Which countries to invest in property in 2024?

4 min read

The global property market is constantly evolving, and 2024 is shaping up to be a pivotal year for property investors. If you are considering investing abroad, certain countries stand out. Here is an overview of five promising countries for property investment in 2024: Portugal, Spain, Italy, Greece, and Mexico.

Portugal: A paradise for retirees and investors

Portugal continues to attract with its pleasant climate, high quality of life, and attractive tax benefits for foreigners. Areas like Lisbon, Porto, and the Algarve offer excellent potential for capital gains, thanks to the growing demand for housing from European retirees and digital nomads.


In October 2023, the average price per square metre in Portugal ranged between 3,092€ and 3,534€, with an average of approximately 3,313€ for apartments.


Rental yields for properties in Lisbon, for example, range between 3% and 6% gross. This rate of return is considered good for the Portuguese market, especially in low-risk areas.

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Spain: Sun, sea, and profit

Spain remains a top destination for property investors. Regions such as the Costa del Sol, Barcelona, and Madrid are particularly sought after for their economic and tourism dynamism. Property in Spain offers a good balance between purchase price, rental potential, and long-term appreciation.


In November 2023, the average price per square metre for property in Spain was 2,036€, reflecting an 8.30% increase compared to the previous year. However, there are significant regional variations, with prices ranging from 983€/m² in Castilla-La Mancha to 4,327€/m² in Andorra.


At the end of 2023, rental prices for property were on average 9.2% higher than a year earlier, reaching an average of 11.9 EUR/m². In some Spanish capitals, such as Murcia and Lleida, rental yields reach 8.3% and 8% respectively, followed by Huelva with 7.6%. Other cities, like San Sebastian, offer more moderate yields at 3.8%.

Italy: Charm and history for a unique investment

Italy, with its picturesque landscapes and historic cities, attracts investors looking for unique properties. Regions such as Tuscany, Lombardy, and Sicily offer a variety of property options, from rustic country houses to elegant urban apartments.


In October 2023, the average price per square metre in Italy ranged between 3,194€ and 3,650€. However, there are significant variations between cities. For example, the price per square metre in Milan was approximately 9,095.36€, whereas in cities like Frosinone, it was only 950€.


In terms of rental yields, expect around 4% in Rome. In Milan, property prices have increased by 30% since 2018, indicating a strong market, with rental yields around 6-7%.

Greece: An emerging market opportunity

Greece, currently undergoing economic recovery, presents interesting opportunities, especially on islands like Santorini and Mykonos. The Greek Golden Visa program is an additional asset, allowing non-European investors to obtain a residence permit.


In October 2023, the average price per square metre for a property in Greece ranged between 2,980€ and 3,406€. Prices vary greatly depending on the city and region, with examples like 5,500€/m² in Glyfada and 1,500€R/m² on the island of Kos.


Some cities also offer attractive rental yield opportunities. In Athens, for example, the average rental yield is estimated between 5% and 6%, a very attractive figure for a European capital. This yield can rise to around 12% for furnished apartments rented short-term, such as those listed on platforms like Airbnb. Property prices in some neighborhoods of Athens, such as Omonia, are relatively low, around 1,000€/m², offering interesting investment opportunities.

Mexico: A booming market

Mexico stands out in Latin America for its dynamic property market. Cities like Cancun, Tulum, and Playa del Carmen attract an international clientele. Property in Mexico is known for its competitive prices and strong potential for tourist rentals. On the Riviera Maya, the return on investment generally ranges between 10% and 15%, offering the possibility of profitability within 3 to 5 years.

In 2024, these five countries offer unique opportunities for property investors. Each presents specific characteristics that may suit different types of investors, whether seeking stability, profitability, or unique experiences. It is essential to conduct thorough research and consider all legal and tax aspects before making an investment abroad.

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