5 affordable places to buy real estate abroad in 2024

Real estate in colorful Chania, Greece, can be more affordable and profitable than real estate in the United States. High prices, high mortgage interest rates and a dwindling supply of... Potential real estate buyers in the United States face a nearly impossible situation, and home sales are suffering for it. They are at their lowest levels in 13 years.

Instead of waiting for the market to unfreeze, those interested in buying real estate for lifestyle or investment should look to other countries where the best deals are located. As publisher of Live And Invest Overseas, I've been recommending that my readers pursue overseas real estate investments for 30 years, but my advice is more relevant today than ever before.

There are vibrant markets around the world that welcome foreign investment and even incentivize it, in some cases by offering residency and other benefits in exchange for investments above certain financial thresholds.

These are places that offer incredible value at affordable prices - especially when compared to the United States, where the average cost of a property per square foot is $221.

There are my suggestions for where to buy affordable real estate overseas in 2024.

To highlight the savings, I compare the cost of a 1,000-square-foot home in each location to the price of a property of the same size in the United States ($221,000) using average prices per square foot to make my estimates.

An ancient chain tower in the port of Kyrenia (Girne). Cyprus.

Northern Cyprus is a region and de facto state of the Republic of Cyprus, an island country in the eastern Mediterranean Sea.

Historical tensions between the north and south of Cyprus meant that until recently tourism and development focused on the south. Today relations are relaxed and business is being conducted on both sides of the border.

This creates an opportunity for real estate investors and people looking for a home abroad because prices in Northern Cyprus are more affordable and it is heading towards a tourism boom. New hotels are opening as well as casinos, golf courses and luxury yacht marinas as the world has taken notice of its appeal.

Nowadays, real estate in North Cyprus remains fantastically affordable. The best deals can be found in upcoming developments under construction, where you can buy property even cheaper than the average price per square foot I quoted.

In addition, properties in North Cyprus are traded in pounds sterling. For U.S. dollar holders, deals may be more favorable in 2024 as the pound is expected to decline in value against the dollar.