High prices, high mortgage rates and declining supply. Prospective home buyers in the United States and Spain face a situation almost impossible and as a result home sales are not the best. They are at their lowest level in 13 years.
Instead of waiting for the frozen market to thaw, those interested in buying real estate to live in or invest in should look beyond their borders to find the best deals.
As an editor Live and invest overseasI’ve been recommending overseas property investments to my readers for three decades, but my advice rings truer today than ever.
Worldwide there are dynamic markets which welcome foreign investment and even in some cases encourage it by offering residency and other benefits in exchange for investment above certain financial limits. They are places that offer incredible value at affordable prices, especially compared to the United States where The median list price per square foot is high: $221.
Here are my suggestions for where to buy affordable property abroad in 2024. To highlight the savings on offer, I compare the cost of a 1,000-square-foot home in each location to the cost of a property of the same size in the United States ($221,000 ) using price-per-square-foot averages to create estimates.
Northern Cyprus: 47% savings compared to the US market
- Average price per square foot: $118
- Estimated cost of a 1,000 square foot apartment: $118,000.
North of Cyprus is an island nation in the eastern part of the Mediterranean Sea. It is known for its long sandy coast, abundant sunshine, excellent cuisine and friendly people.
Historical tensions between northern and southern Cyprus meant that until recently tourism and development focused on the south. Today, relations are calm and everything remains the same on both sides of the border.
This creates an opportunity for property investors and people looking to buy a house abroad as prices are more affordable in Northern Cyprus and it is heading for a tourism boom. New hotels are also opening casinos, golf courses and luxury marinasas the world realizes its attraction.
For now, property in North Cyprus is incredibly affordable. The best deals can be found in pre-construction projects, where you can buy properties for even less than the average per square foot, quote.
In addition, properties are traded in pounds sterling in Northern Cyprus. Bargains for US dollar holders could improve in 2024, as the pound is expected to depreciate against the dollar.
Brazil: 38% savings compared to the US market
- Average price per square foot in Fortaleza: $138
- Estimated cost of a 1,000 square foot apartment: $138,000
Brazil It is a global power with one of the strongest and most diversified economies in the world. Because it is largely self-sufficient, it is well insulated from global crises and savvy investors seek it out as a safe place to stash their money.
It’s also huge: the fifth largest country in the worldhome to more than 4,500 miles of coastline, pristine beaches, the Amazon rainforest, rich culture, renowned sites Heritage of humanity according to unesco and more.
If you are looking to buy beach property abroad, Brazil should be on your radar. It offers some of the best waterfront real estate opportunities to be found anywhere in the world today.
Where in Brazil should you look to buy property? Instead of crowded cities like Sao Paulo and Riofollow the locals to domestic holiday destinations such as The fortress and its surroundingswhere you can buy a beach house for $70,000 to $140,000.
Colombia: 34% saving compared to the US market
- Average price per square foot in Medellin: $145
- Estimated cost of a 1,000 square foot apartment: $145,000
After years of steady price growth, real estate markets in major cities around the world are slowing Colombia. But when affordability meets value, Colombian real estate is hard to beat.
Medellin It is one of the most sought-after cities in the country, attracting a large number of tourists and offering a perfect climate, attractive surroundings and a sophisticated cosmopolitan lifestyle. With a vision of the future and innovationcontinues to win awards in areas such as urban design and sustainable development.
For coastal properties search Santa Marta on the Caribbean coast instead of the famous Cartagena, where real estate prices and the cost of living are inflated.
Santa Marta is an attraction for internal tourism and it offers much of the same appeal as Cartagena (beaches, Spanish colonial architecture, culture and more) for a better price.
The currency may highlight the savings of US dollar holders, and the Colombian peso remains weak against the dollar by historical standards.
Another benefit of investing in Colombia is that grants residency to investors who buy above a certain financial threshold. Invest 350 times the minimum monthly salary (about $112,000) in real estate and you may be eligible for a three-year temporary residence permit.
Montenegro: 32% savings compared to the US market
- Average price per square foot: $151
- Estimated cost of a 1,000 square foot apartment: $151,000
Montenegro It is a small country in Southeastern Europe. It has a long coastline along the Adriatic Sea, perhaps the most beautiful body of water in the Mediterranean bathes the shores of Bari, Italy.
Although not yet common in the United States, people in the know have been buying real estate in Montenegro for some time, especially the ultra-rich. Billionaire developers built a luxury wharf where the 1% dock their superyachts.
Property prices in Montenegro are on the rise, rising by more than 9% in the year to the second quarter of 2023. Despite this, it remains one of the most affordable markets in Europe.
My best choice for buying real estate in Montenegro is Bay of Kotor, where the most beautiful and best-equipped stretch of coast in the country is located. It is a deep bay of the Adriatic with crystal clear water, towering mountains and medieval stone villages as well as luxury buildings.
If you are looking for a buy-to-let investment, you will find the best offers in the pre-construction projects around Boka Kotor, where your investment can be turnkey.
Montenegro is likely to join the Eurozone in the coming years. When this happens, there should be a rapid and significant appreciation in the value of the property.
Properties in Montenegro are traded in euros. The euro has fallen about 10% against the US dollar over the past two years and about 20% below long-term trends. This presents a low-cost buying opportunity with the potential for further appreciation if exchange rates return to historic levels.
Greece: 23% savings compared to the US market
- Average price per square foot in Chania: $171
- Estimated cost of a 1,000 square foot apartment: $171,000
The Greek real estate market is red hot. In the first half of 2023, it saw the largest year-on-year increase in house prices in the last 20 years. Sales are driven by economic growth and an increase in foreign interest in its real estate market.
This means that there are large price differences between urban and rural areas. Athens has the highest home prices at around $214 per square foot.
For the best real estate deals, look for the larger islands that are far enough from the capital that Athenians don’t consider them weekend getaways. Greece has 6,000 islands and a combined coastline of more than 10,500 miles.
Corfu and Crete These are among my top tips for investing in real estate in Greece. Both islands are large enough to offer a variety of property types and prices, and are popular with British and European tourists.
ChaniaCrete stands out for its colorful historic center, full of trendy shops, restaurants and cafes set in ancient Venetian architecture and hidden between narrow streets.
Greece still offers a golden visa program, one of the few remaining in Europe. Investors can get a residence by spending €250,000 on real estate in a low-density land area or €500,000 in real estate in a high-density area (Athens, Thessaloniki and other locations).