It's amazing what a drop of sparkling H2O can do to lift the spirits. The allure of owning a waterside property is clear, but taking water as your guide leaves the options pretty wide open, so we are going to open your horizons to some interesting possibilities in our look at properties around the world that are making a splash.

In European waters
Italy has its undeniable charms, and one could say it attracts those who are most concerned with buying quality property in the choicest locations. Whilst an eighteenth century villa on Venice's Grand Canal may be a little out of most people's price range – usually upwards of 1.8 to 2 million euros – those who hanker after a piece of the Queen of the Adriatic do have a chance, albeit for something small, and usually in need of some renovation or redecoration. Currently, real estate company Gabetti Venezia has a one-bedroom apartment in Castello, to the east of the city, for 330,000 euros and a small studio with a view of the famous St Mark's Campanile for 325,000 euros.

If you want a little more for your money you could turn your attention to the rippling waters found in northern Italy. The Italian lake district is made up of six lakes that lie near the Swiss border in the region of Lombardy. The three largest lakes of Garda, Maggiore and Como attract the most attention. Lake Maggiore is the second-largest lake after Lake Garda, and its extreme northern end lies within Switzerland. The whole region is a very popular tourist destination. "Maggiore is great because Milan and other cities like Genova and Torino are easily reachable", says Daniela Hochkofler of real estate agency Francesco Papurello. "The area around the lake has woods and mountains, which makes it not only worth visiting in summer, but also in winter. There are ski resorts at Mottarone, which has a cable car – and Switzerland is close by, of course. "There are properties with total privacy and on the other hand, apartments in residential areas with common swimming pool and garden", Hochkofler concludes. A large villa on the shores of Lake Maggiore can set you back more than two million euros, but apartments with views of the lake, rather than on it, are available from 350,000 euros.

Across to the east is Lake Como, where stars such as George Clooney and Richard Gere have homes. "Lake Como, just a half-hour's drive from Milan, is by far the most popular lake area with British buyers, who make up 15 per cent of the market in the area", says Eddie Crompton of Real Point Property. "Property in the Lake Como area usually achieves a healthy resale value but, as in all scenic parts of Italy, prices can be steep. Last year a three-bedroom villa with a lake view, private terrace, cellar and covered car parking space sold for 475,000 euros. "Small two-bedroom apartments in the Lake Como and Lake Maggiore areas, with lake views and access to a pool and tennis court, were selling for 350,000 euros-plus last year. Because this region is so popular with Italians and so close to the Alps, property prices rise more quickly than most other parts of Italy". Crompton also feels that buying a house on the lake at Como is a good investment because prices have increased over in the last few years and they remained stable even when the real estate market recorded a notable dip in other regions. "This is because the nature of the territory doesn't allow extensive development and house-building so the great demand of houses on the lake cannot be fulfilled. The real estate market of this area, such as it is, mainly consists of restructured houses or ones that need to be restored. The offer of new constructions is quite limited", Crompton comments.

Northern Italy certainly has its draw cards if you want to enjoy the pleasures of glamorous waterside living. But not far to the south-east, in mainland Greece, there are some areas with a totally different European flavour. Greece's southern peninsula, the Peloponnese, has a rich history and is scenically varied. From Corinth to Sparta, the Peloponnese is rippling with sites of significance. The scenery is mountainous with sandy beaches fringing the convoluted coastline. "We believe that the market in Greece is still open to investment, as the prices are still low", says Periklis Mavromichalis of Real Estate Greece. "Foreigners can make a good investment and get value for their money. Many British people enjoy the good weather Greece offers all year round and the more relaxed way of life. "The cost of living prices in Greece are still low and people enjoy eating out in the open at all the coffee shops and taverners that are open until late. There are also many cultural events, especially during the summer", Mavromichalis adds. One of the great things about this area is the possibility of buying an old property in a great location. Real Estate Greece has a stone house built in 1836 in Mani, South Peloponnese. "It used to be the home of a ship-builder, with the workshop on the bottom floor and the rooms above. He ran the boats right from the workshop to the sea; therefore the property has a wide strip of land from the house right to the road above the shore and it's just a few steps from the front door to the flat rocks that serve as a beach for the people of the village", says Mavromichalis. This three-bedroom, two-bathroom house is on the market for 185,000 euros.

