Where to buy real estate in Europe
For most foreigners, buying foreign real estate is, if not a lifelong dream, then at least one of its goals. In this case, the choice falls on real estate in Europe, based on a number of factors that may be extremely important for the majority of representatives of one state and not of the slightest importance for representatives of another. Such factors include prices, climate, location, availability of the sea coast, type of housing, purpose of its purchase, the possibility of mortgage lending and many, many others.
This is clearly seen in the example of Spain, where citizens of many countries buy real estate – from the USA to China and thereby make a significant contribution to the development of the country’s economy.
According to the Spanish College of Property Registrars, the French choose Catalonia, the Germans – the Balearic Islands, the British – the Valencian Community and Andalusia, the Romanians – the central part and north of the country, and the Portuguese – almost their native Galicia.
The situation is similar in other EU countries, and the question “where to buy real estate in Europe?” representatives of different nationalities are guided by their own ideas.
According to the latest data, the most popular countries in recent times have been Spain, where post-crisis price increases are not yet felt everywhere, Italy, Bulgaria, Germany, Greece, Montenegro, Turkey, Cyprus and France.
You can learn more about real estate in Europe from our articles.
If we consider the top twenty European countries, the countries least likely to be foreigners would like to live in are Austria, Estonia and Hungary. Some countries are frightening with their high prices, others, on the contrary, with poverty and crime, and still others with an overgrown bureaucratic system, and, finally, with unstable prospects in terms of investment in real estate.
Where is the best place to buy real estate in Europe?
Purchasing real estate in Europe is, as a rule, a responsible life step, so potential buyers approach this problem with all seriousness. The question “Real estate in Europe – where is it better?” many of them asked, and not everyone considered foreign housing as a summer residence or a “second home.”
Some foreigners regarded real estate in another country as an investment option with the possibility of selling it in a few years or renting it out. Therefore, first of all, they paid attention to the financial and economic situation in the country, price dynamics and demand for housing from both tourists and local residents. Germany and the Czech Republic have always been considered the most profitable from this point of view, although in the first case the choice of both cities and objects was much larger, and among its neighbors the flow of tourists was directed to Prague and partly Karlovy Vary.
Italy has a reputation as a country where it is prestigious to have your own home, which will always be in value. If necessary, it can be sold for more than the original cost, which distinguishes this property in Europe.
Countries such as Bulgaria, Montenegro, and Turkey attract – and not only Russians – their accessibility, as well as convenient transport links.
In Montenegro, several luxury residential complexes have recently been built, and modern buildings are rising in place of old houses. Therefore, it will not be surprising if in a couple of years not only the Budva-Kotor Riviera will be popular here, but the number of Russians will decrease due to citizens of the European Union countries, who have already chosen certain areas of the main resort region of Montenegro. Where is the best place to buy real estate in Montenegro for living or investment, you can click here.
Finally, an illustrative example of the purchase and sale of real estate in Europe, how with the economic recovery the construction and sales sectors revive, when prices that seemed to have fallen to the bottom begin to gradually recover, is Spain.
The recovery from the crisis entailed a significant increase in prices in at least four autonomous communities of Spain: Catalonia, the Autonomous Community of Madrid, the Balearic Islands and the Basque Country. Sales are gradually picking up in the Valencian Community, where over the years of crisis there has accumulated a strong stock of unsold real estate, built specifically for sale to foreigners.
Property prices in Europe
The definition of “average price for real estate in Europe” is comparable only with the expression “average temperature in a hospital”, since real estate prices in Europe are determined not only by its location, quality, age and decoration of the building, etc., and compare Italian Portofino or Forte dei Marmi with Naples or Catania is completely devoid of common sense: southerners can only dream of prices of 20-30 thousand euros per square meter.
Spain also has its own characteristics, where after last year’s Catalan political crisis, Madrid came into first place, also having its own division into regions. The most expensive of them are still considered Salamanca and Chamberi, where 1 sq.m. housing costs more than five thousand euros.
In three areas of the Catalan capital, European property prices also remain unaffordable for the vast majority of buyers who would like to settle in Sarrias-Saint-Gervasie, Les Corts and Eixample – in all three cases the price per square meter exceeds the cost of five thousand euros. However, in Barcelona the stratification of society is noticeably stronger than in Madrid (and not least because of the abundance of African and Latin American emigrants in Barcelona), which ultimately affects the average price. You can find out in detail about the cost of real estate in Spain here.
The lowest growth in property prices in the EU last year was recorded in Greece, Croatia and Cyprus, which is not a surprise, since these countries are expected to have serious competitors. First of all, we are talking about Croatia and Montenegro, which will try to do everything possible to quickly enter the Schengen space, and then a one-bedroom apartment in Budva for fifty thousand euros can only be remembered with nostalgia.