In what European countries is it possible to buy real estate cheapest
You want to move abroad, but you don't know where yet? One of the aspects of moving that you need to consider is, of course, the cost of real estate. Here's a ranking that can help you choose the right destination. We have compiled a list of the least expensive cities in Europe to buy a home. In the review, we listed the average property price at the time of purchase. We have collected for you important facts and tips about each country with step-by-step instructions to implement your cherished plans.
Paris tops the list of most expensive cities in Europe
Paris is the most expensive city in Europe. If you want to buy property in the French capital, it will cost you an average of 620,809 euros, or 13,710 euros per square meter.
After Paris in second place follows another capital - London. There you will have to pay on average 581,395 euros, or 12,890 euros per square meter. The insurance company also states that "as house prices rise year on year, it is not surprising that by 2025 about 60% of Londoners are predicted to live in rented accommodation.
Luxembourg completes the pedestal with an average property price of €557,825 or about €11,247 per square meter in the city center.
Europe's top 10 most expensive cities: average property purchase price
1. Paris (France): € 620,000
2. London (England): € 581,000
3 Luxembourg: € 557,000
4. Stockholm (Sweden): € 426,000
5. Bern (Switzerland): € 410,000
6. Amsterdam (Netherlands): € 406,000
7. Oslo (Norway): € 404,000
8. Copenhagen (Denmark): € 371,000
9. Helsinki (Finland): € 364,000
10. Dublin (Ireland): € 352,000
Top 10 cheapest cities in Europe: Average price to buy property
1. Chisinau (Moldova): €57,000
2. Skopje (Northern Macedonia): 65,000 euros.
3. Sarajevo (Bosnia and Herzegovina): 76,000 euros.
4. Tirana (Albania): 77,000 euros.
5. Minsk (Belarus): 84,000 euros.
6. Podgorica (Montenegro): 85,000 euros
7. Sofia (Bulgaria): 93,000 euros.
8. Kyiv (Ukraine): 94,000 euros
9. Bucharest (Romania): 99,000 euros
10. Riga (Latvia): 108,000 euros.
This analysis reveals the real gap between Eastern Europe and the rest of the continent. Thus, the most affordable capitals are mostly Balkan and Eastern European countries.
So, in which countries in Europe you can buy real estate cheapest
1 - Chisinau, Moldova: 57,000 euros
Tops a list of the cheapest cities in Europe, Chisinau. If you decide to move to the capital of Moldova, a small landlocked country between Romania and Ukraine, the average price of housing is 57,000 euros. That's only 966 euros per square meter in the city center. Moldova is the poorest in Europe and also the least visited.
2 - Skopje, Northern Macedonia: 65,000 euros
On the second step of the pedestal is Skopje, the capital of Northern Macedonia. However, the city of 584,000 people, with its Ottoman architecture and surrounding countryside, is not without appeal to expatriates or those looking for real estate investments. The average property price is €65,000.
3 - Sarajevo, Bosnia and Herzegovina: 76,000 euros
In 3rd place is Sarajevo. The capital is the largest city of Bosnia and Herzegovina. This cosmopolitan city is constantly changing. The average price of real estate is 76,000 euros.
4- Tirana, Albania: 77 000 euros
Head to Tirana and its mythical Skanderbeg Square. Here you'll have to spend an average of 77,000 euros to find a place to live. Albania's largest city is full of treasures and has been developing at a rapid pace since 2017. Be sure to take advantage of it before prices rise!
5 - Minsk, Belarus: 84,000 euros
With more than 1,992,000 people living in the Belarusian capital, the cost of housing is 84,000 euros. The authoritarian political regime of President Lukashenko and the political instability in the country are probably the reason for such a low price.
6 - Podgorica, Montenegro: €85,000
If you like peace and quiet, Podgorica is the right place to buy. The city of barely 200,000 inhabitants is far from the standards of other capitals, so soothing is the peace and quiet that reigns in its streets.
7 - Sofia, Bulgaria: 93,000 euros
In Sofia, to buy a home, you have to pay 93,000 euros. The city with a population of 1,324,000 people is home to more than 17% of Bulgaria's population. If you are not afraid of crowded city and you like the Ottoman architecture and street art, this is the right place for you.