The coastline of northern Greece south of Thessaloniki, Greece's second largest city, juts into the sea with three finger-like peninsulas. Located near the traditional village of Pyrgadikia, between the peninsulas of mystical Mount Athos and Sithonia, developer Athos Coast is building a resort of 101 residences on a plot of 45,000 square metres. "Seaside and sea-view homes are integrated within a vivid setting of Mediterranean plants and trees, with traditional walkways leading directly to the beaches and to the abundant communal areas of the resort", says Kostas Giannakopoulos of Athos Coast. "Purchasers can choose from apartments, two-storey houses or three-storey villas with a private garden, and terraces overlooking the wonderful landscape. "All properties include spacious living-rooms, fully fitted kitchens, a private heating system, air conditioning, a fireplace and infrastructure for telephone, Internet, satellite and cable TV – and all the residences are delivered with a lifetime warranty", adds Giannakopoulos. Prices for top-floor apartments at this development start from 145,000 euros. The two-story houses are available from 250,000 euros and three-story villas from 245,000 euros. Northern Greece is a ruggedly beautiful part of the world, the cradle of western civilisation and as such, steeped in the history of several millennia. In total contrast, we turn our quest for waterside property to the islands of Cape Verde, which were first inhabited in the fifteenth century.

Into Africa
Cape Verde is still relatively unknown as a tourist destination but it is a country that has plans for massive growth. "Cape Verde is very up and coming", says Paul McMullen of property company escape2capeverde.com. "Economically, the government is actively encouraging both inward and foreign investment and has an aggressive growth strategy when it comes to tourism. The opening of the second international airport this year means that there will be direct flights from the UK next year."

Situated off the west coast of Africa, the islands are a mixture of African and Portuguese cultures in a tropical climate. Whilst developers are moving in to meet demand, there are some safeguards in place so that property disasters that have occurred in other countries are not repeated. "You can only build to two floors and an attic, so there are no high rises", says Adrian Lillywhite of Cape Verde Property. "Property under planning permission now has to be 80 metres from the sea, and is sometimes restricted to a single-storey building so as not to totally obscure the views. "Build quality does vary, so do your homework to ensure that a reputable builder is working on the project", Lillywhite adds. In a short space of time prices have increased – in Santa Maria prices have gone up by 20 per cent since last year, according to Lillywhite.
 
Land prices are also increasing so that planned developments are expected to cost more in the future. All properties are bought freehold in Cape Verde. There is a three per cent property tax to pay when you purchase a property, but no tax when you sell. All property transactions use Portuguese law and any lawyer qualified in Portuguese conveyancing is allowed to practice in Cape Verde. The developer must own the land and have the correct planning permission.

Continuing the African theme, there is a huge variety of properties available in South Africa that fit the bill if you are looking for something close to water – and not just those by the ocean.
 
The province of Mpumalanga is an area of outstanding beauty with the mountainous area known as the Escarpment, and the world-famous Kruger National Park. 
The Hazyview golf resort, marketed by AGS Properties, is close to the Sabie River in Mpumalanga. It is only nine kilometres from Kruger and 400 kilometres south-east of Johannesburg – about a four-hour drive. "Since we have been marketing in South Africa we have noticed a marked influx of Europeans purchasing property here", says Tony Sparkes of AGS. "The area is of such outstanding beauty and it offers a great deal, whether you are here all year round or just visiting for a few weeks", adds Sparkes. House prices in Hazyview start from £113,000 for a two-bedroom, two-bathroom house, rising up to £305,000 for an executive house that you can help design. For golfing enthusiasts, a three-bedroom house on the newly built Gary Player golf course, with easy access to the Sabie River, start from £130,500.

Further over to the south-west, South Africa's Western Cape has a backdrop of the stunning Hottentot and Helderburg Mountain ranges and a spectacular coastline. Harlequin Property has apartments situated in The Strand area, which is edged by 35 kilometres of  white sandy beaches and the highest sea water temperatures in the Western Cape. All the apartments have both mountain and sea views and the complex has an infinity pool. Prices start from £330,000 for a two-bedroom apartment, rising up to £485,000 for a three-bedroom apartment. "Property in South Africa has been playing catch up in recent years", says Dave Ames of Harlequin Property. "In the Western Cape, property prices rose by 46 per cent between 2000 and 2003. Overall, in this region I would estimate that up to 20 per cent of all buyers are from overseas. There is even a thriving British expat community out here now."

Asian aspirations
Expats end up living in far corners of the globe for a number of reasons. With a population of 1.3 billion, China is the world's largest consumer and the third-largest exporter. Such dramatic growth starting from the late 1970s has attracted multi-national companies for years, and with economic progress still gaining pace, it is firmly taking up residence on the property investor's list.

