Original article 27 September 2017 by: Insider Monkey
With property prices generally on the rise in most European countries, it’s getting harder and harder to purchase a place of residence for yourself but have no fear: the 10 cheapest countries in Europe to buy a house may be a lot more affordable.
Europe is a fascinating place to live. Not only is it a highly developed region, but it has also been blessed with natural beauty in abundance. My point is: who wouldn’t want to buy a house in this amazing continent? That, however, is no effortless feat. Innumerable people spend their lives struggling to own a property they can call their own while living in an apartment the whole time. But most European countries offer an added advantage when you purchase real estate there: buy property in Europe and get residency! Portugal, Malta, Spain, and Latvia are one of the cheapest options to easily get a residency permit, after buying real estate of a certain amount in the respective countries. The amount in question can go as low as EUR 250,000 like in Latvia.
Of course, some of you might be more interested in global properties rather than just being restricted to a single continent. To ascertain the cheapest country to buy property, you can move on ahead to the 10 easiest countries to buy a house in the world. Therein, you will also find more than a few good vacation spots which can easily be considered the cheapest places to buy a house on the beach. Of course purchasing a humble abode isn’t everything. If you are to live there, you need to know a fair bit about the cost of living of the targeted place. Don’t worry, we’ve got you covered there too. Our lists of the 25 cheapest countries to live in the world and the 17 cheapest places to live in the world that speak English, will tell you all you need to know.
Another thing to note is that while our list of the cheapest places to buy a house abroad in Europe will be helpful if you wish to reside in such a house, in which case you will obviously be looking for the cheapest option, but the list will change entirely if you are merely looking for a good investment. Let’s take Hungary for example. Its capital Budapest may be the best place to buy property in Europe due to attractive rental yields, i.e., for investment purposes, but the nation didn’t make it to our list because house prices there aren’t necessarily low.
So without further ado let’s enlist the cheapest countries in Europe to buy a house. To rank nations, we scoured the internet looking for average house prices in Europe and found our answer at Global Property Guide, a website that has collected data on the square meter prices prevalent in each country. It’s important to know the cost per square meter in order to determine the price of a house as a whole, no matter what its size. Countries with the lowest prices obviously ended up on our list. Since the prices were given in Euro, we have converted them into US dollars using the exchange rate of USD 1.195 per Euro, in order to have better insight into the prices.