8 - Kyiv, Ukraine: 94,000 euros
The largest city in this top, Kyiv, is home to over 2,900,000 people. Located on the Dnieper River, the average real estate purchase price is 94,000 euros.
9 - Bucharest, Romania: 99,000 euros
The "Paris of the Balkans," as it is called, is full of beauty. Bucharest is a dynamic and ever-changing city. The trip will cost 99,000 euros.
10 - Riga, Latvia: €108,000
Riga is at the bottom of the ten cheapest European capitals. Farthest north, on the Baltic Sea, the average real estate price is €108,000. High-tech start-ups are popping up everywhere, and if you're not afraid of bad weather, you'll love Riga.
What other Western European cities are the most affordable
All of the cities listed above are in Eastern Europe. But what about cities in the west of the continent? Which ones are the cheapest? Brussels leads the way with an average budget of €190,000. The Belgian capital is followed by Lisbon (195,000 euros) and Madrid (212,000 euros). Reykjavik, Valletta, Berlin, Rome, Vienna, Dublin and Helsinki are also in the top ten with prices ranging from €242,000 to €313,000.
1 - Brussels, Belgium: €221,000
2 - Lisbon, Portugal: € 228,000
3 - Madrid, Spain: €247,000
4 - Reykjavik, Iceland: € 282,000
5 - Valletta, Malta: € 291,000
6 - Berlin, Germany: € 299,000
7 - Rome, Italy: € 303,000
8 - Vienna, Austria: € 335.000
9 - Dublin, Ireland: € 353,000
10 - Helsinki, Finland: € 365.000
Formalities of registration and purchase of a real estate in Europe
A third of Europeans are considering investing in real estate abroad. If you want to buy a second home for vacation or retirement, invest to rent out, etc., it's important to take the time to find out what's going on. Whatever your motives, take the time to learn more, as real estate practices and laws outside your country are different. Here's an overview of the major pitfalls.
Buyer protection: unequal practices
When it comes to buying real estate, there are no common provisions between countries, even in the European Union. In fact, each country applies its own administrative and legal formalities, which may differ greatly from each other but are less protected than in France, for example.
Signing a preliminary contract that defines the obligations of the buyer and seller before the final act of sale and purchase is not always mandatory.
In Portugal, for example, the sale can be completed in three to four weeks. In Spain, Belgium, and England, where there is some form of preliminary contract, there is not always a cooling-off period or the right to terminate the contract. Thus, once you sign the document, you can't change your mind.
Pay attention to the appropriateness of design
The guarantees required in a sales contract regarding construction can also vary considerably from country to country. In Spain and Italy, as in France, builders are required to have a ten-year insurance policy. This guarantees 10 years to repair the damage that occurs after acceptance of the work. In particular, the buyer is protected against hidden defects (such as flooding the house or defective foundation).
On the other hand, some countries are notorious for problems with compliance or even the legality of construction. In Portugal and Greece, for example, building permits are not always respected. To avoid disputes, be sure to ask for a certificate of compliance showing the perimeter of the site.
Before you begin your search for the perfect property, learn about the formalities in the country you are considering. Surround yourself with qualified professionals.
In order to secure the purchase of real estate abroad, do not hesitate to seek advice from our lawyer, who can refer you to a colleague who specializes or works in the relevant country.
Useful to know: depending on the country, not necessarily the notary registers the sale
• In Spain, the contract of sale can be drawn up by a lawyer. The notary will simply ask you to sign it and register the sale.
• In England, a lawyer does both.
• In Sweden, sometimes a real estate agent does the deal.
• In the Czech Republic, the transaction is registered at the land registry.
Beware of acquisition costs
The sale price is often presented as one of the main attractions of buying property abroad. However, the final price to be paid turns out to be more or less different from the original price.
In France, acquisition costs, including taxes and notary fees, range from 2 to 3% of the sale price in new construction and 7 to 8% in older properties. In Spain, the average cost of buying new and existing properties is 13%. Belgium is at the top of the list with costs ranging from 15% to 25%.
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