What kind of accommodation can you buy for €70,000 in different countries? A selection of bargain apartments in the 6 most popular destinations
How much money does it take to buy an apartment in Spain or Turkey? How would an inexpensive home in Georgia, Cyprus or Poland look like? And what can the Montenegrin real estate market offer to a buyer with a low budget? Answers to all these questions you will find in our selection of inexpensive apartments in 6 of the most popular destinations in 2023.
Montenegro
In sunny Montenegro, the real estate market in 2022 and 2023 years is quite active. According to the Central Bank of the country, for the first 9 months of the last year investment in the economy grew by 70% (up to €599 million). Of course, such high demand has also affected the growth of real estate prices. Now the average cost per square meter in the capital of Montenegro Podgorica is €1,340.
How to buy property in Montenegro: detailed guide
In such circumstances, it is particularly interesting to see what kind of apartment can be bought for €70,000. In Podgorica, for example, there are several apartments in the given criteria. One of them is even called "luxury" in the ad, because it is so gorgeous, according to the seller. On average, however, these are ordinary residential apartments of 54 sq.m. to 86 sq.m., usually furnished and located in quiet residential neighborhoods. They are not very suitable for short-term rentals, but for own residence or long-term rentals are appropriate.
Georgia
The real estate market in Georgia also shows significant growth. The most sought-after regions of the country in this regard are Tbilisi and Batumi. In 2022, housing sales in Batumi increased by 70%, and the total real estate market in the city increased by 66% to $59 million. Experts agree on one thing: the era of budget housing in this country is almost over.
There are almost 2,400 listings in Georgia for a given price limit which is plenty of options. You can find both apartments on the coast and apartments in Tbilisi. In general, the average cost per square meter in Georgia is as follows:
- In Tbilisi €1000 in the residential areas and €1740 in the city center.
- In Batumi €760 in the residential areas and €1150 in the city center.
From the thousands of options offered, we chose three apartments: one in Tbilisi and two in Batumi, at the cost of about €70,000 each.
Spain
The real estate market in Spain is currently experiencing difficult times. Not so long ago, banks tightened the conditions for granting mortgages, and this immediately led to a drop in demand for housing. At the same time, the average cost of a house, bought on a mortgage, is about €240,000.
As for real estate prices in the country as a whole, the situation is as follows:
- In Alicante, the average cost per square meter of housing in the city center is €2,330, and in the residential communities - €1,800;
- In Barcelona, in the city center, the average cost per square meter is €5,100, in the residential communities - about €3,100;
- In Malaga, the average cost per square meter in the city center is €3,700, and in the residential communities - about €2,350.
In Spain, within the given budget, we chose a beautiful bungalow in the village of Los Balcones, a two-bedroom apartment in Corbera, and a two-bedroom apartment in Alicante in a house built in 1964.
Turkey
The real estate market in Turkey for the past few years has been active as never before, the demand for housing exceeds supply, and the gap between them is only growing. The main reason for such popularity of real estate in Turkey among foreigners was the possibility of obtaining a residence permit in this country and hence staying there for a long time. By the way, in Turkey, in 2022, about 1.3 million foreigners were living there with residence permits.
However, the demand for real estate was so high that the authorities restricted the possibility of obtaining a primary residence permit in the most popular areas of Turkey, hoping to make real estate more accessible to the local population. Recently, there was a proposal in principle to prohibit foreigners to buy housing in Turkey, but so far such measures have not been introduced.
With real estate prices in the most popular cities in Turkey, the situation is as follows:
- In Antalya, the average cost per square meter of housing in the city center is €1,435, and in the residential communities - €670;
- In Izmir, the average cost per square meter of housing in the city center is €1,030, and in the residential communities - €600;
- In Ankara, the average cost per square meter of housing in the city center is €887, and in the residential communities - €620.
In Turkey, within the given budget we chose a new-built apartment in Mersin with a total area of 65 sq.m., a one-bedroom apartment in Antalya just 1 km from the seacoast, and another one-bedroom apartment new-built in Antalya just 3 km from the seacoast.
Poland
Demand for real estate in Poland among foreigners is only growing, and buyers are not afraid of either high interest rates on loans or rapidly rising inflation. As a result, the real estate market in Poland is now in a very interesting situation: demand for real estate among the local population is falling, but among foreigners, it is growing. It is not surprising that the best destination in Europe for tourists in 2023 is Warsaw, according to European Best Destinations.
So, let's see how things go with real estate prices in the major cities of Poland:
- In Warsaw, the average cost per square meter of housing in the city center is €4,350, and in the residential communities - €2,800;
- In Gdansk, the average cost per square meter of housing in the city center is €3,900, and in the residential communities - €2,700;
- In Wrocław, the average cost per square meter of housing in the city center is €2,860, and in the residential communities - €2,000.
Within the given budget in Poland, we also chose three apartments: a one-room apartment in Warsaw with an area of 22.2 sq.m., a one-room apartment of 34 square meters in Poznan, and a "two-room" apartment with an area of 33 sq.m. in Poznan.
Cyprus
Cyprus's real estate market in the last 2 years has become a discovery for investors — the interest in new buildings by the sea is growing. For example, in January 2023, foreigners bought more real estate than locals, and it clearly shows how promising this market is considered by investors. With the participation of foreigners in the first month of this year 594 deals were concluded, and Cypriot citizens have drawn up 497 contracts.
In terms of housing prices, the situation in Cyprus is as follows:
- In Larnaca, the average cost per square meter of housing in the city center is €1,970, and in the residential communities - €1,350;
- In Limassol, the average cost per square meter of housing in the city center is €3,100, and in the residential communities - €2090.
Within the given budget (up to €70,000), we chose two apartments in Cyprus: a 1+1 apartment near Paphos and a penthouse in a new building in the village of Casivera.
