Affordability is a key factor for many investors and home buyers, particularly in light of the ongoing cost of living crisis. Whether you’re purchasing a holiday home or buy-to-let property, it is important to find an affordable option that is also good value for money, and that can generate solid returns.
The price of a property in Europe can vary greatly, depending on various factors such as location, property type and level of specification. We look at 5 European locations with some of the most affordable real estate options.
Portugal
Portugal’s Algarve region remains a popular choice for those looking to buy property on a budget in a stable and established location. Many of these properties are located near golf courses or beaches which makes them desirable vacation spots. Thanks to the year-round pleasant climate, Portugal is also an ideal location for those looking to invest in buy-to-let. The Algarve is a popular destination throughout the year, ensuring that properties are seldom void—even holiday lets.
Lisbon offers some of the most competitive prices of any capital city in Europe, and property prices are currently lower than they were before the pandemic. With demand growing rapidly as people look to move away from crowded cities, properties within easy reach of Lisbon’s city centre or with good transport links are sure to remain popular investments.
Eastern Europe
Eastern European countries such as Bulgaria, Croatia and Romania offer some of the cheapest properties in Europe. These areas remain relatively undeveloped, so prices tend to be lower than elsewhere in Europe while still offering investors plenty of opportunities—from buy-to-let investments to holiday homes.
With stunning landscapes and rich cultures, these countries offer the perfect blend of affordability and beauty.
Spain
Alongside Portugal, Spain is one of the most popular choices for those looking to buy a property on a budget in Europe.
There are several regions that offer great value for money, such as the Costa del Sol and the Costa Blanca.
The availability of flights from many European countries also makes these destinations desirable for holiday homes and buy-to-let investments.
Hungary
The value of newly-built apartments in Budapest has increased by over 30% in the last couple of years, yet prices remain very affordable compared to other European capitals. Newly-built homes in the city centre of Budapest cost 5,700 EUR/sqm, compared to the Vienna (12,000 EURO/sqm), Berlin (16,000 EURO/sqm), Frankfurt (15,000 EURO/sqm) and Prague (8,000 EURO/sqm). Furthermore, with the government offering support for foreign investors, Budapest is fast becoming one of the hottest tickets for property investors.
Montenegro
Montenegro has become increasingly popular as a cheap investment destination in recent years. It is well known for its stunning scenery and coastline, and property prices remain among the lowest in Europe. It also has one of the fastest-growing tourism economies, making now an ideal time to invest.
In addition, Montenegro doesn’t have an inheritance tax which makes it a great choice for those looking to leave their estate to their families.
Turkey
Turkey offers some of the most affordable property prices in Europe and has become a popular destination for those looking to buy a holiday home or second residence. It is well known for its stunning coastline and friendly locals, plus it’s easy to travel from Turkey to other parts of Europe, making it an ideal spot for people who regularly need to travel.
Recently investors have also been taking advantage of the weakened Turkish Lira, which has meant that prices are even more affordable.
No matter what your budget or requirements may be, there are plenty of options available when it comes to buying the cheapest property in Europe. From coastal resorts to cities and countryside towns, you’re sure to find something that suits you.
Contact us today to discover affordable real estate options in Europe.
