Forbes: 5 Affordable Places To Buy Property Abroad In 2024

Kathleen Peddicord Forbes Contributor

High prices, a high mortgage rate, and dwindling supply... Prospective homebuyers in the United States face a near-impossible situation, and home sales are suffering as a result. They’re at their lowest levels in 13 years.

Instead of waiting on a frozen market to thaw, those interested in buying property for lifestyle or investment should look beyond the borders of the United States, where the best deals are found.

As publisher of Live And Invest Overseas, I’ve been recommending overseas property investment to my readers for three decades, but my advice is truer today than it ever has been.

All over the world, there are dynamic markets that welcome foreign investment and even incentivize it, in some cases, by offering residency and other perks in exchange for investments above certain financial thresholds.

These are places that offer incredible value at affordable prices—especially in comparison to the United States, where the median listing price per square foot is high at $221.

Here are my suggestions for where to buy affordable property abroad in 2024. To highlight the savings on offer, I compare the cost of a 1,000-square-foot home in each location to the cost of a property of the same size in the United States ($221,000) using price-per-square-foot averages to create my estimates.

Northern Cyprus—47% Savings Relative To The U.S. Market

• Average cost per square foot: $118

• Estimated cost of a 1,000-square-foot apartment: $118,000

Northern Cyprus is a region and de facto state of the Republic of Cyprus, an island nation in the eastern Mediterranean Sea. It’s known for its long, sandy shores, abundant sunshine, excellent cuisine, and friendly locals.

Historical tensions between the north and south of Cyprus have meant that, until recently, tourism and development have been focused on the south. Today, relations are relaxed, and it’s business as usual on both sides of the border.

This creates an opportunity for real estate investors and people looking to buy a home abroad because prices are more affordable in Northern Cyprus, and it’s headed towards a tourism boom. New hotels are opening, as well as casinos, golf courses, and luxury marinas, as the world catches on to its appeal.

For now, real estate in Northern Cyprus remains fantastically affordable. The best deals are in pre-construction developments, where you can buy property for even less than the per-square-foot average I quote.

Also, property trades in British pounds in Northern Cyprus. Bargains for U.S. dollar holders could be enhanced in 2024, since the pound is forecast to drop in value against the dollar.

Source: https://www.forbes.com/sites/kathleenpeddicord/2023/11/30/the-5-cheapest-places-to-buy-property-abroad-in-2024/?sh=750cb3e81e77&utm_source=instagram&utm_medium=social&utm_campaign=forbes