One of the best rewards of successful investing is the freedom to travel. So, where are the top destinations to head off to this year?
Smart investors who have secured a portfolio and assets that produce consistent passive income have the world as their oyster. They don’t need to stay in one place to work or manage their income. They can take off for the winter to warmer weather, jet over to London for afternoon tea, go on a month-long shopping trip to Milan, or retire in the tropics. All without having to worry about their finances or running out of money.
Those who have been adding commercial real estate, like shopping plazas to their investments over the past year are definitely among this group. Canadians have long packed up at this time of year to flock to Florida and take over much of its housing space for the season. That’s probably not such an attractive prospect this year. If it’s not increased hurricane activity or gun violence deterring visitors, it is going to be the overpriced lodging or the red tide that has poisoned beaches and waterways that deters visitors. In many coastal Florida cities, tourists are being charged four to seven times as much as units regularly rent for, just because owners think they can get it. Taking a year or two to check out other destinations may make those property owners far more realistic.
Further, the US housing market has also been declining for the past year. If you do own vacation property there, this is probably a smart time to cash out fast and reinvest that capital back at home in Canada where things are headed in a positive direction. So, where could passive income flush Canadian property investors choose to head off to this year instead?
Ecuador remains top of the list for international travelers and retirees. Sun-drenched beaches, international surfing destinations, friendly people, stable government, high-level medical care and it is far cheaper than Costa Rica or Florida. Known as the land of eternal spring, 80-degree year-round weather can be found in several places, especially the cities on the coast or the famous Galapagos Islands. In bustling coastal cities, like Manta, there’s a high probability you will meet a fellow Canadian in cafes, on the beaches or out shopping. It’s definitely worth a visit.
The island of Cyprus packs a lot of value during this season too. You can get a place on the beach in Cyprus for the winter for a quarter or less of what you’d spend in Florida. It still has the sunshine. There’s plenty of history to explore. They speak English, and it’s a well-known tax haven.
The Dominican Republic is just a couple hours from Miami. Forget the overly touristy Punta Cana or northern coast. Check out Santo Domingo for a refreshing change. You’ll find an affordable and delightfully cosmopolitan European influenced city with fine new condominiums, Italian food, and luxury shopping.
If you haven’t been yet, Monaco is one of the world’s favorite playgrounds for wealthy investors. Visit an event, charter a yacht, and check out how they are expanding the coastline to accommodate more building.
If you’d rather stay closer to home in the cooler weather, make sure you spend some time in Edmonton, AB this year. See how the downtown has developed and come alive, and take a tour of some of the shopping plazas which have been producing great returns for other Canadian investors.
In summary, there are plenty of new and more exciting destinations to fly off to this season. If you haven’t quite got your portfolio right yet, then visit Edmonton and get in touch with ReDev Properties Group to find out how to get more passive income producing investments working for you. Then go explore new places with your new found freedom and find affordable and luxurious new locations to spend your vacations or to retire in the sun and live well.