David Neville Williams ignores the competitive land-based property investment markets, and takes to the sea to find that dream home

All aboard for the property investment with a difference - the floating condo which brings the wonders of the world to your doorstep. Just imagine it, Christmas in the Caribbean, dancing in the streets of Rio at carnival time, joining the revellers at a masked ball in Venice. And all within minutes of your luxury penthouse, while you enjoy the advantage of being able to stay in constant touch with your investments. This 21st century concept of buying a floating home on board a luxury liner has given a whole new meaning to the phrase 'offshore asset.' It all began with the launch of The World Of ResidenSea, a condominium ship boasting 165 luxury residences, five years ago. With homes selling for £1.45million to £5million, this 43,524-ton ship was presented as the ultimate private property enclave for those with serious money.

And it created a huge stir in the property, cruising and holiday sectors as the only luxury condo ship plying the world's oceans. All went well until it was discovered that there was sometimes a clash of interests between wealthy owner-residents and holidaymakers booking the regular cruise cabins. Bearing this in mind, a new generation of condo ships are now being built as wholly residential floating villages.

Four Seasons Ocean Residences and the monster-sized Magellan are newly-built vessels due to be launched by 2010, and a third project involves a renovated ship, Murano, aiming for early 2008. A huge incentive for prospective investors in the Four Seasons floating condo is that the 112 private residences on the 48,600-ton vessel will be managed by Four Season Hotels & Resorts - although, predictably, this service will not come cheap. A one-bed berth costs from £1.875million - and goes up to £20million for a four-bed triplex. But for this sort of investment you get your own penthouse with wraparound terrace, a twin-bathroom master suite, a home office and hotel-style concierge services on call 24/7.

Encompassing 13 decks, this ship provides 70,000 sq ft of public space, including a gigantic waterfall and a golf simulator, driving range and putting greens. In its first year, the ship is scheduled to sail to the Amazon, Antarctica and the Grand Prix in Monaco. The pace, though, will be relaxed, with 250 days in port each year. Rival Arizona-based Residential Cruise Line is aiming for bigger and, they claim, better with plans to launch their own $750million condo ship, Magellan, in mid-2010, with even more units on offer. The ship will feature 210 residences, with full ownership prices from £1.8m to £3.5m.

This 76,000-ton ship will be the largest existing or planned condo ship in the world, carrying 1,100 passengers plus 350 crew, and is expected to travel to 150 countries and 300 ports annually. Meanwhile, Murano is the brainchild of a new player in the floating homes market - Condo Cruise Lines of Florida. Details of the vessel and its itineraries are still under wraps but more than $25m is being spent to upgrade the ship to five-star luxury before its maiden voyage begins from a port somewhere in the Med.

With these projects following the success of The World, the future could see an increasing number of investors waiving their option on a landlocked apartment or villa in favour of a life on the ocean wave.