5 Countries Where Real Estate Is Still Incredibly Cheap

[Compass Real Estate Platform] Getting onto the property ladder has always been one of the safest and best ways of securing long-term wealth. Buying cheap real estate overseas gives you another level of security and diversification. The recent stock market volatility is a good example of why you shouldn’t put all your eggs in one basket.

By purchasing another property abroad, you have added safety should the U.S. market fail. Especially in 2021, when the strength of the U.S. dollar makes abroad property great value for money. Real estate, unlike stocks and shares, is a tangible asset that you can enjoy. Purchase real estate in a country where you enjoy spending time and vacation there. You may rent it out for extra money the remainder of the year. Alternatively, you may purchase property in a Southern Hemisphere country and use it as a winter getaway from the United States.

The Importance Of Getting Good Value For Your Money

Real estate prices that are low do not always imply good value for money. In the United States, for example, if a price appears to be too good to be true, it most likely is.

However, not everywhere is as pricey as the United States. Real estate in the countries listed below is still extremely affordable by American standards. Still, trying to save money by purchasing a house below market value in another country isn't always a good idea.

Renovations abroad are not the same as renovations at home. Builders aren't always up to par, and obtaining materials can be a pricey endeavor in some circumstances. Cultural differences might make for a difficult situation at times. Months of waiting for minimal progress is a common complaint among those who have tried. You may make a fortune if you have the skills or connections to make renovations work for you.

As an added bonus, some of these countries have rapidly rising real estate markets, implying that making a move now could prove to be a wise investment.

1- Italy's Real Estate Is Surprisingly Affordably Priced

COVID-19 has wreaked havoc in Italy. If, on the other hand, Italy is part of your long-term goals, now is the time to consider investing.

Italy may appear to be an odd option for a list of budget property destinations, yet cheap properties abound outside of the major cities. In reality, some of the cheapest properties on this list are in Italy.

Take, for example, the island of Sardinia. The mayor of Ollolai is selling 200 properties starting at one euro (US$1.17). The reason for this appealing offering is that the town's young people have fled in pursuit of job, and the community will die without an injection of fresh residents.

Buyers must rehabilitate the residences to the tune of at least US$25,000, according to the fine print. This investment must be made within three years, and the residences must be sold within five years of purchase. These are obviously remodeling projects; you won't be able to live in them until they've been renovated. The pricing is ideal for traditional Italian countryside villas located in the rolling hills of Sardinia.

The Last Undiscovered Region of Italy

Abruzzo is the next region in Italy with affordable real estate. Abruzzo, located east of Rome and across the Adriatic Sea, is one of Italy's wildest and last unknown regions. It's unlike anywhere else in Italy, with its hills, mountains, and historic villages.

Of course, everything you'd expect from Italy is here: delectable food and wine, scorching weather, and stunning architecture. Abruzzo, on the other hand, offers its own set of attractions. For example, there are snowcapped mountains where you may ski in the winter. The towns and way of life in Abruzzo have a timeless air to them, and they appear to be a million miles away from the main cities.

Houses in distant villages can be purchased for less than $50,000 if you want to live a tranquil life. If you prefer a smaller village, Teramo and Chieti both have properties starting at roughly $50,000. The prominent stone houses in this area keep the house cool in the summer and warm in the winter with open fireplaces.

It is necessary to master the Italian language in order to live in Italy. English is not widely spoken in many of the countries we cover. People in Italy are generally friendly to visitors, but if you don't speak the language, you may feel alone. Although there are many expats in Italy, the nature of country living makes it unlikely that you will encounter many.

2- Ecuador has low real estate prices

Ecuador is a country that has slid under the radar in terms of expat places, despite the fact that 2021 has brought some popular exposure. Ecuador, which is usually overlooked by expatriates, provides you the option to live a genuine life in a country that has mostly remained undisturbed by globalization.

Ecuador is home to a variety of climates. Ecuador is well known for its alpine lifestyle, but it also has wonderful beaches and seaside cities. Ecuador has a lot of undeveloped beachfront real estate if you like the beach.

Salinas is a well-known beachfront resort town. It's one of Ecuador's most popular holiday spots, located in the far west of the country. If you're looking for a place to rent out for a portion of the year, Salinas is a great choice. It's one of Ecuador's more developed areas, having plenty of stores and conveniences.

