Are you a property investor, a holidaymaker, or a family looking to buy a property in the Mediterranean region–one that is quaint and quite affordable? You are in luck because, according to the study by the Organisation for Economic Co-operation and Development (OECD), countries residing in that part of the world have some of the most affordable properties in Europe.
What’s more, the region, with its favourable climate, majestic seaside views, exotic cuisines, and ancient relics and histories, is popular for its tourist attractions. This means you don’t only get to grab an international property for sale there at a good bargain, but also get to constantly relish the wonders many vacationers from across the world spend thousands of dollars yearly to briefly enjoy.
Here are five of the cheapest locations in the Mediterranean region to purchase a house:
Nestling east of Rome and dating back to the medieval period, this region of Italy numbers among the cheapest locations in the Mediterranean to purchase a property. With its beautiful Adriatic coastline and the picturesque Apennine Mountains, which make the location perfect for holidays or retirement, it remains a tad surprising how one can still procure a small village house there for as low as $50,000. Luxury houses and villas are, however, in the hundreds.
Sitting in the southern region of Portugal, this destination offers impressive beaches, quaint resorts, whitewashed fishing villages, and a rugged interior landscape. Despite such luxury that incites the image of sipping umbrella drink while lying naked on a sandy beach, you can find a place in Algarve for an average price of $1,350 per square metre. However, you may have to confront steep taxes and fees. Make sure you have a versatile independent lawyer with you.
Who doesn’t want to own a property on the largest peninsula in the Adriatic Sea? From $1,320 per square meter, you can purchase an apartment in Pula and enjoy the comfort of the blue sea it overlooks, the many Roman ruins that populate the city, and numerous other tourist attractions, forever.
Properties in Greece’s capital are somewhat costlier than in the other locations on this list. Even so, $2,120 per square metre is still quite reasonable compared to what you may find in some other capitals in the region. Plus, you just can’t ignore the fact that Athens is the heart of Ancient Greece and packages many historic landmarks like the famous Acropolis and its ruins.
Sitting in the Mediterranean Sea, this walled capital of Malta is popular for its museums, churches, palaces, and sea views, and you could own a place there for $1,320 per square metre on average. However, due to Malta’s strict restrictions on foreign investors purchasing property in the country, you must invest at least €174,514 or €104,737 in buying a house or an apartment, respectively.
Buying a property in the Mediterranean region is like setting up a place for yourself in heaven. The fact that you can purchase that property affordably is merely a bonus no sane investor, family, or holidaymaker can turn down.