Cheap real estate in Europe: in which countries of the region can you buy housing at the lowest prices in 2024? (2024)

Real estate in Europe is one of the most reliable investments, especially against the background of a changing economy. In countries with the lowest housing prices, demand exceeds supply. Find out more in which European countries you can buy real estate in 2024 as profitably as possible

Are you planning to move abroad, but don't know which country to choose? Are you considering investing in real estate in one of the European countries? In any of these situations, one of the main factors when choosing a state will be the cost of real estate.

Where to buy real estate in Europe cheaply? We are talking about the ranking of the cheapest cities in Europe for buying a home in 2024.

Earlier we also wrote about the countries where it is easiest to get a second passport in 2024 and ways to get one.

Top 10 cheapest cities in Europe to buy a home in 2024

10th place – Podgorica, Montenegro

- Average price for 1 m²: $1,920.50.

- Can expats buy real estate here? Foreign citizens are allowed to buy real estate in Montenegro.

If you like peace and quiet, Podgorica is the best place to buy a home. A small city with a population of about 200,000 will change your perception of bustling capitals. In addition, fantastic local landscapes, rich history, as well as proximity to the mountains and the sea will not leave you indifferent.

9th place – Oradea, Romania

- Average price for 1 m²: $1,780.70.

- Can expats buy real estate here? Citizens of EU countries have the right to buy real estate here on the same level as Romanians. Expats from outside Europe can also buy housing here, but without the right to own land.

The Romanian city of Oradea is located on both banks of the Crisu Repede River, just 13 kilometers from the border with Hungary. The city is known as the economic and cultural center of Romania and also boasts a wealth of Art Nouveau architecture.

8th place – Patras, Greece

- Average price for 1 m²: $1,747.60.

- Can expats buy real estate here? Foreigners can buy and sell real estate in Patras.

Patras is the third largest city in Greece, located in the Gulf of Patraikos. Its main highlight is numerous historical sights, including the Roman Odeon. Every year they hold St. Patrick's Carnival - a celebration of music, dance and art.

7th place - Sibiu, Romania

- Average price for 1 m²: $1,653.98.

- Can expats buy real estate here? Citizens of EU countries have the right to buy real estate here on the same level as Romanians. Expats from outside Europe can also buy housing here, but without the right to own land.

Sibiu is a city in Transylvania, Romania, located 282 km from Bucharest on the banks of the Cibin River, a tributary of the Olt. Before the Second World War, the city was the center of the Transylvanian Saxons. Now Sibiu is one of the most important cultural centers of the country, in particular, a few years ago Forbes magazine named the city the eighth "ideal place to live" in Europe.

6th place – Craiova, Romania

- Average price for 1 m²: $1,611.42.

- Can expats buy real estate here? Citizens of EU countries have the right to buy real estate here on the same level as Romanians. Expats from outside Europe can also buy housing here, but without the right to own land.

Craiova is located near the Jiu River in the southwestern region of Romania. One of the biggest sights of the city is Romanescu Park, recognized as the largest city park in Romania.

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5th place – Burgas, Bulgaria

- Average price for 1 m²: $1,478.39.

- Can expats buy real estate here? Foreigners can own real estate in Bulgaria, but not the land on which it is located.

Burgas is the largest city in South-East Bulgaria, as well as the second largest on the Black Sea coast of the country. This is a classic coastal town, the main attraction of which is the Seaside Park with numerous monuments and sculptures. A beautiful park zone stretches along the embankment for 7 km. There is a small zoo, a large number of souvenir shops and cafes. There is also an open theater, on the stage of which exhibitions and concerts regularly take place. You can rent a yacht or a boat at the local pier.

4th place - Plovdiv, Bulgaria

- Average price for 1 m²: $1,421.05.

- Can expats buy real estate here? Foreigners can own real estate in Bulgaria, but not the land on which it is located.

The city of Plovdiv is located in the central part of Bulgaria and is the second largest city in the country. The Ancient Theater of Philippopolis is located here, which is known as one of the best-preserved ancient theaters in the world.

