25 best countries to buy real estate: сomplete list for foreign investors

Stable economy. Countries with strong, diverse economies are less likely to experience drastic market changes, ensuring your investment retains value over time. Indicators such as consistent GDP growth, low unemployment rates, and controlled inflation can help identify robust economies.

The United States is an example of a highly stable economy due to its diversity and the US dollar’s role as the world’s reserve currency.

Property market growth. This is a key factor for investors looking to make a profit by reselling real estate. Countries experiencing urbanisation, population growth, and infrastructure development typically offer more significant appreciation potential. Such tendencies could be found in developing markets, like Singapore.

Political stability. Countries with stable governments, transparent legal systems, and minimal corruption provide a more secure environment for foreign investors. Political unrest or frequent policy changes can negatively affect property values and rental yields.

Switzerland is the epitome of political stability, which is why it has attracted foreign investors for many years.

Tax rates. Different countries have varying tax rates and structures, including property taxes, capital gains taxes, and rental income taxes.

Foreign investors may find favourable tax conditions in some places. For example, the UAE has no property tax at all, although there is a 2% tax for the buyer and seller of a property.

Investment programs. Some countries offer special programs to obtain residency or citizenship for investing in real estate. For example, the Spain Golden Visa program allows for a residency permit in exchange for a real estate investment.

Such programs not only offer a path to residency but also open doors to the broader EU market, making the investment even more attractive.

1. Diversification. Foreign real estate allows the investor to diversify their investment portfolio, reducing risk. By spreading investments across different countries, they can mitigate the impact of economic downturns in any region.

2. Potentially high returns. Many markets offer a high potential for property value appreciation. Countries undergoing rapid development, urbanisation, or experiencing economic growth often see significant increases in property values.

3. Rental income. Foreign real estate can generate substantial rental income, especially in tourist hotspots or cities with high demand for rental properties. This income can provide steady cash flow and increase the overall return on investment.

4. Lifestyle. Owning property abroad provides the opportunity to enjoy a second home for vacations, retirement, or seasonal living. This can enhance the lifestyle and provide a safe haven in a chosen location.

5. Asset protection. Real estate in a stable foreign country can provide protection for assets against political or economic instability in the home country. It can also safeguard your wealth against currency devaluation and capital controls.

UAE. There are two options to obtain residency by real estate investment in the United Arab Emirates, specifically Dubai. Purchasing a property for $545,000 can qualify an investor for a 10-year residence visa, while a minimum investment of $204,000 makes them eligible for a two-year residence visa.

Residential properties were in unprecedented demand in 2023, resulting in house prices rising by 18% in Dubai. An average apartment in the city centre is valued at just below $4,800 per square metre.

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Spain. An investor can purchase one or several properties for a total value of €500,000 to obtain a temporary residence permit in Spain for an initial three-year period. It can be renewed for five years if the investment is maintained.

Experts expect house prices to rise by at least 2,5% for several years. An apartment in a city centre could be worth around €3,500 per square metre, depending on the region.

Hungary has recently relaunched the Golden Visa program. Foreign investors can obtain 10-year residence permits for buying residential property worth at least €500,000. Applications may be submitted starting from January 1st, 2025.

The residential real estate market is anticipated to grow at an annual rate of 4,99% between 2024 and 2028, boosted by an influx of foreign investment. So far, it is relatively affordable by European standards: a square metre in a city centre is worth around €2,800 on average.

Greece grants residency permits to non-EU citizens who invest at least €250,000 in real estate. This threshold applies to properties purchased for renovation or conversion into residential space.

The minimum investment for a new property depends on its location:

• €800,000 in Attica and Thessaloniki, on Mykonos, Santorini, and islands with 3,100+ residents;

• €400,000 in all other regions.

The investor and their family members receive a five-year residency permit, which is renewable as long as the investment is maintained.

House prices increased by at least 12% in 2023, but the growth is expected to slow down following the new regulations for foreign investors. An average apartment in a city centre would cost around €2,700 per square metre.

Example of real estate eligible for Greece Golden Visa

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

Cyprus requires a minimum real estate investment of €300,000 to obtain permanent residency.

The country is attractive due to its favourable tax regime, as permanent residents are not obliged to pay taxes on global income, including dividends and capital gains.

Cyprus is a popular country for expats, thus leading to a steady demand for real estate. The prices are expected to keep growing at a rate of 4% for the next few years. Currently, the average value of an apartment in a city centre stands below €3,000.

Brazil offers permanent residency to foreigners investing in real estate. The minimum threshold is $126,000 if the real estate is purchased in the North and North Eastern regions of the country, and $185,000 for all the other regions, including the largest cities of Sao Paulo and Rio de Janeiro.

