When it comes to purchasing a luxury second property, there is a home for every taste. If it’s turnkey convenience in a Caribbean climate, that can be arranged. If it’s getting the most waterfront property for your dollar, no problem. If it’s exchanging the bustle of urban life for the tranquility of slower-paced living, consider it done.
Luxury means different things to different people, so when it comes to choosing a spot to buy a second property, let your imagination and checklist guide you.
So where are Canadians looking to invest in luxury second homes around the globe? Warm climates seem to have the advantage these days.
With its white sandy beaches, turquoise ocean and sunny days coupled with a warm breeze, it’s no wonder Canadians flock to the Bahamas when they are eyeing a second property.
In May, the Bahamian Ministry of Tourism announced a 14-per-cent year-over-year increase in visitors from Canada between 2017 and 2018, with more than 126,000 Canadians visiting the area, according to The Nassau Guardian.
When it comes to owning a second property, many buyers crave a hassle-free experience.
Fortunately, that’s what a luxury property like Baha Mar Residences can offer, says Genevieve Conroy, vice-president of residential sales and marketing at the Nassau-based oceanfront resort and luxury condominium project.
“When people are looking to purchase a second property, a turnkey experience is so important,” Conroy says. “We want to make things as simple as possible, so that guests can arrive at their residence and be greeted with not only the comforts of home, like their groceries in the fridge, but have access to our world-class amenities that signify luxurious holiday living.”
Located on the US$4.2-million Baha Mar resort along Cable Beach, Baha Mar Residences offers more than just a place to get away when the cold weather sets in. It’s about luxury, which means exceptional attention to details, going well above expectations and delivering unparalleled convenience, Conroy says.
The benefits of owning a residence backed by two globally acclaimed luxury hotel brands – Rosewood Hotels & Resorts and SLS Hotels — include access to the largest casino in the Caribbean, priority reservations and preferential pricing at more than 40 restaurants and nightlife venues access to an 18-hole Jack Nicklaus Signature golf course and high-end spa treatments.
Residences at Rosewood Baha Mar start at US$995,000 (752 square feet) and range from one-, two- or three-bedroom modern condominiums to the eight-bedroom, 6,400-square-foot luxury villa (with its US$1-million, 200-inch outdoor television), priced at about US$25-million.
Residences at SLS Baha Mar start at US$726,500 for a 691-square-foot condominium, up to US$4.2-million for a 2,498-square-foot property.
Wealthy second-property owners who want to live like a local can find a more relaxed pace in such places as Belize.
According to Sotheby’s International Realty, Belize is a top choice for those wanting to live the tropical life with less hustle and bustle, boasting just 360,000 people spread out over the 23,000 square kilometres.
With a thriving and diverse ecosystem, attractive real estate prices, and English as the dominant language, this Central American nation has a large expatriate community – mainly American and Canadian retirees. Low property taxes also mean that luxury properties can be purchased for about the same amount as a New York studio apartment, according to the Global Property Guide website, which reports luxury properties in Belize average about US$1-million.
High-net-worth real estate shoppers are starting to give Nicaragua a second-look these days, with its rich culture, relative political stability and miles of beachfront luxury properties still up for grabs. Similar properties in Costa Rica, which has a comparable climate and beach landscape, can cost 50-per-cent more, according to a recent article in The New York Times.
North America buyers are catching on to the fact that luxury properties can still be found here for less than US$1-million and the Nicaraguan government has been offering tax incentives to foreign real estate buyers in the hopes of attracting more interest, according to the article.
This content was produced by The Globe and Mail’s Globe Content Studio, in consultation with an advertiser. The Globe’s editorial department was not involved in its creation.