3rd place - Mostar, Bosnia and Herzegovina

- Average price for 1 m²: $1,387.70.

- Can expats buy real estate here? Expats can buy and sell real estate in Mostar, but only if there is a mutual agreement between Bosnia and Herzegovina and the foreigner's country of origin.

Mostar is located on the banks of the Neretva River and is the fifth largest city in Bosnia and Herzegovina. Mostar is famous for the Koski Mehmed Pasha Mosque, an architectural wonder that was built in the 1600s.

2nd place - Chisinau, Moldova

- Average price for 1 m²: $1,383.45.

- Can expats buy real estate here? Expats can freely buy and sell real estate in Moldova.

Chisinau is the capital of the Republic of Moldova. The largest city of the country, its economic and cultural center, located on the Byk River. The city can boast of numerous architectural monuments, among them the "Triumphal Arch", which was built in the 1840s.

1st place - Bitola, North Macedonia

- Average price for 1 m²: $979.42.

- Can expats buy real estate here? Expats can buy and sell real estate here, but only if there is a mutual agreement between North Macedonia and the foreigner's country of origin.

Bitola is the second largest city in the Republic of North Macedonia and is home to the ancient city of Heraclea Lynkestis, a UNESCO World Heritage Site. Currently, Bitola has the status of the cultural center of Macedonia.

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The cheapest cities to buy real estate in Western Europe

The rating shows that most of the cities with the cheapest real estate in Europe are located in the South-Eastern part of the region, if you are considering buying a home in the west of the continent, in "old Europe", then pay attention to these 10 cities and the average prices for apartments here:

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.

Where is the most expensive real estate in Europe?

Paris is the most expensive city in Europe. If you want to buy a property in the French capital, it will cost you an average of 620,809 euros, or 13,710 euros per square meter.

Paris is followed by another capital, London, in second place. There you will have to pay an average of 581,395 euros, or 12,890 euros per square meter.

Luxembourg rounds out the top three, with an average property price of €557,825, or around €11,247 per square meter in the city centre.

Read real estate market forecasts for 2024 here.

Useful tips for expats planning to buy 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, or invest funds for rental housing, etc., it is important to study in detail the legislation of the country in which you plan to invest.

There are no common provisions in matters of real estate acquisition between EU states. In fact, each country applies its own administrative and legal formalities, which may differ from each other.

- Features of signing contracts:

In some countries, the buyer and seller sign a preliminary contract before concluding the final deed of sale, which can be terminated. At the same time, this option is not available in other EU countries.

Depending on the country, the procedure for signing a purchase agreement can also differ significantly:

1. In Spain, a sales contract can be concluded by a lawyer. The notary will simply ask you to sign it and register the sale.

2. In Great Britain, a lawyer does both.

3. In Sweden, the operation is allowed to be carried out by a real estate agent.

4. In the Czech Republic, the agreement is registered in the land cadastre.

- Purchase of real estate at the construction stage:

In Spain, Italy and France, builders must have a ten-year insurance policy, which guarantees during this period the repair of damages that occur after the completion of the work. That is, here the buyer is protected from hidden defects (for example, flooding of the house or a defective foundation).

At the same time, some countries are notorious for problems with compliance or even legality of construction. For example, in Portugal and Greece, the procedure for obtaining a building permit is not always followed. Therefore, before buying, be sure to check all available documentation in detail.

- Additional costs:

The cost of housing is not always the final amount that you will have to pay. Often, the final price significantly exceeds the starting price, because additional fees are added to the price. For example, in France, taxes and notary fees are 2 to 3% of the sales price in new buildings and 7 to 8% in old properties. In Spain, additional costs of 13% must be added to the cost of housing. Belgium is at the top of the list with costs between 15 and 25%.

In general, the procedure for buying real estate abroad is complicated and has many pitfalls, so before signing the contract, be sure to consult a real estate lawyer. A specialist will protect you from unnecessary costs and worries, so that buying a home abroad becomes a positive experience for you.

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