There are many reasons you might consider purchasing a home in another country. Maybe you’re looking to stretch your retirement nest egg by moving to a country with cheap homes and a low cost of living. Or, maybe you want to make money by investing in property overseas.
Regardless of why you might buy a home abroad, it’s important to remember that real estate market trends can help you decide on the right foreign country for you.
Based on data from the International Monetary Fund (IMF), GOBankingRates identified 15 nations where home prices are falling the fastest. Falling home prices are something of a double-edged sword, both providing a chance to buy at a discount while also indicating that a home in that area might not be a great investment. However, for those buyers primarily interested in getting the best possible price, these could be locations that warrant serious consideration. Click through to see the countries that are getting cheaper for prospective homebuyers.
Real House Price Annual Percent Change: -0.29 percent
Turkey has long been known as the gateway between the East and the West, and taking up residence in this nation steeped in world history is now that much easier after home prices ticked down at an annual rate of 0.29 percent in the most recent quarter. In fact, a recent GOBankingRates study found that Turkey is one of the best countries to buy investment property.
Real House Price Annual Percent Change: -0.35 percent
With plenty of mountain scenery to go around in this Andes nation, buying a home in Chile could be a great option for either a vacation home or a permanent residence, especially for Spanish speakers. And, home prices are declining, meaning it could be even cheaper by the time you buy.
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Real House Price Annual Percent Change: -0.86 percent
If the high Alps and minimally-regulated banking are your thing, moving to Switzerland could be for you. And although Switzerland might not spring to mind when you’re thinking of countries with cheap homes — it’s actually one of the most expensive countries to live in, according to a separate study — it’s worth noting that prices are on the decline. So if you’re looking for a location for a European ski chalet, the Swiss could hold your answer.
Real House Price Annual Percent Change: -1.22 percent
The North African, Mediterranean nation of Morocco is among the cheapest countries in the world to live. And if recreating scenes from “Casablanca” in Casablanca without spending too much sounds like a lot of fun, you might be in luck: Housing prices there are on the decline.
Real House Price Annual Percent Change: -1.23 percent
The nation of Italy is world-renowned for its legendary food and wine, but what might not be as well-known is its improving buyers market for housing. Prices are dropping at a rate of 1.23 percent annually as of the most recent quarter.
Real House Price Annual Percent Change: -2.95 percent
You can enjoy the natural beauty of Vietnam and the Mekong Delta for less today than you could a few months ago. That’s because home prices are currently falling at a rate of nearly 3 percent year-over-year.
Real House Price Annual Percent Change: -3.03 percent
This would be one nation where housing is getting more a-fjord-able by the minute. The price for a house is currently dropping at over 3 percent a year. And on the plus side, Norway is one of the happiest countries in the world, according to the 2018 World Happiness Report.
Real House Price Annual Percent Change: -4.34 percent
Purchasing a house where you can enjoy views of the Balkan Mountains or the banks of the Danube is getting cheaper and cheaper, with home prices currently falling at a rate of 4.34 percent as of the most recent quarter.
Real House Price Annual Percent Change: -4.42 percent
Whether you’re interested in the beaches of Rio or the rainforests of the Amazon basin, Brazil is one nation with a lot to offer its residents. And if making your home there sounds appealing, know that you’ll be getting a chance at a better deal as home prices are currently declining at over 4 percent a year.
Real House Price Annual Percent Change: -5.31 percent
This central Asian nation is actually the 10th largest in the world, with a land area of 2.7 million square miles — roughly four times the size of Texas. If you choose to buy a home there, enjoy the fact it’s also one of the most tax-friendly countries in the world, according to a separate study.
Real House Price Annual Percent Change: -5.46 percent
One of the most geographically diverse countries in the world, Russia offers a wide variety of places to call home from St. Petersburg in the west to Vladivostok in the east. And home prices there are currently on the decline, dropping at an annual rate of almost 5.5 percent at last measurement.
4. United Arab Emirates
Real House Price Annual Percent Change: -8.55 percent
Home to the cities of Abu Dhabi and Dubai, the United Arab Emirates is one Persian Gulf nation where the cost of a home is on the decline. House prices are currently falling at an annual rate of 8.55 percent.
Real House Price Annual Percent Change: -10.14 percent
Whether you want to enjoy local delicacies like deep-fried guinea pig or see the Andes by way to the Inca trail, the mountainous nation of Peru has a lot to offer. With home prices falling at over 10 percent annually right now, odds are good that you’ll find a decent price on a house.
Real House Price Annual Percent Change: -11.55 percent
Home to just 2.3 million people, the Persian Gulf nation of Qatar might be one place you could consider buying a home in. And you would likely be getting a decent price, as home prices are currently on the decline at a rate of over 11.5 percent annually.
Real House Price Annual Percent Change: -17.13 percent
Known globally for its fertile wheat fields and the city of Kiev, Ukraine might also have another important title: home to the fastest-falling home prices. Falling at an annual rate of over 17 percent, you should be able to secure a good value if you’re planning to buy there.
Click through to see 32 insider tips for buying and selling a home.
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Methodology: GOBankingRates pulled this list of countries where home prices are falling from the International Monetary Fund. Prices show annual percent change (2018: Q1) and ranked the countries from largest percent decrease in housing prices to smallest percentage decrease in housing prices.