Winter temperatures in Salinas are typically over 25°F, with days in the 30s not uncommon. From November to April, the weather is at its best, while the rest of the year is usually cold, drier, and gloomy. Salinas has its own airport, with flights to both Quito and Guayaquil, Ecuador's international airport.

The Expat Favorite Cuenca

Cuenca is a city in the southern Andes with a population of roughly 700,000 people. It's a well-preserved city with many antique structures and cobblestone streets. The majority of the buildings are in the Spanish colonial style, with several well-preserved apartments and villas. Cuenca has kept up with the times, with high-speed internet and clean drinking water. With good schools and other public services, the infrastructure is solid.

Lots of expats call Cuenca home, and you won’t find it hard to meet up with the English-speaking community. The town retains a lot of its authentic charm, but the number of expats can make integration into local communities hard.

The cost of living in Cuenca is low and the cheap real estate is the real bargain. In the premier (expat-heavy) locations prices are higher, but you can be assured of selling quickly should you need. If you’re happy to venture away from the traditional expat areas, you’ll find some incredible bargains. In these lower-volume regions you’ll find the property harder to sell in future though.

Discover Authentic Ecuador In Loja

Loja is your chance to live in the real Ecuador. Perched high in the Andes, Loja is seldom visited by tourists and very few expats choose to lay their hat here. Temperatures are around 73 to 75°F year-round, so you won’t have to spend money on heating or air conditioning.

The property market in Loja is still very cheap. A four-bedroom house in an exclusive area of Loja is likely to set you back around US$115,000.

The downtown area is full of traditional buildings and stalls, and the backdrop of the Andes is of course a huge selling point. The altitude is 6,750 feet; you can leave your windows open to enjoy the fresh mountain air without worrying about bugs. Living in Loja, you’ll need to learn the language to integrate into the local way of life.

The climate in Loja is ideal for farming, particularly citrus fruits. Land is inexpensive and anybody looking to pursue gardening or hobby farming will enjoy Loja.

3- Cheap Real Estate In Brazil

If you like the idea of life on a tropical island, but are put off by the price tag, then the Brazilian island of Itamaracá is for you. It has soft, sandy beaches and clear turquoise waters, sheltered by the reef that lies offshore.

Itamaracá is situated about an hours’ drive away from the nearest airport—a drive that takes you through jungle and mangrove swamps. This gives the island a pleasingly remote and faraway feel… as if the cares of the modern world are unable to pass through the thick forestation.

Beachfront condos are available from US$50,000 with properties further inland even cheaper. The beachfront properties offer the chance for a decent rental return. Although you can find all the basics for day-to-day living here, you are a long way from shopping malls and many of the other trappings of city life. This means if you need your culture fix or like to spend time shopping, a long-term stay is not advisable.

The Tropical Beach City Of Via Velha

Another city in Brazil where you can pick up US$50,000 beachfront real estate is Vila Velha, otherwise known as Little Rio. Situated to the north of Rio de Janeiro, Via Velha is a beach town surrounded by the tropical forests and green-topped mountains.

Easily accessible from Rio, it takes just one hour by plane, with 7 to 12 flights daily. Via Velha is not only cheaper than Rio, it’s safer and has much less traffic. Via Velha is a town for relaxing on the beach and enjoying the outdoors. If you need culture though, Vitória is close by.

Via Velha is a great option for snowbirds: The winters are warm and you have the option of generating rental income throughout the year. Via Velha was being heavily developed until an economic crash left a lot of properties unsold. This has left a lot of bargain properties although a quick resale may not be possible.

4- Bargain Property In Colombia

Prices in Bogotá and Cartagena mean these cities no longer qualify as true bargains, but value can be found in the rest of Colombia.

Cali, in southern Colombia, is one such place. Temperatures are hot all year with highs of around 88°F most days. Locals look forward to an afternoon sea breeze, which brings relief each day. At 3,300 feet, the nights are cool and the mornings are refreshing.

Authentic Colombia

Cali is a place to experience authentic Colombia. To thrive in Cali you’ll need to speak Spanish or at least be willing to learn. Very few expats live here, but those who do live in Cali are often fiercely proud of their city.

The Caleños, which is how the Cali residents are known, have a reputation of being warm, welcoming, and interested in meeting new people in town. Cali has its own airport that offers daily flights to the States.

Cali is a green town: Trees are everywhere, dividing roads and offering shade along streets and in parks. If you’re looking to live in a green town then Cali rivals anywhere. It’s otherwise known as the salsa capital of Colombia. Lessons are easy to come by, and learning will give you ample opportunities for socializing.