The real estate in Brazil is very affordable compared to other countries on the list, just above $1,700 per square metre. The prices are expected to continue to grow by 5,4% per year.

Panama is a country with one of the most stable economies in Latin America. The real estate market has risen slowly but steadily and is expected to increase at a rate of 1,95% per year for the next 5 years. In the centre of Panama City, the capital, an apartment would cost less than $2,500 per square metre on average.

If a foreign investor purchases real estate worth at least $300,000, they are eligible for a residence permit.

Malta. Foreigners can become Malta citizens for exceptional services by direct investment. The mandatory conditions include:

• a contribution to the National Development and Social Fund of €600,000+;

• a charitable donation of €10,000;

• renting real estate for 5 years for €16,000 annually or purchasing one for €700,000.

Investors first obtain Malta residency and maintain the status for 1 or 3 years; after that, they must pass the Eligibility Test before applying for citizenship.

The house prices in Malta are expected to grow by at least 4% in 2024 and 4,2% in 2025, suggesting a healthy supply-and-demand ratio. An average apartment in the city centre is worth around €3,750 per square metre.

Practical Guide

Practical Guide

Essentials on real estate in Malta

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Turkey grants the investor and their family immediate citizenship for real estate investment. The minimum threshold is $400,000, which must be maintained for at least 3 years.

When buying real estate in Türkiye, it’s important to remember that the country has been experiencing hyperinflation for a few years. In March 2024, the inflation rate nearly reached 70%. It means that even though the house prices nominally rise by 68%, most of the growth is offset by inflation. After adjusting for inflation, the real value increase is 1,4%.

Compared to other countries on the list, real estate in Turkey remains affordable: the value of a square metre of an apartment in a city centre is around $2,000 on average.

Examples of real estate eligible for Turkey citizenship by investment

Turkey, Izmir

$1,000,000+

Two-floor villa with a swimming pool near the sea

140 m²

3

3

Turkey, Istanbul

$280,000 — $2,020,000

Furnished apartments in a prestigious area of Istanbul

55 m² — 200 m²

1—3

1—3

Turkey, Istanbul

$124,000 — $510,000

Apartments and commercial premises in a premium residential complex

40 m² — 162 m²

2—3

1—2

St Kitts and Nevis is one of five Caribbean countries with a citizenship by investment program with a real estate option. To take part, investors purchase property from a list of government-approved real estate projects, including private homes.

The property should be worth at least $325,000 and held for at least 7 years after obtaining the passport. It can be rented out at an income of 2 to 5% per year.

The average real estate property in St Kitts and Nevis has been increasing in value by 4% per year. The prices are quite high, around $5,000 per square metre in the city centre.

Grenada offers a less expensive option to obtain citizenship by real estate investment with a minimum threshold of $270,000. The investment can be returned in 5 years.

Investors are not obliged to live in the country after obtaining citizenship, so they can rent the property out with a rental yield of at least 4% per annum.

St Lucia has four options to obtain citizenship by investment, including purchasing real estate worth at least $300,000. The investor can return the money 5 years later by selling the property. The rental yield in the country varies from 3 to 5% per year.

Antigua and Barbuda offers a citizenship by investment program for purchasing approved real estate worth at least $300,000.

The investment property must be maintained for 5 years. Before that, the owner can rent it out with gross rental yields of around 4% per year.

Dominica. In this Caribbean country, the citizenship by investment program also allows foreigners to purchase property worth at least $200,000 and hold it for a minimum of 3 years to obtain a passport.

The real estate market dynamic is roughly the same as in the other countries in the region, with prices rising by around 4% per year. While owning the property, the investor can receive rental income of at least 4% of its value per year.

Egypt offers a citizenship by investment program that includes real estate purchase options. Investors must buy real estate worth at least $300,000. The property can be sold five years after obtaining citizenship.

This is one of the most dynamic real estate markets, with house prices expected to rise by 8–11% per year. Currently, they are extremely affordable, with an apartment in the city centre worth about $550 per square metre.

United States. Even though this is one of the most expensive real estate markets in the world, the United States remains popular among foreign investors. In 2023 alone, they spent $53.3 billion on residential real estate alone.

Some states, such as Florida and Texas, have no income taxes, making them an attractive destination. Others, like California and New York, stand out for higher values and higher returns. Overall, the real estate market grew by 2,71% in 2023.

Currently, a square metre in a city centre is worth around $3,300 on average, although the prices vary significantly across the country.

Germany is one of the major real estate markets in Europe, but it has been going through hard times. In 2023, house prices fell by 8,4%, which was the first price decline since 2007. Nevertheless, it is expected that the real estate market will recover gradually, with a projected growth of 3,55% per year between 2024 and 2028.

