When it comes to buying a home in a foreign country, you need to make sure that you choose the right place to invest. Whether you are looking to buy a property for yourself and your family, a vacation rental property, or an investment property, the most important thing to do is to research and understand the factors that determine property value. determine Therefore, before buying a property, ask yourself these questions: Which is the best country to buy a property? Which countries have had the highest economic growth in the last few years? Which countries do tourists, immigrants and digital nomads choose? Does it have strong infrastructure, a stable government, and a growing economy? The answers to these questions will help you decide which is the best country to invest in property.
Which is the best country to buy property?
It’s great to be able to make a profit on your investment, but when you’re looking to buy property abroad, choose a country where you can get used to the culture and call it your second home. The list of the best countries to buy property based on property price growth in 2022-2023 and taking into account affordability and expatriate population is as follows:
Option 1: Turkey
Property price growth in 2022-2023: 132.84%
Average housing price to average income ratio: 13.9 times
Immigrant population: 1.2 million people
Considering property price growth in Turkey in 2023, This country can be called the best country to buy property. What attracts tourists and expats to Turkey is the pristine beaches facing the Mediterranean Sea and the Black Sea. Antalya, Bodrum and Bursa are among the preferred destinations for expats looking to take advantage of Turkey’s sunny weather, rapidly developing economy and expanding real estate. Foreign investment in Turkey increased property prices in 2023, and the sector is expected to grow by 70% to reach $150 billion by 2028.
Second option: Greece
Property price growth in 2022-2023: 14.45%+
Average house price to average income ratio: 11.7 times
Immigrant population: 440 thousand
Greece’s position in the list of the best countries to buy property abroad, certificate It is said that the economic recession of Greece, which started from the financial crisis of this country in 2007, has already ended. Tourism played an important role in saving the Greek economy, and now many of these tourists have decided to stay permanently in this country by purchasing property and receiving a Greek Golden Visa.
Foreign investment in Greece increased by 20% compared to 2022 and reached its highest level of 7.6 billion US dollars in 2023. Now Greece is once again on its way to becoming a major European power with the increase in employment rates and the entry of multinational companies. Greece used to be on the list of the best countries in the world to immigrate to thanks to its strong healthcare, but now it is also attracting young professionals with the help of Nomad Digital Visa. If you work remotely, Greece can be the best country for you to buy property.
The question that remains is where is the best place to buy property in Greece? Whether you prefer Athens, the eighth largest city in the European Union and one of the least stressful cities in the world, or the high-tech Thessaloniki or the famous islands of Santorini, Crete, Corfu, Lesvos and Naxos, wherever you choose, you can be sure that Greece will surprise you. By looking at house prices in Greece, we can say that Greece’s economic stability is one of the most important reasons that make it the best country to buy property.
Option 3: United Arab Emirates
Property price growth in 2022-2023: 13.97%+
Median house price to median income ratio: 3.3 times
Expatriate population: 9 million
When it comes to the UAE, everyone thinks of Dubai. . This city has been growing for the past 30 years and still has a lot of room for growth. The city is essentially tax-free, making Dubai an ideal option for expats to maximize their income, provided they keep in mind the sky-high cost of living in Dubai. But Dubai is only one of the seven United Arab Emirates. Next to it are Abu Dhabi, Ajman, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain. The six neighbors of Dubai have also attracted the immigrant population in recent years with their extraordinary growth. If your budget is limited, the UAE may not be the cheapest country to buy property and stay, but considering the ratio of property prices to average income and the growth of property prices last year, it is the best country to buy property for people who intend to invest. .
Option 4: Mexico
Property price growth in 2022-2023: +11.68%
Median house price to median income ratio: 8.6x
Immigrant population: 1.2 million
Mexico, with great food, great beaches and a booming economy that Attracting workers from all over the world, it is a dream destination for expats. In addition to these, there is another reason to introduce Mexico as the best country to reside in by purchasing property; Despite its proximity to the United States, property prices in Mexico are significantly cheaper. The average property price for expats in Mexico City is only $215,000 and in other parts of the country only $110,000. Employment in the country is set to peak in 2023 as large companies look to relocate their manufacturing centers to Mexico. Mexico is considered the best country to buy property for people who intend to immigrate to North America.
