Kathleen Peddicord, an expert in living and investing overseas for over 30 years, highlights five affordable places to buy property abroad in a recent Forbes article. Here, we explore the details and reasons why these destinations stand out for property investors.
Northern Cyprus—47% Savings Relative to the U.S. Market
- Average cost per square foot: $118
- Estimated cost of a 1,000-square-foot apartment: $118,000
Northern Cyprus, a region and de facto state of the Republic of Cyprus, offers long sandy shores, abundant sunshine, excellent cuisine, and friendly locals. Historical tensions between the north and south have kept prices low in the north, but with improving relations and a tourism boom, Northern Cyprus presents a unique opportunity for real estate investment. Properties are priced in British pounds, which could offer additional savings for U.S. dollar holders as the pound is forecast to drop against the dollar in 2024.
Brazil—38% Savings Relative to the U.S. Market
- Average cost per square foot in Fortaleza: $138
- Estimated cost of a 1,000-square-foot apartment: $138,000
Brazil, a global powerhouse with a diversified economy, is an attractive option for real estate investment. The country’s self-sufficiency insulates it from global crises, making it a safe place for investment. Fortaleza, a popular domestic vacation destination, offers beachfront properties at affordable prices. With its pristine beaches, rich culture, and UNESCO World Heritage Sites, Brazil is ideal for those looking to buy a beach property abroad.
Colombia—34% Savings Relative to the U.S. Market
- Average cost per square foot in Medellin: $145
- Estimated cost of a 1,000-square-foot apartment: $145,000
Colombia’s housing markets are becoming more affordable, with Medellin standing out due to its perfect weather, attractive surroundings, and sophisticated lifestyle. For coastal properties, Santa Marta on the Caribbean coast offers better prices than the famed Cartagena. Colombia also provides residency to investors who purchase property above certain financial thresholds, making it an appealing choice for U.S. dollar holders.
Montenegro—32% Savings Relative to the U.S. Market
- Average cost per square foot: $151
- Estimated cost of a 1,000-square-foot apartment: $151,000
Montenegro, a small country in Southeast Europe, is known for its stunning Adriatic coastline. Although property prices are rising, Montenegro remains one of Europe’s most affordable markets. Kotor Bay, with its beautiful scenery and medieval stone villages, is a prime location for property investment. Properties in Montenegro trade in euros, presenting a buying opportunity as the euro is currently down against the U.S. dollar.
Greece—23% Savings Relative to the U.S. Market
- Average cost per square foot in Chania: $171
- Estimated cost of a 1,000-square-foot apartment: $171,000
Greece’s property market is booming, driven by economic growth and foreign interest. Despite high prices in urban areas like Athens, islands such as Corfu and Crete offer more affordable options. Chania, Crete, is particularly attractive with its historic center and vibrant lifestyle. Greece also offers a golden visa program, granting residency to investors who purchase property for 250,000 euros in low-density areas or 500,000 euros in high-density areas.
Key Takeaways
Kathleen Peddicord’s Forbes article highlights several affordable international property markets. Here’s a summary of the cheapest places to buy land and how to proceed with buying property abroad:
- Cheapest place to buy land: Northern Cyprus offers significant savings compared to the U.S. market.
- Best country to buy land: Depends on your needs—Brazil for beach properties, Colombia for urban and coastal options, Montenegro for scenic investments, and Greece for historical and island properties.
- Cheapest land in Europe: Bulgaria and Romania are known for their low land prices.
- How to buy land abroad:
- Research: Identify preferred locations and types of land.
- Legal Advice: Consult local legal experts.
- Financing: Arrange financing through international or local banks.
- Due Diligence: Inspect the property and check for legal issues.
- Purchase Agreement: Negotiate and sign the agreement.
- Registration: Register the property with local authorities.
By following these steps and considering these destinations, you can find affordable and attractive properties abroad.
read Forbes article 5 Affordable Places To Buy Property Abroad In 2024
Most Desirable Countries to Buy Property Abroad at Homesgofast.com
If you’re considering investing in international real estate, several countries stand out for their attractive markets, affordability, and investment potential. Here are some of the most desirable countries to buy property abroad in 2024:
1. Portugal
Portugal continues to be a top destination for real estate investors due to its stable political climate, growing economy, and favourable regulatory environment. The Portuguese real estate market offers stable rental yields, especially in major cities and coastal regions. Additionally, Portugal’s D7 Visa and Digital Nomad Visa programs make it easier for foreign buyers to gain residence (Global Citizen Solutions).
2. Turkey
Turkey is gaining popularity among international property buyers thanks to its pro-investment policies, beautiful landscapes, and historical sites. The country offers one of the most affordable real estate markets among countries with citizenship by investment programs. Properties are available at competitive prices, and investors who purchase real estate valued at $400,000 or more can apply for Turkish citizenship (Global Citizen Solutions).
3. Brazil
Brazil’s strong and diversified economy, coupled with its vast coastline and cultural richness, makes it an appealing choice for property buyers. Cities like Fortaleza offer affordable beachfront properties. Brazil’s real estate market is insulated from global crises, providing a safe investment environment (A Place in the Sun).
4. Greece
Greece’s property market is booming, driven by economic growth and foreign interest. Islands such as Corfu and Crete offer more affordable real estate options compared to urban areas like Athens. Greece also provides a golden visa program for property investors, adding to its appeal (Global Citizen Solutions).
5. Montenegro
Montenegro, with its stunning Adriatic coastline and rising property values, is becoming a hot spot for real estate investment. Kotor Bay is particularly attractive for its scenic beauty and medieval stone villages. The country’s potential accession to the eurozone could lead to significant appreciation in property values (A Place in the Sun) (Global Citizen Solutions).
Additional Insights
Northern Cyprus and Colombia also feature prominently in discussions about affordable international property. Northern Cyprus offers substantial savings compared to the U.S. market, and Colombia provides a mix of urban sophistication and coastal charm with significant investment incentives (A Place in the Sun) (Global Citizen Solutions).
Key Considerations
When buying property abroad, consider factors such as currency fluctuations, political stability, cultural and language barriers, market knowledge, and legal complexities. Each of these factors can impact your investment’s success and your experience as a property owner.
By choosing the right location and understanding the local market dynamics, you can make informed decisions and maximize the benefits of investing in international real estate. For more detailed insights and specific property listings, you can explore resources from reliable real estate websites and consult with international property experts.
4o
