Holidays are all about the sights, the sounds and the food: a spread of tapas at midnight in Madrid, a romantic stroll along the Pont Neuf in Paris, holding your loved one’s hand, and a whizz on a Vespa along the streets of Rome – against the backdrop of hand gestures and Roman dialect – heading towards the promise of the best spaghetti cacio e pepe in the city.

However, holidays are also about where you stay. Hotels are wonderful places. No, not the student hostel you found for €10 a night but real hotels, the ones where the pillows are like clouds, towels are heavy and fluffy, the staff to guest ratio is five to one, and where you want to live forever.

The next best thing to living in a hotel is buying a holiday home abroad. There are plenty of advantages to investing in a second home abroad. First of all, it gives you a good excuse to travel more frequently. Service is what you make it because, well, it’s self-service. Unlike a hotel, a holiday home is also an investment. And when you’ve had your fill of your farmhouse in Sicily or beach house in Mykonos, you can just sell up and move somewhere else.

Spain

The economic crisis and subsequent fall in house prices in Spain started in 2007, following a frenzied construction boom during which Spain was building 700,000 homes and apartments every year.

Overall, Spain’s housing market is recovering and in 2014 experienced the lowest annual decline since 2008. Investors and foreign property buyers are also confident that Spain is on the way to recovery and are slowly but surely returning with cash in hand.

In some areas, you can still bag a bargain. Of course, don’t expect to buy a beautiful villa in the fashionable resort of Sitges, outside Barcelona, for peanuts. However, in Murcia, where over-building was most rife, prices are still on the low side, with many homes selling at half of 2008 levels. The same goes for the Costas, which are still struggling. In Malaga, prices are also good, with city centre prices as low as €2,000 per square metre.

Turkey

In recent years, Turkey has boosted its credentials as one of the hottest destinations in the world. Istanbul, especially, is establishing itself as a strong hub as well as a destination of choice for business, leisure and pleasure.

In 2008-9, Turkey’s property market was hit hard, with prices in some districts in Istanbul falling by 25 per cent. However, in just a year and a half, Turkey’s property market recovered, boosted by strong economic growth and increasing local demand – half the population of Turkey is younger than 30 years old and all young couples want a home of their own.

Wake up to a view of the Bosphorus.

In Istanbul, the current rate of appreciation is about 10 per cent. That means that buying in Istanbul is not only a wise investment but will also give you your own bit of turf in a fascinating city.

Istanbul has plenty to offer in terms of real estate. An apartment in the old city will place you right at the centre of history while a property in Galata will give you access to the most stylish and buzzing spots in Istanbul. For more modern property, the best offerings are in the districts of Nisantasi and Elmadag. But if you have the budget, there’s no better place to live in than in Besiktas and Ortakoy, where waterfront mansions and high-end apartments bask in magical views of the Bosphorus.

Italy

For Maltese buyers, Italy is an attractive proposition: most of us know the language and it’s just a couple of hours away. Moreover, we can go up by car.

Living the dream in Tuscany.

There is a huge demand for property in Tuscany: this region is just magical in all aspects, from the countryside to the charming villages, food and wine. Puglia also has its charms and the property market is varied. A masseria – a traditional farmhouse – usually comes with its own olive grove and outbuildings. You can even buy a trullo, a stone-built traditional home, usually with its own garden.

If you want to stay closer to home, Sicily has a vast selection of properties to suit all budgets. The northern coast enjoys spectacular sea views while on the eastern coast and inland, you can retreat to higher elevations around the Parco dell’Etna. Of course, if money is no object, then invest in a property in Taormina – the risk here is that you will fall in love with the place and you will never want to leave.

Towards the west, property is also in demand, especially towards Marsala and Trapani. In the south of Sicily, consider buying a nice apartment in Noto or Ortigia, or a farmhouse in Ragusa.

And when you’ve had your fill of your farmhouse in Sicily or beach house in Mykonos, you can just sell up and move somewhere else

Greece

The future doesn’t look especially bright for Greece: the economy is failing and the country is in need of emergency funding. It’s a crisis which has shrunk national output, driven thousands of businesses into liquidation and triggered a mass exodus of young people. And property prices are in freefall, including in regions such as Corfu, Porto Heli, Crete and Halkidiki, all very popular resorts.

The islands are especially attractive. Property in Crete enjoys views of beautiful landscapes and stunning beaches. The north west of the island is green and tranquil: villages are perched in between lush vegetation and an unspoilt coastline. The Ionian islands are also popular with foreign buyers: Ithaca is untouched by mass tourism while Lefakada and Kefalonia give you access to some of the best beaches in Europe.

France

An apartment in Paris, a chalet in the French Alps, a dream home in Normandy: France has it all. And that explains why it continues to top international sales year on year.

The weather, food, lifestyle, proximity and regional identities make France a favourite with those looking to invest in a holiday home. Wine producing regions such as Burgundy, Bordeaux and Champagne are especially popular but so is the Cote d’Azur and all along the Mediterranean coast.

Montenegro is quickly becoming a destination of choice.

Places you didn’t think of

The first places that you think of when you start considering buying a holiday home are Italy, Spain, France and Greece. However, other countries are worth a look. Montenegro, for instance, is rapidly becoming a tourist destination and arrivals are set to increase faster than in any country in the world. This will obviously create a spill over effect on the property market. Buy now and enjoy the profit later. Albania is also an interesting destination – property prices are low yet the country has a lot of charm. The Albanian Riviera has beautiful beaches set against rugged mountains, Gjirokastra is culturally rich and a Unesco world heritage site, while Durres is one of the more happening touristic centres in the country.

There is a glut of property in Romania, Slovakia and Bulgaria. The three countries are natural beauties – however, a lot of their citizens have moved abroad to make more money than they can at home. That means that anyone with an average budget can find a nice property.

If you really want to go off the beaten track, then buy a home on the Shetland Islands. True, this looks like the edge of the world: the sea is savage, the landscape is windblown and the cliffs are dramatic. Yet the pace of life is slow and solitude is just beautiful.