If you're dreaming of moving abroad but the expense is putting you off, Italy should be at the top of your search list as it has been named as one of the cheapest countries in the world to buy a house. Among the countries in the world where buying property is cheapest, Italy occupies tenth place in the ranking which has been put together by the Australian portal Compare the Market. Who else makes the list? And what is the cheapest country to buy property? We have the details.
The cheapest country in the world to buy a house is Turkey, with the lowest price per square metre (645.87 euros), compared with an average household disposable income of 16,058.18 euros. The affordability index stands at around 4.0%.
In second place in the list of the most affordable countries in which to buy a house is the United States. Although the United States has a much higher real estate price of 2,496.92 euros per square metre, it also has a higher average disposable income of 39,732.20 euros, which means that the affordability ratio came in at 6.3%.
The third most affordable country is Mexico, with an affordability ratio of 7.1%. The average disposable income here is quite low compared to other countries with an average of 12,252.90 euros, however it also has some of the cheapest housing with an average of around 863.91 euros per square metre.
What about buying a house on Italy? With a disposable income of 23,328 euros and an average price per square metre of 2,501 euros, Italy has an affordability ratio of 10.7%, placing it tenth in the Compare the Market ranking behind South Africa, Brazil, Russia, Latvia, Greece and Hungary.
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