Are you dreaming of a beautiful home by the sea, planning a move or retirement to the EU, or have you decided to make a profitable investment? Find out about the seven European countries where it is best to buy real estate in 2023.
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House prices in Europe are getting higher every year. This is primarily due to the high demand and standard of living in the region. However, in some European countries it is still possible to find and buy a house for relatively moderate costs.
There can be many reasons for buying a house in Europe: you dream of a beautiful home by the sea, you plan to move or retire in the EU, or you have decided to invest your money profitably. Whether you are a first-time buyer or a seasoned investor, these countries offer attractive options for anyone looking to invest in the European property market. From stunning coastal cities to picturesque countryside, European countries offer a variety of real estate and investment opportunities to suit all tastes and budgets.
Today we will talk about seven European countries where it is best to buy real estate in 2023.
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Spain
The warm climate, beautiful beaches and rich culture make Spain one of the most popular places to buy real estate. Affordable housing prices make the country a top destination for those looking for a new home or a lucrative investment opportunity.
The COVID-19 pandemic has had a relatively limited impact on the Spanish real estate market. Many analysts predict that demand for Spanish real estate will continue to grow in the coming years.
Spain is one of the most visited countries in the world, attracting millions of tourists every year, so the main advantage of buying a house in the country is the possibility of receiving rental income.
The Spanish government has also developed a number of measures to support investors: reduced VAT rates, the possibility of obtaining a residence permit or golden visa in Spain for buyers who are not citizens of EU countries (for this, it is necessary to buy a house or apartment worth more than 500,000 euros).
A record amount of real estate in Spain was bought by Polish citizens in 2022.
Portugal
In recent years, Portugal has become one of the most popular places for real estate investments. The country's sunny climate, stunning coastline and measured lifestyle attract second-home buyers and retirees to the country.
Portugal has a reduced real estate transfer tax and a Golden Visa program that grants residence permits to non-EU buyers who invest in Portuguese real estate.
The average price of a house in Portugal is around 1094 USD per m². The final cost depends on the location. Apartments in Lisbon can cost one or two million euros, while apartments in Madeira cost around 200,000 euros. At the same time, houses on the island of Madeira cost an average of 750,000 euros.
In addition, as a foreign resident of Portugal, you will receive a ten-year tax exemption. This ensures that you are not wasting your money on hidden fees and taxes associated with buying real estate.
28.2% of the total volume of sales to non-residents of real estate in Portugal is accounted for by French citizens. Next in the top five are the British, Swiss, Germans and Brazilians.
France
Another popular destination for real estate investments in Europe is France. The country has a rich history, culture and very tasty cuisine. The French real estate market has been relatively stable over the years. In most regions, demand exceeds supply.
The main benefit of investing in French real estate is the potential for capital appreciation, especially in the country's popular tourist destinations of Paris, Provence and the French Riviera. In addition, the French government has introduced several measures to support property buyers, such as reduced property transfer taxes and low interest rates.
French real estate is the most popular among European citizens. The British account for about 45% of the purchases and the Belgians for about 20%.
The procedure for purchasing real estate in the EU is not difficult, but it requires the help of specialists. Highly qualified lawyer will tell you how to find a house, what documents need to be prepared and what benefits an investor can expect in a new country.
Italy
Italy is a great place for vacation or permanent residence. The country recently introduced the digital nomad visa, which allows foreigners to live in the country for an extended period of time. This could be a great opportunity to buy a new home and enjoy the Mediterranean climate in Italy.
The best place to buy a holiday home in Italy is the island of Sardinia, with an average house price of €750,000. At the same time, the average price per square meter in Italy ranges from 1,900 to 2,000 euros.
Italy has a rich culture, nature and very tasty cuisine.
One of the advantages of investing in Italian property is the potential rental income, especially in popular tourist destinations such as Rome, Florence and Venice. In addition, the country has also introduced support measures for real estate buyers - reducing taxes on the transfer of real estate and providing residence permits for non-EU buyers.
According to surveys, the greatest demand for Italian real estate is among citizens of the United Kingdom and the United States.
Poland
EU citizens can buy housing in Poland without a permit, while citizens of the rest of the world will need a permit from the Polish Ministry of the Interior.
The average price of a house in Poland is about 2,500 euros per m². A one-room apartment in Warsaw can cost around 75,000 euros, and a two-room apartment - 140,000 euros.
Krakow is the best city in Poland for living and buying a house. With a bustling life, beautiful cobbled streets and many historic buildings, this city has something for everyone.
It is quite profitable to buy an apartment here, because the demand for real estate is high.
Citizens of Eastern European countries - the Czech Republic, Slovakia, Ukraine - are increasingly becoming buyers of real estate in Poland.
Serbia
Foreigners can buy a house in Serbia without additional permits, in addition, after buying real estate, you can get a residence permit. However, the ease of the permit procedure depends on the investor's citizenship.
The average price per m² in Serbia is 1,900 euros. In Belgrade, the prices are the highest, around 2,500 euros per square meter.
Belgrade is the best place to live in Serbia. Zemun can also be a good option due to its unique infrastructure.
Among foreigners, the largest percentage of real estate in Serbia is bought by citizens of Russia.
Cyprus
Foreigners can buy houses in Cyprus if they have no criminal record. However, citizens of non-EU countries can purchase only one apartment or house. You can buy more properties after obtaining citizenship in this country.
A house in Limassol costs €165,000, an apartment €95,000 and a villa around €250,000. On the other hand, in Paphos, a house costs €145,000, an apartment costs €75,000, and a villa costs €290,000.
The owners of real estate on the island are most often citizens of Russia, Great Britain and Israel.
Europe offers many exciting opportunities for real estate investment in 2023. Whether you are looking for a second home, a retirement property or an investment opportunity, everyone can find the perfect home in Europe.
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