy of retirement communities that are popular with seniors throughout the country but one area that has only just started to be discovered is Zinkwazi in the Kwazulu Natal region thanks to the recent relocation of a major airport north of the city of Durban. The Prince’s Grant Golf Estate is a retirement community near to an untouched coastal forest, a new private hospital and a number of Big 5 game reserves that is likely to be an excellent investment since it is still at an introductory price level. Prices here range widely, from just a few hundred thousand up to about $700,000. 

According to Berry Everitt, CEO of Chas Everitt International, there are two retirement options for expats in South Africa. Applicants must either prove a monthly income of at least $2,500 per month or a net worth of $827, 000 and make a one time payment of approximately $8,500 (all fees depend on the exchange rate). Spouses and long-term partners do not need to prove funds their own separate funds.

Paris, France

Even though the city has long been considered the destination for the young and in love, the growing interest from retirees has resulted in a new type of residential option the city hasn’t seen much of until now. Called “Residence Hesperide”, these are developments that cater specifically to seniors, with restaurants, libraries and entertainment options on site. Typically, they are all located near additional retail and restaurant options. The brokerage Groupe Mercure estimates about ten of them have popped up around the city, largely made up of condo units. Prices can start around $600,000 and almost always come with extra amenities fees. 

Dubai, UAE

It has become much easier to live as a retiree in Dubai ever since the government announced a visa program for people aged 55 and over. Applicants can be granted a five-year residency, with the possibility of renewal, if they can prove they have Dubai properties worth at least 2,000,000 Dirham (about $566,000 USD) or savings of at least one million Dirham (about $277,000) or a monthly income of at least 20,000 Dirham (about $5,500). Expats must have a valid health insurance policy. 

In downtown Dubai there are many residential buildings, including Burj Khalifa, the world’s tallest building. Units here start at a few hundred thousand dollars up to about seven million for the penthouses. The Royal Atlantis Residences has garnered ample press coverage since it is the first ‘super-prime’ building for Dubai and its construction costs have exceeded $1 billion so far. The goal is for it to be a vertical city with all the restaurants and amenities residents could want right on the premises. Prices for the penthouses start around $10 million. 

Ticono, Switzerland

Love Italy, but want more political stability and better health care? The Ticino region of Switzerland is the Italian-speaking section of the country given its proximity to the Italian border. Surrounded by mountains, but with occasional palm trees and a warm climate, it gained the nickname ‘Florida of Europe’ during the sixties when it grew in popularity with international tourism. 

According to the brokerage Wetag Consulting Immobiliare villas with a view of Lake Maggiore are the most popular, with prices starting at $2.5 million but with a number of options as high as $40 million.

Stresa, Italy

But if you do want to live in Italy itself, then the Stresa region also near Lake Maggiore is a good place to look. Most of the town is walkable, but without the crowds of Rome or Milan and you have views of the Borromeo islands on the lake. According to the local luxury brokerage, Stresa Luxury Real Estate, retirees tend to love the historic villas with penthouse apartments, where prices range from $1.5 million to $3 million.

The best place to retire is going to be one where you can find the right mix of relaxation and recreation and own the home outright. All the locations here cover a broad range from heavily urban to remote and rural. Do you know of other hidden gems around the world? Let me know @amydobsonRE or email me [email protected] and I’ll add them to the list.

This post first appeared on Forbes.com. To see the original, click here.