5 Best European Bargain Property Regions
If you’ve been dreaming of buying a property abroad for years, no doubt you’re doing as much research as you can before you finally make the move. That’s good because you’re in for an adventure, blazing a trail into unknown territory, which is exciting (and somewhat daunting!). Wherever you go, you’ll find insiders who can give you the benefit of their experience. When you’re property shopping, the number one insider tip you’ll hear is: Rent in the area before you buy.
The best way to find your perfect property overseas is to shop with the benefit of having a local vantage point. It’s best to be pragmatic, renting first, rather than impulsively choosing a place you find on a property shopping trip. You’ll find a better deal on your property by spending more time researching the area.
You’ll also finetune your requirements by living nearby, in part because you’re be there in different seasons. Many buyers who only see their prospective property in summer are shocked to find out how cold and empty the area is over winter. When you’re considering buying abroad, it’s safer to put a toe into the water before diving in, by renting a property you can use as a holiday retreat or a new home.
Renting in Europe vs the UK
If you’re nervous about renting a property in Europe, you might be happier to know that, in most European countries, tenants have far more rights than UK renters do. These rights include having protection from a no-fault eviction, and the legal permission to leave before a long tenancy agreement expires. In most countries where there’s an area that’s judged to be “high housing pressure” due to a shortage of available properties, there are rent stabilisation laws that protect you from sudden rent hikes. The laws vary by country, for instance, in France, you’re unable to be evicted in the winter. In most of Europe, if your home has a serious structural, service or cosmetic problem, you can pay partial rent or refuse to pay at all until the landlord has made the necessary repairs.
The main reason why European laws offer more protection than UK ones do is that properties in Europe are most often rented by companies with large portfolios on the market. In the UK, 70% of private landlords rent a single house and, as small business owners, they tend to feel strongly about their right to make a profit on their venture. There’s a resistance to passing laws that protect tenants, especially among members of the National Landlords Association who have opposed adopting the protections most EU countries have legislated.
The cheapest rental prices are found where property also happens to be less expensive, so begin house hunting by renting in one of the most affordable areas in Europe. Why not take a trip to one of these regions for a low-cost holiday? You could well discover the perfect place to rent while you look for a property to buy at your leisure.
Your top 5 locations:
1. France’s Languedoc-Roussillon region is an unspoilt region of Provence where you can find inexpensive properties to rent or buy in villages surrounded by gorgeous countryside. Busy, popular Mediterranean beaches line the coast of the region that produces a third of France’s wines.
2. Malta is in a sunny, friendly little group of islands where you’ll find long-term renting is affordable in both the capital city, and the second largest island of Gozo. Malta’s mild Mediterranean climate and inexpensive cost of living make it a popular international retirement destination.
3. Bulgaria is one of the cheapest places in Europe to buy property. Prices for apartments are especially affordable in the villages skirting the cities, and you can buy a beach resort property in Sunny Beach for under €30,000. Sozopol is a smaller seaside resort which is even more affordable and has numerous properties to rent.
4. Portugal is rich in culture with abundant natural beauty, where a high standard of living can be had for almost half as much as in the UK. Living in Lisbon is 47% cheaper than London, according to Expatistan’s most recent calculations. Carvoeiro, a breathtakingly beautiful town on the Algarve coast, offers beautiful beaches and a laidback European sensibility at affordable prices.
5. Budapest, Hungary is home to around 40,000 expats who enjoy a lively city with a low cost of living. The Hungarian Forint to Sterling exchange rate is good, especially when you use a currency specialist to transfer your money every month. The average price of an apartment outside of a city centre in Hungary is 300% cheaper than you’d find in London, according to research by Numbeo.