WESTCHESTER COUNTY, NY — March 6, 2021 — Owning a property abroad holds a special appeal for many individuals who love new and fresh encounters, interacting with new people, and experiencing a more adventurous life. Moreover, investing in real estate property is often a wiser investment move compared to other options such as shares and stocks. Most importantly, it is one of the safest ways of securing long-term wealth because it offers a high level of diversification and security. There is less volatility in the real estate market.
Additionally, even with the devastating crises of COVID-19, your dream of owning a property abroad is still valid. Wondering how? Look, as the old saying goes ‘in every adversity, there is an opportunity. Buying a property even amidst the crisis comes along with other advantages such as reduced interests.
So, are you looking forward to owning a property abroad? If so, then this is your moment. Many seniors are actually considering such a move, only that they don’t know where to begin or any reliable advice they can find from reputable sources. Countries such as Portugal and Poland were a favorite destination for many at some time but presently, this doesn’t seem to be the case anymore due to the high COVID-19 infection cases there.
Nevertheless, in the following article, we’re going to discuss the most affordable countries to buy property in the world.
In Australia, the cost of the real estate residential market has drastically changed over the years for the better. The Australian government had to review the strict credit policies that have caused them to mark down reduced revenues from foreign property investors. If you look closely, this graphic from CompareTheMarket shows you how Australian property prices compare with the rest of the world. You will also notice that the average income per household in Australia is significantly higher than in many other countries. Generally, the costs of owning a property in Australia have significantly fallen in most cities over the years, and everybody wants a piece of it.
2. United States of America, U.S.A
When it comes to owning property around the globe, the US is by far one of the most affordable places. For newcomers looking for opportunities to increase their wealth, living standards, or for adventurous life experiences, the U.S.A is the real deal. Currently ranked number two of the most affordable countries to buy property, American properties have been at their least affordable levels for many individuals. In most cases, prices will depend on where you are searching, with property in most urban centers being slightly more expensive.
Regardless of the immigration policies, research shows people will always love moving to the U.S.A as their land of possibilities and freedoms not available in many other countries. In the U.S.A, the overall unemployment rates are also significantly low. The world’s most powerful nation also offers conducive environments for foreigners to own investment rental properties thanks to the government’s intervention in providing favorable laws that protect foreign investors. Moreover, the real estate market in the US is quite competitive, thus making property affordable in many states and local jurisdictions.
3. The United Kingdom
The United Kingdom is also another great option when choosing a foreign property investment opportunity. Property assets in the United Kingdom are very much stable for leaping long-term benefits. Also, according to the Bank of England Base, you can access All Time Low property financing with very low and affordable interest rates. This has greatly encouraged more property investment in the U.K. Additionally; the temporary Stamp Duty Land Tax (SDLT) on property sales sales was recently reduced in 2019 by the U.K government to promote new property buyers. This makes the country a great option when looking to invest in property on foreign land.
Owning a property in Canada is also not only a great idea but also a promising investment venture. The real estate market in Canada is in a very healthy state for foreign investors. Forecasts have actually shown a possible increase in demand for housing in Canada. As a potential property owner in Canada, you get to enjoy stable low-interest rates, Canada’s substantially modest currency value, and tax-reductions among other benefits. This has increased speculative property purchasing that is promising in driving up housing market costs.
Spain is another excellent country to invest in property. As a matter of fact, a recent report by the Bank of Spain showed that purchasing a property in Spain promises a 9% return, with annual rental incomes standing at about 4 percent. So, while prices may have fallen a little bit in tourist hotspots like Barcelona, Mallorca, Valencia, and the Canary Islands, Spain remains a perfect property investment opportunity for long-term investors.
So there you have it! the most affordable countries to buy property in the world and watch their value appreciate outstandingly over time. Also, the particular countries are great holiday destinations. Therefore, you may rent out your property for additional supplemental income.