This is the fourth in a series of articles in our Special Report on Real Estate in Canada and around the world.
For generations, affluent Canadians have looked abroad for vacation homes and pied-à-terres to complement their primary residences. While Florida estates, Manhattan penthouses and other lavish American abodes have long dominated these searches, the luxury property hunt for wealthy Canadians now extends beyond the U.S., especially given today’s strained Canada-U.S. relations.
“Global luxury real estate is no longer defined by a single growth engine,” says Eric Finnas, CEO of JamesEdition.com, an Amsterdam-based online marketplace for luxury homes and other upscale items.
“Rural areas have experienced increased demand. In Europe, we’ve seen a migration from the northern countries down to the Mediterranean, and we’ve seen a shift in preference towards more space for family and home offices and privacy.”
Overall, Finnas continues, the unsettled global climate of today doesn’t seem to impact luxury real estate sales significantly.
“We conduct a lot of research based on historical data to understand what to expect from changes in macroeconomic conditions. And luxury or high-end real estate, if truly unique and in timeless locations, usually fares well in times of economic uncertainty.”
Here, Toronto-based Gavin Swartzman, president of Christie’s International Real Estate, shares insights into some of the most popular areas for luxury properties in four key markets: the Caribbean, Central America, Europe and Australia.
Caribbean: Booming Bahamas
The Bahamas is popular among Canadian luxury home buyers not only for its beautiful scenery but for its tax-neutral environment, a stable political climate and some of the most exclusive waterfront real estate in the world, Swartzman says.
Luxury properties include oceanfront villas, canal-front homes with private docks, high-end condos and townhomes, gated communities and residences from some of the world’s top brands including Four Seasons, Six Senses and Baha Mar. For the ultra-high-net-worth buyer seeking the ultimate in privacy, the Bahamas also offers private islands and island plots.
Several communities on the west side of New Providence island are consistently at the top of high-net-worth buyers’ lists, he continues, including Lyford Cay, a gated community that has historically been one of the world’s wealthiest neighbourhoods; Old Fort Bay, just east of Lyford Cay; and Albany, a newer development that has become one of the island’s most exclusive. Albany is partly owned by professional golfers Tiger Woods and Ernie Els and hosts an 18-hole championship golf course designed by Els as well as a clubhouse, a megayacht marina and equestrian facilities on its 600 acres.
According to Swartzman, residences in sought-after areas including Albany, Paradise Island and Grand Bahama can trade for upwards of US$40 million (CAD$55 million). Prices of luxury homes have risen more than 50 per cent over the past four years, he says, and heading into the second half of 2025, demand is on track to accelerate even further, he says. “Prime waterfront inventory is already scarce.”
Central America: Nicaragua on the rise
Nicaragua is coming into focus as a luxury hotspot, says Swartzman, “with stunning scenery and an ingrained focus on health and wellness, along with favourable policies for expat buyers.”
Once beset by political unrest, today Nicaragua offers a safe, quiet lifestyle amid lush tropical forests and white sand beaches, he adds.
Nicaragua’s luxury real estate market offers a mix of affordability, rental income and incentives that are attractive for those seeking an investment property. “The capital city of Managua is already delivering strong returns, but coastal and colonial regions like Granada and San Juan del Sur also offer lifestyle-driven upside,” Swartzman says.
The country is home to a mix of luxury real estate, including beachfront villas, colonial mansions, hilltop compounds and luxury condos and townhouses. In recent years, Swartzman says, developers have taken notice, launching high-end projects along the Pacific coast including Guacalito de las Islas, which offers luxurious homes and a world-class golf course, and lower-key projects including Rancho Santana.
Alongside these developments, buyers will find a growing emphasis on environmental initiatives such as reforestation and wildlife reintroduction projects.
“Those things, along with relatively easy travel to the country, make Nicaragua a great option for early adopters,” Swartzman says. “New international flight routes and continued marketing of the Pacific coast and eco-tourism will continue to expand the high-net-worth visitor base.”
Prices remain a value when compared with competing luxury markets in the Caribbean and Mexico. Annual price appreciation across the country is expected to hold between four and six per cent, Swartzman says, keeping pace with recent years. In coastal hotspots such as San Juan del Sur and Popoyo, prices are expected to rise between six and eight per cent, fuelled by tourism and vacation rental demand.
Europe: Cascais climbing
Although Portugal has scaled back incentives on foreign purchases of real estate, the country continues to see strong demand thanks to low unemployment, a strong safety profile, natural beauty and temperate weather, Swartzman says.
The country’s third-largest metropolitan area, the seaside haven of Cascais, is renowned for its villas, beaches and culinary scene. The region, which is a 30-minute drive west of Lisbon, once served as a summer retreat for Portuguese royalty, he adds.
Buyers in Cascais will find a mix of luxury villas, with private gardens and swimming pools, and luxury apartments and penthouses, many with ocean views and premium amenities. The locale also offers international schools and gated communities. Rental income opportunities are robust, with homes in demand throughout the summer and shoulder seasons, while longer term rentals remain popular with digital nomads and professionals. Cascais also offers attractive rental yields of approximately 5.5 per cent, outperforming many other areas in Europe, Swartzman adds.
In the first half of 2025, Portugal posted the highest property price growth in the European Union, with prices up 15 per cent year over year and with forecasts suggesting continued growth through 2026, he says. “Inventory remains low, and even with more developments being built, supply has not met demand.”
Australia: Toorak takes off
Canadians looking to acquire upscale Australian real estate should set their sights on new construction, as foreigners are not allowed to purchase existing residential properties.
In Melbourne, the suburb of Toorak is especially sought after. The area is Australia’s top choice for billionaires, with many of the nation’s wealthiest individuals owning property there, drawn by its exclusivity and privacy. Accounting for more than half of the state of Victoria’s homes priced above AU$5 million (CAD$4.5 million), Toorak benefits from “world-class private schools, discreet shopping, elegant boutiques and serene parkland,” Swartzman says.
Prices in Australia are expected to increase steadily over the next three years, Swartzman continues, rising an estimated four to five per cent. While those gains may seem modest by historical standards, the price increase builds on a nearly 40-per-cent price surge in five years, significantly boosting household wealth and investor returns.
Adam Bisby is a Toronto-based writer, editor and consultant who contributes regularly to national and international publications such as the National Post, The Globe and Mail, the Toronto Star, MSN and SHARP magazine. Over the last 30 years he has written about real estate and housing, finance and investment, technology, food and wine travel, and health and wellness, among other areas. He began contributing to Canadian Family Offices in 2021.
The Canadian Family Offices newsletter comes out on Sundays and Wednesdays. If you are interested in stories about Canadian enterprising families, family offices and the professionals who work with them, but like your content aggregated, you can sign up for our free newsletter here.
Please visit here to see information about our standards of journalistic excellence.