Those looking to buy a second home with strong rental potential are being urged to consider cities overseas, which can provide year-round financial yields.
According to the latest findings from rental website holidaylettings.co.uk, property in Paris, New York and Rome has the strongest rental potential and can attract occupancy of up to 45 weeks a year. Prime summer sun destinations such as Ibiza, while popular in the warm weather, usually only have occupancy of around 12 weeks.
The company's Kate Stinchcombe-Gillies said: “Both Paris and St Tropez have good renting seasons but while the season in southern France is April to October, Paris will perform better year-round. Good quality, well located city apartments attract weekenders in any month.”
The findings are backed up by a recent survey conducted by agent Savills, whose World Class Cities Review found that property in New York had the highest potential occupancy rate among the world's major cities, and could attract a typical nightly price of £180-£290, depending on the location.
Property in Rome could attract prices of between £120 and £180 a night and those with a property in Barcelona could expect to rent their home out for around £160 a night, according to the survey.