The World’s Top Second Home Locations, According to Savills
Owning a second home in one of the world’s standout locations is a dream shared by many. Lounging on a luxurious terrace in the French Riviera. Admiring the breathtaking snow-topped peaks of Europe’s Alpine regions. Escaping to a Mediterranean island that feels like home. These are the kind of second-home experiences that we long for.
While the hunt for the perfect property is often driven by a buyer’s unique preferences, certain locations around the world stand out as first-class destinations for a second home.
World-leading property agent, Savills, has determined the Top World Second Home Locations as part of its Prime Residential Index. The report, released in July, assesses sixty locations across the globe based on a set of criteria.
High-end hospitality, quality of life, connectivity, buyer source markets, and the price of prime residential property were all called upon to determine the world’s standout second home locations.
Kelcie Sellers, from the Savills World Research team:
Our focus was to look at the factors that make a successful prime second-home location and consider how the best destinations retain their longevity.
Top-ranking destinations in the Savills index offer year-round leisure and relaxation, appealing to tourists and property buyers alike. It therefore comes as no surprise that Côte d’Azur holds the title of the most desirable second home location in the world. This glamorous coastal region boasts a year-round leisure and lifestyle offering that is hard to beat, with sun-kissed beaches, elegant resorts, and a world-class hospitality scene. And, with a calendar of international annual events—from the F1 Monaco Grand Prix to the Cannes Film Festival—there’s reason to return again and again.
A microstate on the French Riveria, Monaco placed second, sporting the highest prime residential prices in the index. As one of the smallest yet wealthiest countries in the world, the limited pool of property in Monaco is extremely sought after—hence the market’s lofty prices.
Monaco was followed by Aspen, a breathtaking ski resort town in the Colorado mountains. With outstanding winter sports activities and world-class dining, Aspen claims the title of the top second home location in the U.S. according to Savills.
Tuscany and Mallorca round off the top five, flying the flag for Europe. Both destinations are renowned for winning the hearts of travellers. Tuscany is revered for its rolling hills and culturally rich cities. Meanwhile, beautiful beaches and a perfect Mediterranean climate draw travellers back to Mallorca every year.
Renowned for its outstanding natural beauty, the Cotswolds was deemed the best place to own a second home in the UK.
Phuket in Thailand was the highest-ranking destination in Asia, placing 13th in the index. This tropical island paradise combines authentic Thai culture with modern, luxury amenities.
Fastest-Growing Second Home Markets
The value of prime properties of the same calibre varies significantly across global markets, from less than $1 million to over $25 million. In areas with strong demand and low supply, prime property will typically carry a higher price tag due to strong house price growth.
Markets with limited space, including islands, microstates, and fully built-out areas, usually boast the highest prices and strongest growth out of all second-home locations. For instance, real estate values have risen by 15% across ski locations over the past year, compared to an average increase of 7% across prime second-home markets.
In June, the French Alps ski resort Val d’Isère saw a startling 44% annual change in prime prices, the largest in the index, followed by the Swiss resort St Moritz (37%).
Dubai island Palm Jumeirah (22%) ranked third in terms of price growth, whilst Verbier in Switzerland (20%), and Mallorca, Spain (15%) rounded off the top five.
So, while second homes are often purchased for their obvious lifestyle benefits, investing in the right location can open the door to significant long-term returns.
Offering year-round leisure and relaxation, these sought-after locations also typically experience a high demand for holiday lets. This means homeowners can enjoy a generous second income by renting the property out while it is vacant.
If you’re on the hunt for the perfect holiday home, get in touch to speak to one of our property consultants. We’ll be happy to share further insights on second home markets around the world and introduce you to suitable properties.
Contact us today to discover your ideal property.
The post The World’s Top Second Home Locations, According to Savills appeared first on Benoit Properties.