More than half of Germans do not own property but rent it instead, and foreign investors can take advantage of that.

The country offers numerous tax benefits for buy-to-let mortgages, with rental income generally higher than interest. The prices are quite high, though: a square metre in a city centre is worth around €5,780 on average.

United Kingdom. The residential real estate market in the country is expected to grow by 2,57% per year from 2024 to 2028. The ongoing housing shortages and low interest rates result in a surge in demand, driving prices upward and making the United Kingdom an attractive place for foreign investors.

Across the country, a square metre in a city centre would be worth over £5,000 on average. In London, however, the value goes up almost three times, reflecting its status as one of the most expensive cities in the world.

France is expected to experience similar growth in the residential segment of the real estate market — 2,5% per year from 2024 to 2028. A stable economy and low mortgage interest rates make property ownership in the country an attractive investment option.

The average residential property value across France is above €6,000 per square metre. In Paris, however, the price goes up to almost €12,000 per square metre.

Switzerland is a definition of financial stability, but buying property in the country may be tricky for foreigners.

Non-Swiss residents must apply for a special permit to purchase real estate. Moreover, the property can only be situated in a designated holiday zone, have at most 200 square metres per individual, and cannot be used as the primary residence.

Real estate is expensive in Switzerland, worth just below €14,000 per square metre on average. The prices have grown steadily since 2019 and are continuing to rise at a rate of 2,77% per year.

Australia has strict regulations on the kinds of property a non-resident can purchase. A foreigner can only buy new properties or vacant land for construction rather than existing properties.

Temporary residents, however, can purchase existing housing. They must sell it when leaving the country. The transaction must be approved by the Foreign Investment Review Board.

The real estate market is rising steadily and is expected to increase by 3,57% per year in the next 5 years. A square metre in a city centre is worth around $7,300 on average.

Singapore is one of the major financial hubs in Asia, and the real estate market is booming there: over the next 5 years, it is expected to grow by 6,5% per annum. Currently, the average value of a square metre in the city centre is above $20,000.

Without permanent residency, foreigners can only purchase private housing, such as private apartments or condo units in a building of less than six stories. There are fewer restrictions when purchasing commercial property.

Slovenia. In the third quarter of 2023, house prices in Slovenia grew by 5,7% year-on-year. While the growth is slowing down from 7,4% in the previous quarter, it is still one of the most dynamic real estate markets in Europe. A square metre in a city centre is worth around €4,200 on average.

EU citizens can purchase real estate in Slovenia without restrictions. Non-EU citizens can buy property in Slovenia if their home country allows Slovenian citizens to buy property there.

Portugal remains an attractive option for foreign investors, even though real estate purchases are no longer an option to obtain a residence permit in the country. Due to high demand, average house prices rose by 7,8% in 2023.

In Portugal, an apartment in the city centre would cost less than €3,500 per square metre. In Lisbon, however, the value goes up to above €6,000.

Luxembourg. The real estate market in the small Western European country is expected to undergo annual growth at a rate of 5,2% between 2024 and 2028. A square metre in a city centre is worth more than €10,000.

The mortgage rates are among the lowest in Europe, at an average of 2,42%, making purchasing property there an even more attractive proposition.

1. Political and economic instability. Changes in government policies can significantly affect real estate values and investor’s confidence. Economic instability, such as inflation, currency devaluation, and recessions, can also impact property values and rental income.

2. Legal challenges. Different countries have varying laws and regulations regarding property ownership, foreign investment, and taxes. Navigating these legal frameworks can be complex and time-consuming, and changes in laws can unexpectedly affect your investment.

3. Currency exchange risks. Fluctuations in exchange rates can affect the value of your investment and returns. If the local currency depreciates against your home currency, the value of your investment and any income generated from it may decrease significantly when converted back to your home currency.

4. Lack of market transparency. In some foreign markets, there may be a lack of transparency and reliable information regarding real estate prices, market trends, and property conditions. This can make it difficult to make informed investment decisions and increase the risk of fraud or overpaying for properties.

5. Cultural barriers. Cultural and language differences can complicate negotiations, property management, and understanding local market conditions. Miscommunications and misunderstandings can lead to costly mistakes.

1. When choosing a country for real estate investment, it’s necessary to consider multiple factors, such as economic and political stability, property market growth, and tax rates.

2. Investing in foreign real estate can diversify an investment portfolio with an extra income source, such as rental yields or reselling of the property. Alternatively, it can also be a safe haven for the investor and their family.

3. Many countries offer investment programs such as the Golden Visas, allowing investors to obtain residency or even citizenship by purchasing real estate.