Countries Where You Can Still Buy Property For Cheap

Monica Gray - June 6, 2023

Photo: Journey of a Nomadic Family

If you’re looking to make a drastic change to your life, you might consider buying property in another country. There’s no better time to invest in cheap property in another country. Property only increases in value, so it’s one of the best investments you can make in the long run for a solid future. Luckily, there are tons of places around the world where home property is affordable. You might end up having a piece of beach property or mountain home sooner than you think, in a country that’s completely foreign to you. Establishing ties in another country is also a great way to open your mind to other cultures, ways of living, and languages.

Why Buy Overseas?

Real estate investment overseas is a good thing for many reasons. You’ll likely buy property in a country with fewer taxes than you would pay in the United States or your home country. Overseas property is also protected against economies, various political situations, and a volatile market. Right now, if you hold USD, the overseas property comes at a discount. It’s also likely that your overseas real estate can become a source of income of more than ten percent, especially if you’re buying in a tourist or up-and-coming destination.

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Cali, Colombia

Colombia is one of the best countries in the world to buy cheap property. Two cities where it’s especially smart to buy property are the cities of Cali and Medellín. It’s incredibly helpful if you Spanish before arriving in Colombia, or at least be willing to learn. Cali is one of the best cities to learn salsa, involve yourself with the local community, and of course, buy property. The locals of Cali are warm and inviting, and it’s easy to travel from the city with its international airport (Realtor).

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Medellín, Colombia

Medellín is another city in Colombia that’s very foreign and expat-friendly, especially in an area called El Poblado. There’s state-of-the-art health care, safe public transport, and tons of delicious restaurants and cafes. This is especially helpful if you speak very little to no Spanish, as a lot of the locals speak English. There are tons of hikes nearby if you’re looking to escape the bustling city (Medellin Advisors). .

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Santa Marta, Colombia

Finally, Santa Marta offers bargain real estate on the Caribbean coast. Many tourists flock to Cartagena, but Santa Marta is an up-and-coming city that has everything Cartagena has, but at a more affordable price. If you’re an outdoor lover, Santa Marta is for you. For tourist zones in Colombia, expect to pay around $160,000. If you manage and market your property successfully, you can expect to see around ten percent of returns. As tourists flock to Colombia, these returns will increase. But if you’re just looking to own property and live in another country, this number won’t affect you (Medellin Advisors).

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The Philippines

If you’re a property investor, you’ll want to head to The Philippines and grab some real estate. Even though some Asian countries are pricey, The Philippines offers some of the most affordable real estate around. If you grab a condo in Manila, for example, it’ll set you back around USD 3,000 per square meter. Out of all the countries in Southeast Asia, The Philippines has the fastest-growing economy, so you know it’s a great investment. Even though foreigners cannot buy land in The Philippines, it’s perfectly fine to own a residence (Investopedia).

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Sicily, Italy

Real estate in Italy is one of the most cost-effective places to buy property in the world. Even though COVID hit Italy hard, the destination is back on track and thriving more than ever. Now is the best time to think about investing in a property in Italy, especially if you have long-term plans and a desire to have a destination increasing in value. For starters, the old village of Sicily has adopted thrilling incentives to attract foreigners and their investments. You’ll find homes in the countryside for a whopping one euro. That’s cheaper than your coffee! This is because many people left the town to search for work in bigger cities. If everyone keeps leaving, the town will die and no one will inhabit the beautiful, crumbling homes that line the streets. But there’s a caveat, and if you buy a home, you must restore it to at least $25,000, though the regulations vary per town (Idealista).

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Calabria, Italy

Another place to buy affordable real estate is Calabria, Molise, or Abruzzo. This region is nestled to the east of Rome and is one of the last undiscovered places in the entire country. It has towns, mountains, hills, fresh rivers, and the most delicious wine and food you could ever eat. Houses cost under $50,000, and if you want a small-town vibe at an affordable price, then this is the place for you. Because the houses are made of stone, you’ll stay cool in the summer and warm in the winter, with a cozy fireplace. Similar to Colombia, you’ll need to learn Italian if you want to thrive in this town (Idealista).