Cali´s undeserved reputation for crime is part of the reason why prices are so low. While it’s true some areas are best avoided, a large part of the city is safe and you can walk around without fear. Essentially, Cali suffers from the same issues any number of big cities do. Speak to any of the locals and they can tell you where not to go. Cali in 2021 is a much safer prospect than the media would have you believe.

If You Don’t Want To Live In Cali

While the real estate is not as cheap as Cali, Medellín still has some areas that provide cheap real estate. Property prices in Medellín have been increasing rapidly during recent years as the market here heats up. The U.S. dollar has strengthened against the peso during the same period, meaning prices for U.S. buyers have remained constant.

Medellín has a milder climate than Cali and year-round spring-like weather. A fairly established expat community calls Medellín home and takes advantage of the city’s strong infrastructure. This includes state-of-the-art health care facilities and a clean and safe public transport system.

El Poblado is the most popular Medellín neighborhood, a fact reflected in the high property prices here. Belén, to the west of the Medellín River, has property over 30% cheaper on average than Medellín. The streets are quiet, and it’s an established neighborhood with many attractive old buildings.

An Undiscovered Beach Town With Great Prices

Santa Marta proves Colombia can even offer bargain real estate on the Caribbean coast. While most tourists go to Cartagena, Santa Marta is a short trek up the coast and offers everything Cartagena has but at a much lower price.

One of the oldest cities in South America, it was built in 1525 by the Spanish. Perfectly located, it’s bordered by the Caribbean Sea as well as a national park and the Sierra Nevada mountains to the south.

Cartagena, around 200 miles away, has a reputation as a party town whereas Santa Martais a peaceful and relaxed place. You can find some fine dining and shopping as well as an abundance of the colonial-style buildings that give Cartagena its character.

Cartagena is an outdoor and ecologically aware town. Nearby you can go hiking, climbing, rafting, and take in the varied flora and fauna of the area and nearby jungle. The beaches are uncrowded and as perfect as any

5- Cheap Real Estate In Mexico

While areas of Mexico have experienced a rapid rise in prices, even in 2021 you can still find plenty of opportunities for cheap real estate. Beachfront property is generally expensive, but for those who love the fresh air and spectacular views of mountainside living, Mexico is perfect. Being close to the States means shorter flight times than almost anywhere else.

Most people have heard of Mexico’s big-name destinations and the prices have risen accordingly. However, countless other towns and cities you may not have offer a range of lifestyles and bargains. You can find the best real estate deals here.

Mountain Towns In Mexico

Álamos is a town located in Northwest Mexico that dates back to the late 17th century. It lies in the foothills of the Sierra Madre Occidental and retains a lot of its original charm. Mansions line cobblestone streets on a backdrop of mountains and rugged countryside.

Homes sell from as little as US$35,000, which buys you a basic home but an amazing lifestyle. If you’re looking to spend more, you can buy houses all the way up to authentic colonial mansions, which are often a steal.

Xalapa is another town where you can pick up property for less than US$40,000. Based in Veracruz State, Xalapa is about 200 miles east of Mexico City and a 1-hour drive from the Caribbean. Volcanoes and mountains, at an altitude of 4650 feet, surrounds this small town. Mexico’s highest mountain, Pico de Orizaba can be seen from Xalapa. Around 500 expats reside in the town, but they tend to keep to themselves, and you won’t find too many community events or expat hangouts.

Prices are unlikely to appreciate quickly, meaning Xalapa is not somewhere for a short-term investment. You can find plenty of things to do, and a rich cultural life, excellent restaurants, as well as shopping.

The Home Of The Western Movie

Durango is another mountain town offering an authentic slice of Mexican life. Used as a filming location for lots of old Westerns, the landscape will feel familiar to anyone who used to watch cowboy movies.

The weather is cooler in December and January, averaging 69°F, and in May and June reaches 86°F. At night the temperatures always drop to around 60°F. In these pleasant temperatures you have no need for air conditioning or heating.

Durango has almost no expat community; you will need to learn Spanish if you want to survive here. The downside of this is property will take longer to sell here.

Durango is modern and clean with everything you would expect from a big city. The architecture is more like European Spanish than colonial Spanish, and the city exudes a busy and positive feel.

Author ៖ Samnang, Editor-in-Chief ៖ Sunnie, Editor-in-Chief / Producer ៖ Nicole

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