The 8 most affordable countries to buy a vacation home

Having your own vacation home means you can vacation anytime you want. But with rising real estate prices and mortgage rates in the United States, your dream of a second home may be waiting for you beyond the country's borders. Investing in a home overseas can initially present legal challenges - always work with a local certified real estate agent and lawyer to close the deal. But it also has many benefits: immersing yourself in a new culture, always having a private vacation spot that you don't have to share with anyone, and in some cases you can get a second citizenship. Not to mention that investing in real estate abroad can also generate additional income if you decide to rent it out.

To help you narrow down your search for an affordable vacation home abroad, we talked to professional brokers from around the world and compiled eight of the best, most affordable and dreamy destinations to consider when looking for a home.

Portugal

Portugal has become a popular vacation destination over the past few years. The country gets over 300 days of sunshine and delights visitors with immaculate sandy beaches, delicious food (and wine), charming small villages and a fascinating culture. The Algarve region in the south of the country has become a popular destination for second homes thanks to its stunning scenery, moderate cost of living and plenty of opportunities for outdoor activities. "The most popular areas for property investment in the Algarve are usually in or near the coast, such as Vilamoura, Carvoeiro, Lagos and Albufeira, where there is a high concentration of resorts, golf courses and other amenities. However, the region also has many smaller towns and villages where buyers can find more affordable options for a more relaxed lifestyle," said Sandra Vicente of Portugal Sotheby's International Realty.

St.

Divided between France and the Netherlands, this picturesque island in the Caribbean offers an eclectic mix of cultures and traditions against a backdrop of white sandy beaches and green mountains. But for those who would like to visit St. Maarten for more than just a weekend getaway, the island offers many opportunities to buy a vacation home without spending a lot of money. St. Maarten Sotheby's real estate agent Harrison Drouin-Reed said there are several reasons for this, including the high level of available properties, competition between markets on the two sides of the island and tax incentives. He also noted that potential buyers can find condos priced as low as $200,000 on the Dutch side of the island and about $107,000 for a small studio on the French side, where prices tend to be a bit higher.

Crete, Greece

As Greece's largest island, Crete offers many amazing sea views, dramatic landscapes and secluded locations where vacationers can enjoy privacy and tranquility. "Crete is also known for its rich history and cultural heritage, and is home to some of the most impressive ancient ruins in the world, as well as museums and cultural attractions that will satisfy culture lovers," Marios Pavlakis, Athens-based real estate agent at Sotheby's International Realty, shared with T+L, pointing out that Knossos, named the oldest city in Europe, is close to Crete's capital, Heraklion. Pavlakis explained that although the real estate market on the island is experiencing a surge in interest, you can still find a bargain, especially in areas such as the southern part of Crete, which attracts fewer crowds. He said the average price per square meter is 6,429 euros (or about $636 per square foot), but can go as low as 2,727 euros (or $270 per square foot).