5 Exotic Places Where You Can Buy Cheap Real Estate Now

Imagine walking down cobbled streets lined with century-old buildings, with a view of the sea in the distance. And you're not on vacation or in a dream - this is your home. (And it didn't cost you much.) If you've ever dreamed of buying an affordable home abroad and moving there to live as an immigrant, 2023 is a great time to buy property at cheap prices around the world, according to Ronan McMahon, an international real estate expert.

"There are fewer and fewer quality properties in highly rated locations, but at the same time demand is skyrocketing," McMahon told me in an interview. "We can still buy at a big discount compared to other popular destinations and real estate in the U.S., but that window is closing."

With more than two decades of experience and more than $2 billion in transactions, McMahon knows the pulse of the global real estate market better than anyone. He is the editor of Real Estate Trend Alert (a publication tracking the best places in the world to invest in real estate), a trusted contributor to International Living, and the author of three books on international real estate. At the recent International Living conference, McMahon unveiled his new special report, "Best Places to BuyReal Estate in the World 2023," in which he shared his top real estate picks around the world for 2023. He also shared his recommendations for buying real estate abroad and living abroad.

According to McMahon, when it comes to buying real estate overseas, there is no magic formula.

So, what's so great about buying real estate overseas and living abroad? "For me, it's the perfect path to freedom - both financial and personal," McMahon says. "Freedom to move where you want to go, when you want to go. Freedom from worry and stress, not having to worry about what's going on in the stock market or the 24-hour news."

Here are the top five best places to buy affordable real estate around the world that McMahon recommends: