Charles’ note: When you look everywhere, you’ll find opportunity somewhere.
That’s the motto of Freeport Society’s overseas real estate investing scout Ronan McMahon.
Every time I read a report from Ronan, a severe bout of FOMO (fear of missing out) afflicts me. I live the expat life here in Lima, Peru, and I am literally writing this note from Playa del Sol, a little beach town on Peru’s Pacific coast. But I still look at Ronan’s destinations and get jealous!
I envy his travel budget, too. Ronan and his team spend more than $1 million a year putting boots on the ground to find the world’s best real estate opportunities for members of his real estate investing club. (Find out more about that here.)
Each year, Ronan ranks his top destinations in a global index for his club members to help them find the best deals. It features maps, videos, and detailed introductions and analysis on all 25 destinations he covers on his beat.
But he’s kindly agreed to share highlights from his top five destinations with you and your fellow Freeport Navigatorreaders.
Last week, he covered his No. 5 ranked destination – Playa del Carmen on the Riviera Maya in Mexico. Below, he dives into his No. 4 and No. 3 ranked destinations.
Pay special attention to No. 3. It was a favorite with John Wayne, Bing Crosby, and Ernest Hemingway.
My No. 4 ranked overseas real estate destination in 2025 wasn’t a top choice.
Before Costa Rica’s tourist boom, the northwestern province of Guanacaste was mainly known for its working cattle ranches, undeveloped coastline, and uncrowded surf spots.
Getting there wasn’t easy.
The highway connecting it to San José was full of potholes and unpaved sections – making the roughly five-hour drive rough and unpredictable.
The alternative was a 30-minute flight on a small propeller plane that landed on dirt airstrips.
And regardless of how you got there, your accommodation was basic – with limited electricity, no air conditioning, and water from hand-pumped wells.
But Guanacaste still drew vacationers thanks to its miles of white and golden sand beaches framed by dry tropical forests, volcanic ridges, and a coastline teeming with wildlife.
Guanacaste has stunning beaches framed by tropical dry forests and volcanic ridges
A savvy group of hotel and real estate developers saw the appeal of this sun-drenched, year-round destination.
Four Seasons Hotels and Resorts spent more than $200 million on a top-quality golf course, rooms and suites, and hillside villas with private plunge pools.
The hotel group needed tourists to fill their luxury rooms and pay its premium rates. A bumpy dirt track or a prop plane didn’t cut it.
So, the road from San José was soon paved. And the airport at Liberia – the provincial capital of Guanacaste just 30 minutes from the coast – was expanded and upgraded. In 2002, regular direct flights to the U.S. started.
Guanacaste, in northwestern Costa Rica, is famed for its stunning Pacific coastline
This kick-started a transformation on this coast…
In 2003, Guanacaste Airport recorded 50,000 passenger arrivals. Today, it handles over 1.6 million travelers a year.
Along the way, the Pacific coast of Guanacaste earned the nickname the “Gold Coast.”
Up-and-Coming High-End Haven
Today, this is one of the world’s up-and-coming high-end havens.
After the Four Seasons came The Westin at Reserva Conchal, the JW Marriott Guanacaste Resort and Spa, and Secrets Papagayo. A single night at these resorts can cost over a thousand dollars.
And new residential communities, such as the Waldorf Astoria Costa Rica Punta Cacique, are selling branded residences for tens of millions of dollars.
Whether you’re buying a home or dining out, Guanacaste is no longer a budget-friendly destination.
But if you’re thinking of buying a second home overseas, Guanacaste deserves to be on your radar. Demand there is huge, and development can’t keep up.
Costa Rica is a pioneer of eco-tourism. The country has 29 national parks. Collectively, these account for more than one-quarter of the country’s landmass.
As a result, there are lots of restrictions on development. Supply of best-in-class real estate is low. And short-term rentals are thin on the ground. So, you can do very well buying the right condo or home here.
In March 2024, I brought RETA members an off-market deal in the beach and marina town of Playa Flamingo. This was our chance to own luxury homes a short walk from pristine white-sand beaches and newly developed Marina Flamingo.
I bought it alongside other RETA members.
In October 2024, the developer told me that two-bed homes similar to those RETA members could buy for an off-market price of $286,800 were listing for $339,000.
A $52,200 increase in six months – exactly the kind of capital appreciation I love to see.
That’s fantastic. But what about my No. 3 ranked destination?
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My No. 3 Ranked Destination – Los Cabos, Mexico
My No. 3 ranked overseas real estate destination is a place I spend time in every year – Los Cabos, Mexico.
Set at the southern tip of the Baja California Peninsula, Los Cabos (meaning “The Capes)” has a population of about 350,000.
It includes two main towns – Cabo San Lucas, famous for its nightlife, luxury marina, and iconic El Arco rock formation – and San José del Cabo, known for its colonial charm, art scene, and laid-back vibe.
Connecting them is a 20-mile stretch called the Tourist Corridor. It’s lined with luxury resorts, golf courses, and high-end residential communities.
Los Cabos is a world-leading destination…a favorite of the rich and famous for generations.
And the natural beauty here is hard to beat…
A striking collision of arid desert, jagged peaks, and endless blue ocean creates a landscape unlike any other. You also have some of the most striking beaches in the world – from rugged, wave-battered shores to tranquil, swimmable coves.
Plus, the weather is sunny there all year.
Los Cabos has been a playground for the rich and famous since the 1950s.
The area is a sportfishing paradise. John Wayne, Bing Crosby, and Ernest Hemingway were drawn here by its abundant marlin and sailfish.
And since the pandemic, Los Cabos has seen a new influx of people.
In 2024, Los Cabos International Airport handled about 7.5 million passengers. And many of the folks arriving aren’t just visiting – they’re staying for months and even years.
Los Cabos sits at the tip of the Baja California Peninsula close to an international airport
The kinds of folks coming to Los Cabos have also been changing.
While it’s long been a haven of celebrities and the ultra-wealthy, it now also attracts the “ordinary rich” – well-heeled vacationers, executives with work-from-anywhere jobs, snowbirds, and self-made entrepreneurs.
These folks don’t want to pay millions of dollars for second homes or thousands of dollars per night for hotel stays. But they do want high-end amenities in perfect locations.
Their arrival has led toan explosion in demand for good-value real estate in amenity-rich communities.
I’ve invested in six properties there. I spend time there every winter. And I’ve seen firsthand as Los Cabos has hit a whole new level. There are tight restrictions on building there. But people keep coming to stay and to live.
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Uplift of $388,844 in Los Cabos
As you’ll know if you’ve been following my reports in these pages (catch up here and here), I have a club of like-minded overseas real-estate investors called Real Estate Trend Alert(RETA). And I specialize in finding exclusive, off-market deals for our members.
By leveraging the group’s buying power, I’ve been able to bring members some standout opportunities in Los Cabos.
Our deal was in 2015. Our RETA-only price on a two-bed ocean-view condo in the best-in-class Copala community was $336,156.
I bought one.
An identical condo to mine two floors above me later listed for $725,000. That’s an uplift of $388,844.
But even with our insider connections, deals like these are increasingly hard to find…
Cabo is a high-growth destination with immense investment potential. But prices have risen so quickly, these days you need to be highly selective when you buy.
That wraps up my coverage of the No. 3 and No. 4 global real estate destinations. But the best is still to come…
Look out for details on my No. 2 and No. 1 ranked destinations in these pages next Thursday
Until then,
Ronan McMahon
Editor, Real Estate Trend Alert
P.S. Thanks to the group-buying power of my RETA members, I’m able to negotiate steep discounts on retail pricing. An off-market, RETA-only deal must see us paying much less than anyone else. This means we’re locking in significant gains from the get-go.
Why do these developers offer us unbeatable pricing?
It’s a win-win deal. Developers get quick and discreet sales from our group. This allows them to go to the local market with sales under their belt and the confidence to charge higher retail prices. We get deals at prices no one outside our group can even dream of.
To give you a brief snapshot of some of our RETA-only deals…
An uplift of $100,980 on Panama’s Pacific Riviera – In January 2023 RETA members were able to buy ocean-view condos in the Las Olas community at Playa Caracol starting from $254,600. As of late 2024, similar condos were listed with the developer for $355,580. That’s an uplift of $100,980.
€300,000 Gain in Portugal – Portugal’s southern Algarve region is a place of rich culture, great food, soaring cliffs, white-washed villages, stunning beaches, and 300 days of sunshine a year. In August 2019, one RETA member bought a penthouse in a community in the Algarve that I recommended for €495,000. Just over three years later, in October 2022, she sold for €795,000. That’s a gain of €300,000.
$309,018 More in Playa del Carmen, Mexico – I first scouted Playa del Carmen in 2004. Since then, I’ve brought RETA members a host of killer deals there. For example, in 2021, RETA members had the chance to buy two-bed condos in a community called Singular Dream in Playa from $265,304. In early 2024, a two-bed condo in Singular Dream was listing for $574,322.
If you want access to my stream of upcoming off-market deals, you can join RETA now and get all club membership has to offer – the deal briefings, the scouting reports, and full access to our exclusive deals.
If at the end of one year you don’t feel like RETA is a fit for you, call my team and we’ll refund your entire membership fee. No questions asked.
