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Cheapest property in the world

Discussion in 'Buying Overseas Property' started by Susie sheep, Aug 12, 2010.

  1. Susie sheep

    Susie sheep New Member

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    Just wondering, what is the cheapest property anyone has bought?

    I know that in these tough economic times there are a lot of bargains out there, it would be interesting to know how cheap you can get a property now. I bought a condo in Florida earlier in the year for $40,000 which I was very pleased with and I am making a good yield on it, I have already been offered $65,000 for it.
    Are there deals in places like Dubai where the market has collapsed?
    My ex boyfriend bought a property in Detroit for only $10,000 but he has had problems with it. Probably best to stay away from ghettos.

    At the moment I am trying to win the whole world of property competition for the condo in Las Vegas. If I win that condo then it would only cost me five pounds! Now that would be a cheap property.

    Let me know if anyone has any success stories of buying properties insanely cheap.

    Susie:wavey:
     
  2. syebba

    syebba New Member

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    Now's the time to buy if you have the funds.
    Look for distressed sellers & negotiate hard.

    I've just bought a 731m2 land plot in kotor bay in montenegro,with planning for 6x2 bed apts[75m2 each apt],584m2 of build + terraces.5om air distance from the fjord,fantastic views,water,elec,road all there.

    Was up for 400e m2 @ 292,400e,i paid 133.37e m2=97500e.
    Thats a reduction of 194,900e.
    Don't believe estate agents about below market value,do your own research so you know the history of prices in your chosen area,you'll then be better placed to spot a bargain.

    In other words buy when every one else is'nt,if your reasonably sure the market will return in your chosen destination.:smokin:
     
  3. Spyglass

    Spyglass New Member

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    i think the best value in the world has to be the US, we are buying at 80-85% less than peak pricing, eg a condowhich sold in the peak at $190k can now be bought for $20k. There are probably stuff cheaper but buying in a safe, regulated country with transparent property laws and a established secondary market at these prices is great.
     
  4. mortagage

    mortagage New Member

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    About 5 years ago a friend brought a mill in rural France for £12,000. Not as cheap as some of the properties bought but it is beautiful and was structurally very sound.
     
  5. Spock

    Spock New Member

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    Asia is a big place, can you be more specific... country, region, town, neighbourhood? Thanks
     
  6. Spock

    Spock New Member

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    There are places in the US where you can gain title to entire blocks for little more than agreeing to pay taxes. A lot will have to change, though, before you see positive moves. Redeveloping this property alone is likely not enough to generate profits. States like Florida, Nevada, California have some great opportunities for regrowth if you get the neighbourhood right.

    What areas have you looked at and what neighbourhood did you buy in? Other than it being really cheap, what convinced you to buy there? Thanks
     
  7. Arcachon

    Arcachon New Member

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    Brought my 2 bedroom in Singapore for S$535,000 in June 2006, valuation by Citi Bank in June 2010 at S$1.25 million.

    Very fortunate did not buy anything while in US from 2001 to 2005 else under water now.
    :adore:
     
  8. mortagage

    mortagage New Member

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    How much would you be expecting to pay for a property in South East Asian countries for example and what do you get for your cash there?
     
  9. anglachanka

    anglachanka New Member

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    The cheapest ever I think

    I bought 2 houses in Bulgaria in 2005.

    The one I lived in cost 1,000 GBP and had 2 bedrooms and living room plus extension, a verandah and rooms for a bathroom and kitchen to be installed. I also had a barn, outbuildings, cellar and huge loft space plus 1,000 sq metres of fenced garden.

    The 2nd is a derelict hosue sitting on 1,000 sq metres of garden which I bought for 500 pounds for the land alone.

    Both nicely situated in a village and I eventually sold house number one for 20,000 pounds and bought another, where I now live, for 3,500 pounds in a town rather than a village.

    Factor in any renovation costs and with a careful eye you can find real bargains in BulgariaIt is lovely here and, having been here for almost 6 years, I can see the vast changes and improvements being made on a daily or weekly basis.

    Beautiful country, great almost organic food, cheap cost of living and lovely friendly people...what more could one want?
     
    Last edited by a moderator: Jan 21, 2011
  10. TKline

    TKline New Member

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    The thing is just because property is cheap doesn't mean it can't fall again in price. Here's an interesting blog article about global house price crashes, which countries have been impacted so far and which ones haven't.

