The rankings considered factors like property prices, taxes, fine-dining costs, premium car hire rates, flight costs from the UK, and potential Airbnb revenue. 

The study underpinned by data from 3,600 luxury property listings on JamesEdition and other sources, assigned each country an ‘affordability score’ out of 10.

 Cyprus emerged as a highly affordable destination, securing the second spot with an impressive score of 9.3.

With an average price of Euro583,781(GBP507,636) for a three-bedroom waterfront luxury home, Cyprus offers value in a market often overshadowed by more expensive locations. The country's low tax environment, combined with reasonable prices per square foot, makes it an attractive option for investors.

Additionally, Cyprus's warm climate, with average August temperatures of 29°C and no rainfall, along with its Mediterranean charm, adds to its appeal. The average flight cost from the UK in August is EUR308 (GBP268), making it a viable option for those seeking sunny getaways.