Real estate can be really expensive, especially if you want to buy a home in a big city like New York or Los Angeles. This deters many people from buying a home there as you must sell your soul to Lucifer to achieve this. But worry not, because we are here and we’ve got you covered. Continue reading article and come along with us to find the countries with the cheapest real estate around the world. And who knows, maybe you can afford the house of your dreams in one of them or even buy a vacation home there.
Things to consider.
Cheaper doesn’t always necessarily mean better, nor does it mean value for your money. For example, in the States, if you find a property whose price seems too good to be true, there is always a catch behind it; either someone has been murdered there, or you are being sold a house riddled with black mold. However, not everywhere in the world is as expensive to buy a home as the US, and in many countries, you can get a villa for the same price as a house in California.
However, we wouldn’t advise you to buy a house that you’ll renovate abroad as the builders won’t be held to the same standard as you expect and the material tends to be more costly there. The countries on this list, though, are growing fast and buying a house there now and can be a real investment for the future.
It has been under most radars for real estate for many years but is becoming an increasingly popular destination for ex-pats and is a country that has largely been unaffected by globalization. Ecuador has something for everyone, from green mountains to sandy beaches which still remained mostly untouched by the tourist industry and would be the ideal place for your next home. If you don’t want to in an area like Cuenca, where property value has increased because of the influx of people, then Loja is your best bet. It is perched in the Andes and the temperature is 73°F to 75°F year-round or around 24°C. This means that you won’t have to spend much money on an AC or heating system. A three-bedroom house in a posh area can cost you around $130 000 and is even cheaper elsewhere in Loja. The city is also surrounded by traditional buildings and stalls that make it charming and will make you feel like you’re living in the 1800s without the blatant racism, sexism, homophobia or discrimination. It is the perfect space for people who love a vintage aesthetic.
This one is the best alternative for people who love to live in coastal areas but are usually put off by the price of beach houses. It is always sunny in Brazil, a bit like LA, and you’ll never be far from the sandy beaches and the clear turquoise seas that are sheltered by its reef. On average, a beach condo in LA, in Venice beach cost anywhere from $300 000 to $ 2 000 000, while you can get one at more than half this price in Brazil. A beach condo costs around $50 000 in Vila Velha, also known as Little Rio, and property value is even cheaper inland. Vila Velha is a beach town which is surrounded by tropical forests and mountains and is situated north of Rio de Janeiro Brazil is also a fast-developing nation. You can find almost anything there that you can in North America and if it’s not available, then Jeff Bezos got you covered because most of us depend on Amazon to live these days. Brazil is a paradise for fans of tropical destinations and will make an ideal summer home that you can sublet during winters.
This one is a shocker, but real estate there is surprisingly low and affordable in Italy. Especially after last year, Italy was severely affected by the pandemic, and now more than ever, property value is at its lowest. This one is a dream for everyone; not only can you get a house at an affordable price, but you also get to live in one of the most scenic countries in the world. And who knows, maybe you’ll meet the Oliver to your Elio there and have your own romantic summer fling with a hunky graduate student.
In some areas of this country, like the historic countryside towns, you can find houses for as low as €1. This is because they are enticing young people to move back to these towns because without the influx of new people, these cities will eventually die. However, you should always read the fine print as it may cost you a lot to renovate an old home, sometimes up to $30 000. You can buy a brand new for less than $50 000 in a remote village and around $50 000 in a small town.
Sound off in the comment section below and tell us if you want to buy your next property in one of these tropical destinations