    <snip>

    I'd be very wary about buying in Australia or Canada right now for a start! On the surface property might seem cheap in some countries, but that doesn't mean you're getting a bargain.....
     
    Last edited by a moderator: May 15, 2011
  11. mortagage

    mortagage New Member

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    Wow, Bulgaria sounds really promising.
     
  12. Veronica

    Veronica Administrator

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    If you want cheap property in the middle of nowhere which needs a fortune spending on it to make it habitable, which then makes it too expensive to be able to resell because of the lousy location, then I suppose Bulgaria is promising:biggrin:
     
  13. mortagage

    mortagage New Member

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    OK, so I was taken on by anglachanka - I guess it there is alwas a few sides to the story, and nothing matches personal experience!
     
  14. anglachanka

    anglachanka New Member

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    I don't live in the middle of nowhere in Bulgaria.
    I live in a small country town as opposed to a village... we have 2 banks, post office, 2 small supermarkets, pharmacy, 2 hairdressers, cafes, school, medical centre, dentist and vet.
    Hardly a place with no facilities. My 3,500 pound house is on mains water and drainage, I have broadband internet plus all other utilities.
    It cost about 10,000 pounds to renovate and is now exactly as I wanted it with fitted kitchen, super shower room (not wetroom), 2 beds, living room, porch and verandah.

    When I did live in a village I found that I could get most things in the local shops, simply by asking if they would stock them...like eggs which they didn't have at first. There were good bus links to the nearby toens of Lom and Montana plus a coach twice daily to Sofia...so really it is a question of doing your research carefully, knowing exactly what you want and then looking for it. See it in all seasons, get to know the local residents and then life really is what you make it.

    I can't stand people who whinge and moan about how dreadful a place is after they have moved there ....why didn't they look at it properly in the first place?

    Sorry, I have little sympathy with those who come unstuck or profess they are bored because it is too quiet etc etc.... you really have to know yourself, what you would be happy with and don't settle for less. To live in a tiny isolated village you have to be comfortable in your own company, make sure the links to other places are good and as frequent as you need and that you are able to amuse yourself during the cold winter months.

    I have lost two sets of aquaintances...both back to the UK. One couple missed their social life...theatres etc and the 2nd couple were simply bored stiff in the winter.
    Should have known that before they came!!!.

    I seem to be always busy winter or summer, 7 dogs, 2 cats and 2 rabbits, plus I like interior decorating and design, music, reading, knitting, cooking and experimenting with food ( I can now make a credible brown HP like sauce), exploring the surrounding countryside and meeting people, using the internet and watching some TV...who has time to be bored? not me.
     
  15. Michelle Alden

    Michelle Alden New Member

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    Its places where people never even bother to look, places such as Central America, Some Parts of Asia and Central Africa.
     
  16. expo09

    expo09 New Member

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    Wow, didn't realise things had dropped that much in the US. Here, in the UK something that was $190,000 would still probably be about $170,000 or more.
     
  17. frankzen

    frankzen New Member

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    Don't worry about Canada. There are NO bargains here now! Tougher mortgage regulations here prevented any property crash.
     
  18. msa

    msa New Member

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  19. lalo27

    lalo27 New Member

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    Check the Asian market: Cambodia, where I live, is moving fast out of the crisis and there is some interesting deal now here.
     
  20. Peterbda

    Peterbda New Member

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    Hi All,

    I think the USA has a long road ahead before we see any type of increase. I think the USA after researching various states is over saturated. As far as rental properties be careful of condos, HOA, reserves etc.

    I am researching Bulgaria right now, although it appears you have to be very very careful before purchasing regarding title and Act 15 and 16 completion condos only. I am looking for something in Bansko, a ski resort, prices range from 10,000EuR to 38000EUR for 1BR 40Sqm to 68SqM. Pretty good for a ski resort where you can ski in and out. This is before negotiating price. I plan on getting a lawyer, and I am looking for a reputable real estate agent as even these can somewhat be dishonest and not tell you the true story regarding a property. I will not transfer funds to real estate agents or other middle men, it goes to my lawyer in an Escrow account.

    I am interested in speaking with anyone regarding real estate and contacts for lawyers, real estate agent and rental management companies in Bulgaria for purchase of a rental unit in Bansko.

    Please email [
    Thanks for all the hints on this site
     
    Last edited by a moderator: Mar 28, 2011
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