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Granada, Nicaragua

If you’re considering Central America, put Nicaragua at the top of your list. The city sits on the shores of Lake Nicaragua. You’ll fall in love with the Spanish-colonial architecture and colorful buildings. Buying property has dropped by 29% in the last year, and costs only $497 per meter. The central plaza is where all the action happens, and where you can buy beautiful trinkets and delicious, locally-made food. If you want to invest in a small colonial property, consider buying one for $50,000, and if you want a larger house, expect to spend around $100,000. In the grand scheme of things, that’s very little. Over time, prices will go up, and that piece of property will only increase in value. And because the homes are so small, they’re easy to renovate and maintain (LSM Resort).

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San Juan Del Sur, Nicaragua

If you want to spend the big bucks, consider buying a solar-powered ranch in Nicaragua for $650,000 in San Juan del Sur. Robert Cooper owns the listing and said, “It’s not too far from the beach and it has that quintessential Nicaraguan feel.” If you’re a big investor, that price is worth what you get in return. And even though the process of buying property in Nicaragua is underdeveloped, it still makes for a great investment, especially as Nicaragua is an up-and-coming tourist destination (LSM Resort).

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Thailand

Thailand is considered one of the fastest-growing economies in the world. With the boom of tourism, everyone in the world wants to head to Thailand’s tropical beaches and mountains. Prices for condos are still stable and affordable. In suburban areas, you can find property for around USD 2,250 per square meter. You could also head to Phuket or Koh Phangan in the south. These prices will be a bit higher since it’s a beachfront property, but if you’re someone who can’t live far away from the ocean, then maybe these places are for you. If you want a quieter mountain city known for its ex-pat community, then head to Chiang Mai. You’ll spend about $2,000 per square meter. Neighboring cities like Chiang Rai have a more local community, though this is a great way to immerse yourself in Thai culture. It’s important to note that non-citizens are only allowed to buy property as opposed to land (Asian Property HQ).

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Egypt

This African country is home to much more than deserts and the Great Pyramids. You could call it your home, too. There are some laws in place when it comes to foreigners buying property in Egypt, though foreigners can buy two pieces of real estate, not exceeding 4,000 meters squared. If you’re looking for a cozy place in this bustling country, then those rules don’t affect you. As with any country, make sure you do your research beforehand, as Egypt law states you cannot rent the property out before five years (Global Property Guide).

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Itamaraca, Brazil

Head down to South America and Brazil. Life on a tropical island doesn’t sound so bad, especially when the price tag Brazil offers. The island of Itamaracá has clear, turquoise water and soft beaches. Reefs that lie just offshore make the perfect snorkeling escapades, and you can enjoy all the fresh fish in the world. You can easily invest in a beach condo that’ll set you back a whopping $50,000. If you want a property that’s further inland, it’ll be even cheaper. The best part is that these prices offer wonderful chances for rental returns. This is also the place to unwind and turn away from society and technology (Overseas Property Alert).

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Via Velha, Brazil

If the island of Itamaracá doesn’t speak to you, consider the beach city of Via Velha. It also costs $50,000 and is just north of Rio de Janeiro, surrounded by tropical forests and mountains. It’s both safer and cheaper than Rio, and it’s easy to generate income throughout the entire year if you do decide to rent your place out. A two-bedroom, two-bath in Via Velha can also cost around $40,000, with great amenities like a security guard, pool, and BBQ. On the Northeast coast, Fortaleza has emerald waters, sandy beaches, and affordable properties. The average cost is $1,300 per meter, which is an eight percent decrease over the past year. You’ll find a cheerful boardwalk, markets, tree-lined streets, and homely neighborhoods which might be yours one day (Overseas Property Alert).

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Turkey

Head to a country known for its delicious food and landscapes. Not only that, but you can enjoy the property for an affordable price. You can easily buy an apartment for $50,000 and enjoy 300 days of sunshine per year. Many people in the country enjoy the outdoor lifestyle, so you might find yourself immersed in a community. Foreigners are allowed to buy houses, which isn’t the case everywhere in the world, and the government is constantly trying to renovate old houses and make new ones to replace them. In Istanbul, you’ll likely spend about $1,500 per square meter to buy a home (Turkey Homes).