Fifth option: Singapore
Property price growth in 2022-2023: 11.44%+
Average housing price to average income ratio: 15.7 times
Immigrant population: 2.2 million people
According to 2020 statistics, almost 40% of the people of this city-state are located in In Southeast Asia, they were born in another country, so if the destination country is important to you, the best country to buy property for you can be Singapore. As the business center of the region, Singapore is trying to attract the best foreign professionals by offering luxurious living standards and high salaries. Of course, you should keep in mind that the cost of living in Singapore is very high. If you are looking for the cheapest country to buy property, it must be said that as a small country, land prices in Singapore are among the highest in the world. As such, most properties in Singapore are located in high-density apartment blocks, but these apartments are known for their creative designs and luxurious interiors.
The average property price in Singapore is currently US$1.5 million, but if you can afford to buy a property in Singapore, Singapore could be the best country for you to buy property, given the double-digit annual growth in real estate values.
Which are the easiest countries to buy a house abroad?
The best country to buy property is one that doesn’t restrict you too much. Some countries limit the size or location of a property that a foreign citizen can purchase or do not allow immigrants to buy property at all. Many countries also impose huge tax bills on foreigners. The countries mentioned below offer the easiest purchase process and the most favorable visa conditions for immigrants.
Option 1: Spain
Property price growth in 2022-2023: 3.55%+
Average house price to median income ratio: 7.1 times
Immigrant population: 7 million
If you don’t want to have a limit on the type or size of property you want to buy The best country to buy property for you is Spain; Because in Spain you have no restrictions to buy property. Also, if you buy a property worth more than 500,000 euros, you will enjoy a reduction in the value added tax rate and the opportunity to receive a golden visa. Greece is one of the other countries offering golden visas.
Option 2: Portugal
Property price growth in 2022-2023: +8.71%
Average house price to median income ratio: 11.9 times
Immigrant population: 700,000
Portugal golden visa, like Spain, for immigrants who own property worth more than It is available to buy from 500,000 euros. If you are planning to immigrate as a family, Portugal can be the best country for you to buy a property because by buying a property with the mentioned conditions, you and your whole family can get EU citizenship. In addition, Portugal is one of the providers of self-supporting visas.
Option 3: Poland
Property price growth in 2022-2023: +5.75%
Average house price to median income ratio: 11.8 times
Immigrant population: 1.6 million
Poland has done its best to understand the value of foreign investment. is to make it as easy as possible for foreign buyers to invest in their country. Poland is expected to experience significant growth over the next decade and now is a good time to invest in Polish real estate. Poland can be the best country for you to buy property with real estate consultants who focus all their attention on foreign buyers.
Option 4: Panama
Property price growth in 2022-2023: +1.5%
Average house price to median income ratio: 11.7 times
Immigrant population: 185,000 people
You don’t even need to live in Panama or have a residence visa to buy a property . Prices in Panama have been stable for several years and are expected to remain so, making Panama a good country to invest in and the best country to buy property.
Option 5: Colombia
Property price growth in 2022-2023: 7.49%+
Average housing price to average income ratio: 18.1 times
Immigrant population: 138,000 people
Colombia has the highest number of hospitals per capita in the world and If you attach great importance to medical services, the best country to buy property for you can be Colombia. Also, thanks to its real estate investment schemes, Colombia is now one of the easiest countries to buy property as an expat. To get a Colombian temporary residence visa, you can buy a property worth at least 350 times the minimum monthly wage in Colombia. As of 2023, that amount is US$285, meaning you only need to buy a property worth US$99,700.
Finally,
the criteria for choosing the best country to buy property depends on your goals. When buying property abroad, the broader your search, the better your chances of finding a property that suits your needs. Low real estate prices, tax benefits, and obtaining a residence permit are among the most important reasons for buying property abroad. Now is a good time to buy property in Greece as prices are still lower than in other European countries, but it looks like these prices will increase in the coming years. If you can imagine your life in a country consisting of bustling cities, world-famous cuisine and more than 6,000 islands located in the Mediterranean Sea, Greece is the best country for you to buy property. Stargate Group; The comprehensive service provider of Greece accompanies you in this way.