Why spend a fortune on your dream home when you can purchase incredible mansions with breathtaking views for much less? Why do so many people compete for square footage near Paris, where it takes half a day to reach the Eiffel Tower?
Is there life beyond New York City? Is it fair that a five-bedroom apartment in Colorado is cheaper than a resale property for sale in Croatia? Why doesn’t anyone seem interested in buying inexpensive duplexes and three-story houses in tropical countries like Nicaragua, Mozambique, and Madagascar?
These are all rhetorical questions, but they cross everyone’s mind from time to time, including realtors who should be aware of the factors influencing property prices.
Human beings, as our species name suggests, are intelligent creatures. We constantly seek out what’s best, affordable, and provides a great view.
Real estate in Cyprus is prestigious and comfortable (in most cases).
It provides an opportunity to easily obtain a residence permit for non-EU citizens. Cyprus is a European suburb, with the advantages of European villages without the associated urban problems.
Living in Cyprus means being a few minutes away from the sea and witnessing some of the world’s most beautiful sunsets from your balcony. It’s an excellent investment, bound to appreciate over time.
The only downside to property for sale in Cyprus is the prices.
Let’s consider other options. The review below doesn’t account for the current pandemic. The epidemiological situation changes more rapidly than spring weather, and all epidemics end eventually.
Thailand
A paradise on earth for downshifters, freelancers of all kinds, and those seeking adventure and mystic revelations. More importantly, Thailand is an excellent place to invest in real estate. An apartment here costs around $30,000, and a house with a pool about $60,000. The package includes a wonderful climate, delicious food, polite locals, and a relaxed lifestyle.
However, Thailand has legislation that restricts ownership of detached properties to Thai citizens or Thai companies. Foreigners can lease properties for long-term (up to 30 years).
A unique local feature is condominiums. Foreigners are allowed to purchase apartments, but it can’t exceed 49% of the total area of the condominium. Most foreign investors are concentrated in the condominium market. The cost of a condominium in Pattaya is about ฿1.3 million or €30 thousand.
Brazil
An apartment on the coast is quite affordable – approximately $50,000. There are two attractive options: the mainland and the tropical island.
Brazil boasts a thriving economy, the vibrant temperament and vitality of its residents, as well as… crime. Fortunately, not all areas are equally dangerous. Some places are unsafe, but there are many wonderful places where you can stroll at any time of the day.
One such place is “Little Rio,” the town of Vila Velha north of Rio de Janeiro, nestled among tropical forests and green-peaked mountains that isolate you from the favelas, where a constant battle rages between the police and drug cartels.
Another option is the paradise island of Itamaracá (Ilha de Itamaracá). It’s separated from the mainland by the Santa Cruz Canal and a saltwater canal, both flowing into the Atlantic Ocean. Itamaracá is connected to the mainland by a long bridge.
The total area of Itamaracá is 66.68 km2, and the 2018 population, according to IBGE, was 25,836. The island’s population is rapidly growing as many choose it for permanent residence. Itamaracá is located about an hour’s drive from Recife International Airport. About two-thirds of the island is covered by a protected natural rainforest (Mata Atlântica), with most human activity concentrated on a narrow sandy strip along the ocean coast.
Coastal apartments start from $50,000, while property in the heart of Itamaracá is even cheaper.
Dominican Republic
The Dominican Republic, located on the island of Haiti, is a developing nation known for its delicious coffee, tobacco, and tropical fruits. But the true gem here is the legendary Caribbean Sea, once a haven for pirates and now a source of tranquility, offering solace from negativity and depression. The pristine, clear waters in local bays reveal a vibrant marine life. The mild climate, organic produce, and the appeal of the Dominican coast make it highly popular.
Every year, thousands of investors put their money into houses, apartments, and bungalows. Real estate in the Dominican Republic is considered highly liquid, attracting many who choose to settle in this warm country permanently.
Before the coronavirus pandemic outbreak, the country was experiencing a growth phase, being an extremely popular tourist destination. Once travel restrictions are lifted, foreign tourists will flock to local beaches, making property purchases and tourist rentals a potentially profitable investment. Property prices in the Dominican Republic are relatively low.
For $40-50 thousand, you can find a small apartment 5-10 minutes away from the beach in popular resorts like Sosua, Cabarete, or Bavaro. The law permits foreign buyers to purchase any property in the country, including land.
Italy
While the above-mentioned villas, bungalows, and condominiums are located along the distant seas’ coastlines, you can find more proximate options if you search.
In developed countries like Italy, housing prices can significantly vary depending on the region. For instance, a square meter in the prestigious San Remo can cost between €4-6 thousand, making even a small studio apartment a six-figure investment.
But there’s another, less touristy and more affordable Italy. Look at the town of Scalea in the country’s south. About 10,000 people live here. For €23-25 thousand, you can buy an apartment in a house built 20-30 years ago.
The second option is the mountain town of Abruzzo, where you can buy an apartment for even €1,000. Yes, the locals have already moved out, but the mountains and entertainment are nearby.
Bulgaria
The most budget-friendly option in a European country by the sea. While new villas’ prices are lower than in Cyprus, they are still quite high and do not fall into the cheap category.
However, if you search, you can find offers not on the coastline but a short drive away from the sea. Among the vast range of residential complexes, you can find really cheap housing options. For instance, on the outskirts of Sunny Beach (about a kilometer from the sea), you can buy a studio for only €13-15 thousand (€450 per 1m2) in a modern residential complex aged five to seven years.
The apartment’s size might be modest, but in terms of affordability, nothing beats it. So if you’re looking to buy property in Croatia or looking for a property for sale in Cyprus, don’t forget to consider these options too.
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