The Most Affordable Places to Buy Property Abroad in 2024
When it comes to finding the most affordable yet classy properties, Montenegro and Northern Cyprus are the best to look for. Here is why Montenegro and North Cyprus are the best countries to buy property abroad in the global real estate scene, and why.
What Does “Affordable” Mean in Housing?
“Cheaper than others” does not always mean affordable. Affordability comes into the scene when a property meets some of your preferences decently, yet its price is quite moderate. The price comparison is made according to the common price range of similar properties in the market. However, the term is relative and can vary based on buyers’ financial status, directly.
In general, affordable housing aims to provide decent and safe living accommodations while keeping the price range as low as possible. It is all about what that certain property provides for you, in exchange for its sales price. At this point, determining the price-quality balance is important.
How to Find Affordable Properties?
Forbes recently listed the best places to find properties at reasonable prices. There are certain channels where you can find affordable real estate. These could be real estate companies that showcase hot offers from time to time. Here at tekce.com affordable properties are presented in the “Hot Offers” section with seasonal discounts.
These properties enter the market from actual sales prices, however, they get some discount campaigns over time. Looking for properties to buy abroad with campaigns is a great idea to catch highly qualified homes for a good deal.
Collaborating with a property expert is a good option for another reason. You can find the most reasonably priced real estate in the global property market. Mainly because an international company with overseas branches would have diverse real estate options in its portfolio. Hence, it will be easier and faster to access the best affordable properties in the world.
TEKCE Suggests: Best Countries to Look For Affordable Real Estate
As a company who served thousands of customers for 20 years, Tekce points out two significant locations to find a property that both matches your expectations and your budget. Montenegro in the Adriatic and North Cyprus are the best places to buy properties abroad on a budget. Why? Let’s have a look at some statistics.
Northern Cyprus for Quality Lifestyle at Reasonable Prices
First of all, North Cyprus has a lot to offer for property buyers, other than a classy selection of affordable properties. Buying real estate in Northern Cyprus comes with the advantage of having a home on this gorgeous Mediterranean island. Living among the sun, sea, and sand is one of the most attractive sides of buying your new home in North Cyprus. Here’s the guide to buying property in North Cyprus at reasonable prices as a smart investment.
But it is not the only upside. When compared to the United Kingdom, or the U.S., properties for sale in Cyprus’s northern side stand out with more profitable options. Properties in Northern Cyprus give buyers to save up to 40% in their investments.
When we do a quick market research, the prices paint a promising picture when compared to real estate prices in other countries. Let’s compare countries with similar living standards, Greece for example. A newly built 2-bedroom villa with sea views, a BBQ area, parking, and a terrace worth around £850K in Chalkidiki, Greece.
Meanwhile, Mediterranean-style luxury villas with 2 bedrooms, private pools, stunning sea views in a huge complex with 24/7 security, and a wide range of amenities from a sauna and SPA to a Turkish bath with £495.000 in North Cyprus.
Flats, on the other hand, are more affordable than in the UK, or the U.S. For example, the sales prices of a 1-bedroom flat in a newly built residential complex with a wide range of on-site facilities in a seafront location range between £70K - £80K in North Cyprus. In London, similar property costs at least £150K, while in Liverpool at least £120K. The prices rise dramatically when the number of rooms increases, up to £500K.
While buying a property abroad, Northern Cyprus seems quite attractive, right? These statistics show that you can live way more comfortably with luxury and innovative features in your own home, at lower prices in North Cyprus. Plus, there are side benefits of buying property abroad in North Cyprus. The cost of living is also relatively lower. By investing in your future home in North Cyprus, you can create a new budget for your next investment or your hobbies. Only by cutting back on paying unnecessary amounts for simple things in everyday life.
Plus, by buying an affordable home in North Cyprus, you can still double your investment over time.
According to the latest report of the Central Bank of North Cyprus, property values are in constant increase. Between 2012 - 2018, property prices in North Cyprus increased by an average of 10% annually. After the Covid-19 pandemic, the real estate market of Northern Cyprus gained significant attention from investors. According to a report from the Central Bank of Cyprus, property prices in North Cyprus increased by 5.6% in the first half of 2021 compared to the same period the year before. The values continued to increase with an average of 10% increase from that time on. The data says that investing in Northern Cyprus is not only affordable but also quite profitable.
Montenegro: Up-and-Coming Investment Center in the Shores of Adriatic
In Southeastern Europe, Montenegro has improved its reputation as an outstanding investment center that offers affordable housing. The country’s most attractive points for real estate purchases have been two of the coastal settlements, Budva and Kotor.
In comparison to the U.S. property market, Montenegro offers 32% savings and 37% lower prices than Europe’s similar settlements. Plus, over the past few years, property prices in Montenegro have shown remarkable growth. It shows a nearly annual 12% increase in the real estate value.
During the second quarter of 2023, properties gained 9% value in Montenegro. Even though the prices are climbing the ladders rapidly, they are still quite reasonable than most similar European destinations, such as Albania, or Croatia.
There are countless options for buying property in Montenegro, but surely one signature project shines more than the rest. For example, Riviera Residences, Montenegro’s newest signature project by the shores of Budva, offers a high-class living at affordable prices when compared to its equals.
Plus, the prestigious housing project offers more than a brand new home to live in, but more of a quality and luxury living. Along with its on-site facilities, 24/7 services, and breathtaking architecture adorned with innovative details, the prices are quite moderate in its equals. It is a wonderful chance to buy property for sale in Montenegro and make the best of your investment.
Invest Now to Benefit from Reasonable Prices and Enhance Your Investment Game
Investing in Montenegro and Northern Cyprus is affordable, and quite profitable in this marketplace. By making a smart investment in advance, you can even gain a profit from your purchase. Contact our specialists to get more information about the most exclusive affordable houses in Northern Cyprus, or Montenegro.