The best and worst value places to buy abroad
Bulgaria and Brazil have been revealed as the most affordable countries to buy a second home based on property and living costs, according to currency business, FairFX, with a combined cost of £110,535, and £113,433 respectively.
Hungary came third in the list at £174,889, and closer to home, Ireland ranks fourth – with average costs coming in at a total of £193,114.
FairFX compared the average price of a two-bedroom apartment in a country, along with the cost of other essential outgoings when you get there, to help potential buyers as they try to decide which country provides the best value for money.
Most expensive destinations
Monaco tops the list for the most expensive destination, as the only country hitting six figure numbers as the average. The cost, which includes an average two-bedroom apartment along with utilities, a car and basic living costs reach an eye-watering £7.3m as a minimum, 66 times more than the cost of setting up a second home in Bulgaria.
Switzerland is the second most expensive place to buy a property abroad, with average costs of £679,879.
Ian Strafford-Taylor, CEO of FairFX, said: “Potential buyers should weigh up which country is going to offer them the best value for their property abroad. ‘Location, location, location’ isn’t just important for the views or scenery, but also makes a big difference when it comes to living costs as well as exchange rates.
“Our Property Abroad Index looks at the average cost of a two-bed apartment, as well as the essential things you need once you are there. To get the best value, it is important to do your research and take all living costs into account as well as how much a property will cost you initially.
“It’s also crucial to research the region you are thinking of buying in. Keeping abreast of the political and economic situation at play will help you make a decision on whether or not the property could be a good long-term investment. Looking at currency trends will also give you better value for money too.”