Property hotspots around the world

In terms of property hotspots, there's little doubt that Dubai is up there with the hottest right now. But for those looking at additional investment opportunities outside the emirate, there are some exciting up-and-coming markets offering attractive prices and high levels of growth, along with more developed markets offering a great lifestyle and strong returns.

Here are a few places to give some food for thought -

India, with its growing economy, is currently experiencing a property boom. Prices have already risen by 24 per cent and studies suggest the sector will reach $50 billion by 2010, growing by an amazing 30 per cent each year until then. In terms of the UAE, I believe India will become a huge international property destination, particularly for non resident Indians and those of Indian origin.

Cyprus, Turkey and Jordan are worth considering for those looking for a summer escape. All three locations have grown in popularity with GCC nationals looking for a second home, mainly due to their close proximity to Dubai and the more pleasant temperatures.

In Northern Cyprus, property prices have risen by 50 per cent since 2004. The area is developing, tourism has increased and investors have seen its potential. Despite such increases, prices are still much lower than in Southern Cyprus, and as such, there is potential for further growth. There are large variances in prices of properties in the North, with prices for a three bedroom apartment doubling to Dh720,000 in the more popular areas. However, the thriving holiday rentals market there is currently providing an attractive annual yield of 10 per cent.

Although Turkey has been popular with foreign investors for several years now there is still room for development, particularly on the south coast. There is a lot happening there at the moment, with some great projects underway and the great thing about turkey is that prices are still good. With a constant annual appreciation of 20 per cent, and an average rental yield of 10 per cent, investors in Turkey have plenty of reasons to smile.

Morocco and in particular Marrakech, is an interesting, more mature market. Located next to Europe and with a perfect climate, Marrakech has become a very hip tourist destination, attracting people from all over the world. It's a vibrant city with the history and character that less developed places lack, making it popular with end users.

Attractions

Marrakech offers stacks of charm and a fantastic lifestyle. As well as exploring the city's souqs and squares, there's a growing number of sporting activities, and to keep the ladies happy, high end fashion brands such as Chanel can also be found. Although a more established market, it is still possible to pick up a 400 square metre riad in the Medina (the beautiful old city), for just over Dh800,000.

There is a lot of development taking place throughout the rest of Morocco, particularly along the seaside and in the mountains, perhaps offering greater potential for investment growth.

The USA is also worth a look. The current situation there, with many people being forced to sell, means prices are falling and for a buyer prepared to take a chance, it could be a good time to grab a good deal.

Of course, each country has different foreign ownership rules which you need to consider before buying, but a reputable real estate consultant will advise you on this. The good news is that it is now possible to buy overseas property from Dubai. With an international sales division in place, you get the insight and expertise without stepping on a plane....although with all this rain a holiday sounds tempting!

The writer is managing director, Better Homes.