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I can't speak of vacation properties or real estate in general where you're looking but don't assume supply will keep up with demand. There are more and more people with money to spend on "toys" or more real estate in some more extreme cases. The housing market isn't really 2008 uncertain this time around, as crazy as it is.
There's only X amount of land in the world, sometimes it's easier to knock down and rebuild (just an idea).
Happy hunting
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