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Alamos, Mexico

Even though Mexico is rapidly increasing property prices, you can still find opportunities for cheap places if you look hard enough. Properties on the beach will cost you, but properties inland will be more affordable and likely suit your budget. If you love the mountains and fresh air, you’ll want to look for cheap property in the center of the country. In Northwest Mexico, Álamos dates back to the 17th century and lies in the Sierra Madre Occidental. It still has its original charm as it did hundreds of years ago, and you could buy a home for as little as $35,000. If you want something fancier, consider buying a colonial mansion for a bit more money. Of course, before you buy a property, try living in the area for at least one year to see if you want to invest in a place for life (International Living).

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Xalapa, Mexico

Xalapa is another place in Mexico where you can buy property for $40,000 and is home to mountains and volcanoes, though it’s less of a community than other places in Mexico. Finally, Durango is another mountain town that offers authentic Mexican life and affordable living. If you want to purchase property that makes you feel like you’re in a Western movie, then Durango is for you. The only downside is that there’s no ex-pat community, and you’ll need to learn Spanish (International Living).

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Malaysia

The bustling city of Kuala Lumpur is also home to some of the best property deals in Asia. If you’re looking to invest on the cheap, head to KL. You’ll find properties for as little as $2,500 per square meter. Malaysia is one of Southeast Asia’s wealthiest regions, and yet the country offers affordable housing options. It’s not a great idea to become a landlord in Malaysia, so if you’re looking to buy a property only for yourself, that’s the better option. The projected economic growth in Malaysia, though, is a positive one. There’s a strong population growth, and the country has seen a boom over the past several years. The nation’s 30 million population will rise to 40 million by 2040 (Property Guru).

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Georgia

As one of the most popular up-and-coming tourist destinations in the world, Georgia offers some of the most affordable rental prices out there. The capital, Tbilisi, is full of cafes, and restaurants, and is located nearby some of the best hiking trails in the world. The blogger from Nomad Capitalist said, “I’ve seen deals creeping up in the last four years, but I’ve bought properties there for $430 or $510 per square meter. And I recently did a deal on a prime location for about $1100 a meter that I now use as my home.” And one of the best parts about buying property in Georgia is that the government makes it almost too easy to get a visa, and you only have to pay one percent on taxes (Nomad Capitalist).

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Cuenca, Ecuador

One of the best countries to buy property is Ecuador. It’s slipped under the radar for many years, and if you’re smart enough, you’ll understand it’s a good idea to invest in property in this country. It’s easy to live an authentic life in this country unaffected by the masses. You’ll have deserts, oceans, rainforests, and mountains. Relax on the beautiful beach towns on the coast, or head to the Galapagos Islands for an adventurous getaway. Cuenca is nestled in the Andes and offers historic buildings and cobblestone streets. There’s an English-speaking community and many ex-pats that have moved to Cuena. It’s a bargain to live in Cuenca, and there’s safe drinking water and reliable internet (International Living).

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Loja, Ecuador

Loja is another town in Ecuador worth looking into. It’s perched high in the Andes and is often missed by tourists. It’s eternally spring weather, and a four-bedroom house will only set you back $115,000. Traditional buildings and stalls line the streets, and the fresh mountain air, fruits, and local food are invigorating (International Living).

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Bolivia

Bolivia is an up-and-coming destination similar to Nicaragua. Many ex-pats flock to Santa Cruz, a city founded in 1561. If you want the Spanish-colonial lifestyle in a South American city, then this is the place to invest. Santa Cruz is the center of Bolivia’s wealth and is one of the best investment options. It’s also one of the world’s fastest-growing cities. There’s an active rental market that business travelers adore. As a Plan B location and a place to invest outside of the USA, Santa Cruz has everything and more. For as little as $80,000, you can invest in a rental property. Larger houses are around $100,000, and smaller houses are around $50,000. These prices won’t stay like this for long, so it’s important to buy property for this price while you still can (Biz Latin Hub).