Shanghai is the fastest-growing city in the world and the authorities aim to develop the city into one of the world's most important cities of finance and trade by 2020. "A 2.1 per cent revaluation of the Chinese currency was announced in late July", says Joanna Leverett of Shanghai Vision. "Experts such as financial giant UBS believe that the currency is still 15–20 per cent undervalued, meaning that investing in Shanghai now would incur high benefits from further revaluations in the future". Shanghai Vision specialise in luxury residential property such as the Dynamic Crystal development in Pudong. "This is a luxury serviced apartment with an excellent river-front location in the heart of Shanghai's financial district", adds Leverett. "Dynamic Crystal has a guaranteed rental income of seven per cent for five years and will be corporate let to expats working within Shanghai's financial district". The complex consists of one-bedroom apartments priced from £110,000 to £140,000.

Closer to home, but still in Asia, Goa on the edge of the Arabian Sea, is located in an area of scenic beauty, with attractive beaches, temples, architecture and festivals. "Goa is now a formidable destination for those looking for a holiday home which offers natural beauty and crystal-clear seas, but also capital appreciation in a country where the cost of living is at a fraction of the cost in the UK", says David Ames of Harlequin Property, which also sells property in Asia. The company is marketing homes at Little Baga in the resort of Arpora in Goa, which is 25 minutes from Dabolim airport. Prices start from £15,000 for a studio, rising up to £36,000 for a two-bedroom apartment. Within the resort there is a communal swimming pool, a tennis court and convenience store. "The cost of living in Goa is incredibly cheap", says Ames, "and with house prices rising on average at between 20–30 per cent per year, it is obvious why Goa is starting to become a major player within the property industry. "For those looking for a holiday home that can reap an income whilst it is not in use, Little Baga can reward you with £250 per week in the low season and over £300 in the high season", Ames concludes.

Caribbean calling
If financial benefits are a prime concern, then perhaps a trip over to the Caribbean Sea might be in order. Panama has started to grab some headlines in the property world – and as yet it is off the tourist beaten track; the country has beautiful beaches and tropical scenery. "We have all heard about Panama's famous canal, but did you know that you can be swimming in the Pacific Ocean, and two hours later you can be in the warm waters of the Caribbean Sea?" asks Tony Sparkes of AGS Properties.
 
The Parks is a gated development set in 259 hectares of park-like grounds with ten hectares reserved as common recreation areas, including a country club, tennis courts and a swimming pool. This new community is situated only 34 kilometres away from the metropolis of Panama City and the international airport, which has regular flights to the UK. "The Parks is a fantastic opportunity to choose your own plot of land and to build your own house from a choice of 12 different designs", says Ames. "This resort benefits from the backdrop of spectacular mountains in the distance and gentle rolling hills that lead to the nearby rainforest." The Parks is being marketed in the UK as quarter-acre plots with full services provided; plots can be resold after completion. "This often overlooked country offers some of the finest birding, snorkelling and deep sea fishing in the Americas", Ames adds. "There's an inescapable feeling that you're in on a secret the rest of the world has yet to discover." Plots of land at The Parks start from £15,000. Building costs for a two-bedroom, two-bathroom property start from £29,463 rising up to £188,447 for a premier property on a plot of up to 465 square metres.
 
Whilst many of the Caribbean islands have long-established reputations, there are always new possibilities around. Located midway through the chain of islands in the Caribbean, just as the Antilles begin to curve to the south, is St Martin. The island, part Dutch and part French, has been an alliance for 350 years and the locals speak Dutch, French and English. It is sunny and warm with temperatures averaging 27 degrees year round. There are cooling trade winds that keep things temperate and average annual rainfall comes to about 100 centimetres, most of which occurs around late summer and early autumn.

The Port Caraibes development marketed by Imoinvest is situated 20 kilometres from Juliana International Airport. There are 37 tropical beaches and the sea temperature averages 27 degrees all year round. There are also many amenities close at hand such as restaurants, bars, water sports, shops and pharmacies. The complex, which has a common pool and private parking, is set in 60 hectares of grounds, directly on the beach with amazing ocean views. One and two bedroom apartments with large balconies are available from £278,791, rising up to £429,325 for a superior two-bedroom condo, and there is a guaranteed rental income scheme of up to seven per cent.

There are unlimited possibilities for buying waterside property around the world, so what you need to consider are your priorities. Are you most concerned with the rental returns, the length of journey to get there, the weather, the lifestyle or the almost endless list of variables that can impact your decision? What is certain is that buying near water will never be boring, and there will always be a new place ready to make a splash on the property scene.

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For further information:
Real Point Italy 
Gabetti Venezia 
Francesco Papurello 
Athos Coast SA 
Real Estate Greece
Escape 2 Cape Verde  
AGS Property SL 
Harlequin Property 
Shanghai Vision
Imoinvest

Article first published in September 2005