the world’s second home investment hotsp…

A new study conducted by comparison site GetAgent has revealed the most in-demand locations to buy a second property in.

Global searches for second home purchases hit an all-time high in the summer of 2020, however since the pandemic, there’s been a significant uplift in the number of people purchasing a second property – either in the country they’re already living in, or further afield. 

Reasons for buying a second home can range from wanting to make a savvy real estate investment, owning a place in which families and loved ones can spend time together, or simply having a base to escape everyday life. 

To find out where in the world homeowners want a second home the most, the property experts analysed global search data for terms such as ‘second home in [location]’ and ‘holiday home in [location]’, revealing that countries including Ireland, New Zealand and UK are some of the trending second home hotspots for 2024.

It’s the rural country of Ireland which tops the list, with almost 100,000 searches for second homes in the country over the past year. Average property prices in the country also sit at around Euros 365,000, meaning many homeowners may find their property budgets stretching further in this charming country, when compared to prices in their home nation.

Following Ireland is New Zealand with over 92,500 searches in the past year for second homes in the nation. Rounding off the top three is the UK where over 55,000 people around the world were found to be searching for second homes in the country over the past year. 

European countries dominate the remaining top 10.

As well as looking at the countries which are most in-demand for second homes, GetAgent also analysed the cities around the world where people are looking for second homes. Australia’s Gold Coast ranks in the top spot, with more searches for second properties in the city than anywhere else in the world. Average house prices hit a record $1.03m in December 2023.

Australian cities dominate much of the top ten with Melbourne, the coastal hotspot which is often hailed as one of the world’s most liveable cities, ranking in second spot with almost 45,000 searches over the past year for second homes in the city. Adelaide (24,800 searches) and Perth (22,800 searches) also feature in the top ten, placing in 6th and 7th spots, respectively. 

Home to slightly cooler climates, and ranking in third spot, is the UK city of York. With the average rental price in the city exceeding £1,000 a month (placing it in the top 20 most expensive cities in the UK) – buying a property in the area could be a savvy investment.  Scottish cities Edinburgh (19,800 searches) and Inverness (19,200 searches) round off the top 10 second home city hotspots.

A spokesperson for GetAgent says: “While the process of purchasing a second property often presents more hoops to jump through (and quite often significantly higher costs too) it’s clear that in desirable locations there is also money to be made – either by putting the house onto the rental market, or by transforming the property into a holiday home that can be rented out.”