Low Price Property: The Cheapest Homes in the Worldby Matthew Pressman on 03/07/08
These days, all we ever seem to hear about is the rise in UK house prices, and that it's now harder than ever before for first time buyers to get their foot on the property ladder. However, there are still many bargain properties to be found all around the world - you just have to know where to look.
You might think that if you wanted a real bargain, you would have to head to the developing world to get it. Whilst of course there are cheap proprieties to be found in property frontiers such as Ukraine, Peru, India and Morocco, you may be surprised to hear that right now, the USA is also a land of opportunity for the property investor.
A quick search of a renowned American property website reveals some incredibly cheap properties that are available at prices normally only reserved for war ravaged nations. For example, how about a single family property in county Wayne, Detroit, which features four bedrooms and two bathrooms? With a master bedroom, living room, kitchen, basement, gas heating and veranda, this piece of real estate will set you back just £200. And that's not even the cheapest property on offer - there are houses listed for as little as $100 (£50)!
But before you get any ideas about buying up half of Detroit - remember that there's probably a very good reason why these properties are up for sale at such low prices, and those reasons likely go beyond just the sub-prime mortgage collapse. Detroit is a city long plagued by unemployment and high crime rates and has been named the most dangerous city in the USA (even though according to national crime statistics it's only the 6th worst in terms of violent crime), so anyone thinking of picking up a bargain there would be strongly advised to do their homework on the area first.
Eastern Europe is currently a big favourite with bargain property hunters, with Bulgaria attracting large amounts of investment due to its recent ascension into the EU, its attractive ski and beach resorts and of course the large amount of cheap property available. Such is the popularity that some lenders are even offering mortgages on Bulgarian property. Other former soviet states are also attracting interest to foreign buyers, with market growth in places like Ukraine and Romania expected to grow massively in the next 10 years.
So, if you really want to find a property bargain, your best bet is to forget the UK and look a little further a-field. But you better do your research before you buy; plenty of people have lost money on dodgy dealings which looked much better on paper than they were in practice!