An overview of locations with cheap property for sale
When you think of purchasing property, what usually comes to mind is a price of £100,000 and upwards.
Depending on how flexible you are with your job and location, you don’t need to spend huge amounts of money, there are cheap properties for sale if you know where to look!
No, I’m not saying look up in the north of England or rural Wales where prices are lower than in London – foreign countries have far cheaper prices than the UK.
While Italy does have the third largest economy within the Eurozone and high prices in areas such as Milan, Florence and Sardinia, you can still find cheap properties in the rural parts of Italy.
Bulgaria is one of the countries with the cheapest properties for sale in Europe. However, while the cost of purchasing property in Bulgaria is relatively low compared to other countries, the price index in Bulgaria has been rising year on year – if you’re looking to buy abroad in Bulgaria, now is the time to do so.
With scorching hot summers and mild winters, Portugal is an ideal place to move to if you love hot weather. While prices will be high in the more popular tourist areas, there are some municipalities which have low prices.
With an abundance of islands and beaches, the laidback lifestyle of Greece appeals to many. Some areas such as Mykonos, will have fairly expensive properties. However you will find that rural, less popular areas of Greece have some cheap properties for sale.
Cyprus is another Mediterranean country with cheap property. Currently, prices are generally lower in Cyprus than the majority of other European countries, however experts predict the Cypriot market to show increasing growth over the coming years.
France boasts a high number of British buyers year on year, with the number un-affected by the effects of Brexit. While areas such as Cannes and Nice have astronomically expensive properties, there are other areas of France in which you can find fairly cheap property for sale.
Another popular destination for British buyers/holiday makers is Spain. Prices will of course be high in and near to cities such as Barcelona and Madrid, however you can find rural properties for a cheap price.
Not mentioned above were countries such as Romania, Germany and Montenegro. Although we didn’t include them in the list, you can still find exceptionally cheap properties in these European countries.
A diversified portfolio may be a logical move – while prices in one country may plummet under unforeseen circumstances, other countries prices should remain consistent.
Some European countries have still not recovered from the 2008 market crash, which could make these countries ideal for investing in – provided they show fairly strong signs of future growth.
In order to build a portfolio from cheap properties across Europe, you’ll first need to decide on the type of investment you’re looking to make, i.e.
There are various alternatives to spending hundreds of thousands on purchasing expensive residences. We’ve noted a few of these below:
Renovating – There are thousands of old ruins and derelict properties on the market. These properties will of course need vast amounts of work done in order to become habitable. However, you can design a minimalist construction which, in most cases, will cost less than a pre-built property. This leads us on to the next point-
Tiny houses – Tiny houses are a niche type of building. While they are not much larger than a studio, designers are able to include all of the necessary features a standard residence would have, in a much smaller area.
A tiny home could be built on ruins of an old property or you could purchase a cheap area of land and go from there.
Living off-grid – Living off-grid can be a very cheap way of living and in some cases results in an eco-home – however unless you spend money on incorporating energy systems such as solar panels and water recovery, you’ll in theory be living off of the land in a cabin without electricity. This alternative option is not for the faint hearted.
Renting – While this article is aimed at purchasing cheap property, another alternative to spending large amounts on a new-build is to rent. Although owning a property seems to be in everyone’s life goals, consider whether you really need to buy.
Rural areas offer extremely cheap monthly rent, which can be much more economical for your monthly cashflow.