LuxuryRealEstate.com Week in Review

European Getaway Homes

By Jennifer Schaefer   E-mail author Are you seeking a second home? Discover three places in Europe that are perfect for a pied-a-terre.  

The second-home market has exploded in recent decades, with an increasing number of people venturing abroad—especially to Europe. For investors, Europe offers a robust residential market fueled by an ever-growing number of wealthy, cosmopolitan individuals who own one or multiple homes there. And for those seeking a place to relax and escape their everyday routine, Europe provides an unbeatable mix of beauty, history, recreation and accessible travel through a continent rich with cultural diversity.

When we asked John Lewis, director of Who’s Who in Luxury Real Estate Europe, to pick his top getaway locations with investment potential, his answer came as no surprise. Here’s why longtime favorites Marbella, The Algarve and Tuscany continue to be among the best spots in Europe to buy a dream home away from home.

Marbella, Spain

Marbella was catapulted onto the international luxury travel circuit in the 1950s, when Prince Alfonso von Hohenlohe established the Marbella Club Hotel, one of the most exclusive beach resorts in Europe. Today, the glitzy resort city boasts world-class hotels, restaurants, shops, spas and nightclubs and is the site of Spain’s most famous marina, Puerto Banus. It is home to approximately 250,000 people, more than half of whom hail from other parts of the globe. "This marvelous mixture of cultures, traditions, languages and professions creates the real magic of Marbella," says Christopher Clover, owner of Panorama Properties, Marbella’s longest established real estate agency. "The friendliness and peacefulness of the people who live here has an incredibly positive influence on the property market."

Located on Europe’s southernmost coastline, within sight of Gibraltar and the Moroccan Coast, Marbella enjoys a rare microclimate created by the Sierra Blanca Mountains that results in 320 sunny days a year. But sultry weather and spectacular beaches are far from Marbella’s only draw, says Christopher. "We also have the mountains, and even Spain’s most famous ski resort [Sol y Nieve], which is located in the Sierra Nevada Mountains only a two-and-a-half hours’ drive away," he says. In addition, "The fabled cities of Sevilla, Granada and Cordoba are only a couple of hours away, with all of the beautiful mountain villages and incredible scenery in between." Of course, no description of Marbella would be complete without mentioning golf. Costa del Sol, the 90-mile-long coastal region where Marbella is located, is known as the Golf Capital of Europe with more than 50 courses.

According to Christopher, luxury homes in Marbella range from around $400,000 USD for a townhouse or apartment, up to several million dollars for a mansion on the beach, in the hills or on a golf course.

The Algarve, Portugal 

Forty years ago, The Algarve was inhabited mainly by farmers and fishermen. In the decades since, foreign investors have turned the approximately 3,000-square-mile costal region in Southern Portugal into a cosmopolitan hotspot. "The Algarve’s first luxury resort, Vale do Lobo, was established in the late 1960s, long before anyone ever dreamt of holidaying in Southern Portugal," says Stephen Howse of MacKenzie Real Estate in The Algarve. "The resort’s incredible success led many other companies to invest in the region, with Sheraton, The Meridien Group, Orient-Express and others setting up luxury five-star hotels." 

Stephen attributes The Algarve’s popularity to the perennial sunshine and perfect beaches—arguably the best in Europe. "There are miles upon miles of clean golden beaches, from the wide-open expansive beaches in Central and Eastern Algarve to the quieter beaches in the west with its world-class surf," he says. Another draw is The Algarve’s sophisticated holiday and residential developments. The largest and most well-known resort was also the first: Vale do Lobo, which has flourished into a self-contained community approximately three times the size of Monaco. Residents and guests have access to miles of beaches, a range of sporting facilities including two challenging golf courses, top international cuisine and medical and other services. At Vale do Lobo, "Villas and apartments can be purchased outright, or plots of land can be bought by those wishing to design and build their own dream home," says Kate Bermon, the resort’s public relations manager. "The variety of designs is considerable and forever growing and developing to reflect clients’ needs and tastes, ranging from spacious one-bedroom apartments to five-bedroom detached villas complete with private swimming pool, garden and tennis court."

With the influx of elite travelers, The Algarve’s facilities and infrastructure have had to keep pace. The region boasts Portugal’s only Michelin-rated restaurant, Villa Joya, as well as at least 18 world-class golf courses, including the new Arnold Palmer-designed Victoria Clube do Golfe in Vilamoura, another large coastal resort. Vilamoura is also the home of one of the largest private marinas in Europe, where many of the region’s wealthy real estate owners hold a berth for their yachts.

If resort living isn’t your style, The Algarve has more discrete locations to choose from, either tucked up in the hills or surrounded by golf or nature reserves. Prices vary depending on the location and property type. "In the luxury resorts, a top-of-the-line apartment is around $700,000 USD," says Stephen. "A beautiful restored quinta [Portuguese farmhouse] in the hills costs around $750,000 USD." He continues, "There really isn’t a ceiling on the upper end of the scale—the best beachfront plot at Vale do Lobo is around $7.7 million USD for the plot alone. With state-of-the-art construction and ‘smart’ technology, there is no limit to the type of home you can build."

Tuscany, Italy

When Frances Mayes’ lyrical memoir Under the Tuscan Sun was published in the late 1990s, people the world over became enchanted with the beauty and simplicity of life in Tuscany. But long before the book hit best-seller lists, the region in central Italy was one of the most popular spots in Europe for second homebuyers seeking la dolce vita—including celebrities and royals such as Sting, Antonio Banderas, Richard Gere and Queen Beatrix of the Netherlands. "Tuscany has everything: gorgeous landscapes, great art, wonderful food, some of the best wines in the world and excellent cultural activities," says Simonetta
Brandolini d’Adda, president of The Best in Italy Real Estate. Another draw is the region’s friendly and cultured citizens, says Robert Eisenhardt, managing director of Terracognita Estate Solutions. "It is very easy for newcomers to become integrated and meet interesting people."
 
Spanning approximately 9,000 square miles, Tuscany is the site of several important Italian cities, including Florence, Siena and Pisa. Yet the region is equally well known for its pastoral countryside. Most of the landscape is rural and mountainous, with a generous stretch of coastline along the Tyrrhenian Sea. "Tuscany has remained pristine and picturesque because the area is very protected against unrestricted urbanization," says Simonetta.

Rivaling the beauty of the cypress-covered hills and charming vineyards are the creations of the Italian Renaissance masters who called Tuscany their home—a roster that includes Michelangelo, da Vinci, Giotto, Puccini, Boccaccio and Galileo. Italian Renaissance paintings and sculptures are displayed at dozens of famous museums throughout the region, such as the Uffizi in Florence, which houses one of the most important collections of paintings in the world.

According to Simonetta, the most-requested area in Tuscany for those buying a luxury home is the Chianti region between Florence and Siena (nicknamed "Chiantishire" because of all the British and other foreigners who own property there). "Other areas, such as Siena, Montalcino, Maremma and the area around Lucca, are also very much sought after," she adds. Upscale properties range from historic villas to rustic country homes to restored stone farmhouses, with prices ranging from around $2.5 million USD to $6 million USD or higher. "The construction of new villas is prohibited, so you can be sure that your place will be unique—and more importantly, private," says Robert.

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