The Irish and Spanish property markets are now recovering from their dramatic crashes and presenting investors with increasingly attractive opportunities, Reuters has reported.
According to delegates at the MIPIM property conference, people who are considering investment overseas could be drawn to Spain and Ireland ahead of destinations such as Greece, Portugal and Italy.
The debt crisis in Greece is one of the more obvious factors that is deterring potential investors from considering the country's housing market, while the struggle that Italy and Portugal are having with the same problem has resulted in these locations becoming less appealing to those who are looking to invest in property abroad.
As Europe aims to turn around the recession and launch a sustained economic recovery, Ireland and Spain present the more enticing prospects for investment due to the changes that have taken place internally.
Ireland's price shock saw property values almost cut in half - a decrease that means homes can be purchased for significantly lower costs than before - while Spain has introduced legislation that alters commercial lease control, making increasing rent easier for landlords.
While Ireland and Spain remain popular holiday destinations among Britons, investment in the property markets in the two countries would appear to be a sound move at any point given the returns that they can bring.
And with now apparently being as good a time as any to take advantage of the cost of housing, potential investors may see the present window as the ideal opportunity to give themselves the best possible chance of building a profitable portfolio overseas.
Those who are considering such an investment are likely to be well versed in the appeal that Spain and Ireland have among British holidaymakers, and will be looking to make their holdings as secure as possible.
By taking out holiday home insurance policies and properly assessing those who they let their property to, landlords can give themselves every chance of making their foreign investment a sound economic move.