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Bulgaria

You’ll be happy to hear that buying property in Bulgaria is around eighty percent cheaper than buying it in the United Kingdom. You can buy property in the capital Sofia or elsewhere in the rural areas, which will inevitably be cheaper. In the city center of Sofia, which sits at the foot of Vitosha Mountain, you’ll pay about $1,800 per square meter. If you’re in a very rural area, you’ll spend about $700 per square meter. That sounds way more affordable than most places in the United States. The entire country is rich in heritage with food, culture, and dance, and might just be your next home base (Wise).

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Morocco

Full of dazzling cities, beautiful architecture, deserts, mountains, and beaches, Morocco is an adventure-lovers paradise. But it’s also one of the cheapest countries in the world to buy property. This African country is affordable to travel, and to live, in and has some of the best food in the world. It even earned fifth place on Business Insider’s list of best investment destinations in the world. In regards to Morocco earning this title, Live, and Invest Overseas explained, “These overseas destinations were chosen because they offer untapped and, in some cases, depressed real estate markets.” The low crime rate and beautiful weather also make it a sought-after destination (Morocco World News).

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Kyrgyzstan

Buying property in Kyrgyzstan is cheap and affordable. Though, it’s a bit riskier because of the lack of tourism and expats living there. If you’re a risk taker, then it’s worth putting in money for a piece of property in Bishkek and keeping an eye on its value. This country is slowly becoming more open to foreigners who want to move there. Because it’s budding, the property is some of the cheapest in the world (Nomad Capitalist).

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Argentina

One of the most bustling cities in the world, with the best wine, is Buenos Aires. The country itself, Argentina, has some of the lowest property prices in South America. You’ll pay around USD 680 per square meter for property in the city of Buenos Aires itself, and about USD 450 in the providence surrounding the city. With Patagonia at your doorstep and tons of cafes in the city, it’s one of the most attractive places in the world to settle down and establish roots (Quora).

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Cambodia

Home to beautiful islands, turquoise water, and bustling cities, Cambodia is a wonderful investment option if you’re looking for a long-term property. It only costs around $1,000 per square meter. Even though you’re not going to get a high-rise, fancy condominium for this price, you’ll certainly find other rentals in Phnom Penh for this price. You can also buy property in Cambodia for around $70,000. A blogger from Nomad Capitalist said, “I was looking recently at a small apartment right down the street from the Royal Palace. It was a prime location that needed a bit of work and came out to be around $900 per square meter.” If you want to go for it, the country offers penthouses, though it’s more expensive (Real Estate).

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Peru

Even though property prices in Peru are slowly creeping higher, it’s still a country where you can buy property for cheap. Arequipa is the city of “eternal spring,” and offers a beautiful lifestyle for an affordable price. Investing in property in Peru is a good idea. It’s becoming a sought-after destination, considering it has 300 days per year of sunshine and a year-round perfect climate. It’s a Spanish-colonial city with beautiful architecture. Two-bedroom units are available for less than $100,000, while a three-bedroom apartment costs $130,000 to $150,000. Buying property in Peru is an attractive prospect that many foreigners want to do. Get ahead of the crowd and become one of the people to invest while it’s still cheap (Escape Artist).

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Belize

Home to some of the most stunning beaches in the world, Belize is a place you’ll likely want to retire to, especially if you own property. It’s one of Central America’s best-kept secrets, with jungles and ancient Mayan cities that’ll keep any explorer busy for weeks. Real estate law is similar to that in the United States and the United Kingdom. Taxes are low in Belize, making it seem like a more attractive option. That million-dollar estate won’t cost you as much as if you bought the same property in the USA (Caribbean Lifestyle).

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Croatia

For around $2,600 per meter squared, you can buy a piece of property in Croatia. This country is dotted with beautiful islands, waterfalls, and mountains that offer tons of hiking experiences. For the best-priced properties, head to Northern Dalmatia and have your pick at the cities there. Sibenik and Zadar all offer some of the best prices in town, and you just might live amongst the crumbling architecture and nearby national parks (Croatia Real Estates).

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