In the most expensive real estate market in the world, Monaco, you can buy just one square meter of housing for 50,000 euros. However, there are many picturesque coasts where it is possible to purchase a good, new, modern apartment with finishes and furniture for this amount and even cheaper. Let's tell you about the main directions that are already popular with foreigners (we'll leave the exotic behind the scenes for now).
Considering the countries / regions for the selection, we limited the budget: from 20,000 to 100,000 euros, the age of the houses: either new buildings or secondary housing no older than 10 years, as well as the distance to the beach: from 300 to 1000 meters. Since we are focusing on more affordable real estate, then, of course, we are not talking about the first line. Hotels or expensive complexes are usually located directly by the sea. On the other hand, it's too much for a resort apartment to be a kilometer away from the water, although there are exceptions: for example, when a residential complex offers a shuttle service to a bathing area or when its own infrastructure with twenty pools covers the distance from the shore.
We emphasize that when buying resort housing, you need to be clear about how often and in what way you can come to the apartment, how much it will cost to maintain it, who will look after your property in your absence (preferably, if there is such a person), whether you can easily sell the property if necessary, whether you can rent her, if you want.
If all the questions have been answered and you have found an agency that you trust, then go ahead. Perhaps this summer you will be able to enjoy your vacation in your apartment!
Hurghada, Egypt
The record holder in our selection of affordable resort accommodation is, of course, Egypt and its famous Red Sea resort Hurghada.
The city and its attached suburbs stretch for many kilometers along the coast, and absolutely all real estate offered to foreigners is no further than 1000 meters from the beaches, and more often no further than 500 meters.
Let's start with the new buildings. The cost of studios, depending on the location of the project and the quality of the compound (residential complex): from 20,000 dollars, 30,000 dollars, one-bedroom apartments from 30,000 dollars, 40,000 dollars, two-bedroom apartments from 40,000 dollars. Developers provide interest-free installments until the end of construction, and sometimes even after the house is commissioned. In some cases, the contract is designed so that installment payments can be made in local currency or in dollars, deciding which is more profitable before each transaction.
Secondary housing in Hurghada is even cheaper, but it is worth entrusting the organization of the transaction to an experienced agency focused on clients from abroad.
If the budget is very severely limited, it makes sense to consider the young promising area of El-Ahiya, which has developed a representative Russian-speaking community in recent years (in fact, as well as in Hurghada as a whole). El-Ahiya is located 15 minutes away by minibus from the center, but the infrastructure here is already well developed and there are free beaches (they are paid in many places in Hurghada). A ready-made two-bedroom apartment in El-Ahiya can be bought for just $20,000.
Property maintenance in Hurghada
In an ordinary house, not a compound, that is, without a territory with a swimming pool and landscaping, the fee will be small, 5-10 dollars per month. The situation is different with compounds, and it is necessary to find out before buying how much the contents will cost. The average amount is $500 per year, but it can reach up to $2,500.
Visa
Russians purchase a tourist visa for a month at the airport for $25 and can extend it for another 2 months at the visa office. The purchase of real estate is the basis for a long-term visa, which allows you to stay in the country continuously for up to a year.
The Egyptian authorities are seriously aiming to attract investors from abroad, and are taking consistent steps to make the market as transparent and secure as possible. So, A single state-owned Internet platform has recently been launched, bringing together key players, including real estate agents, developers, financial institutions and government agencies.Foreign home buyers are protected by law. Developers take a very responsible approach to the deadlines for the completion of facilities in order not to fall under state sanctions.How to get there?
There is a direct flight service between Russia and Egypt. There are flights to Hurghada from several cities.
Mersin, Turkey
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The most accessible region on the Mediterranean coast of Turkey Mersin. The province stretches for 321 km along the sea, and the lion's share of offers is no further than 600 m from the beaches.
Over the past few years, Mersin has become popular with foreigners, ranking third in terms of real estate sales to non-residents after Istanbul province and Antalya Province, which includes the beloved Alanya.Most of the buyers of housing from abroad are Russians. There are also many Ukrainians, Kazakhstanis, and Azerbaijanis. Some areas of Mersin are already known as "Russian-speaking".
What is the appeal of the moment? The real estate market has been stagnating for more than a year after several years of boom, and a buyer's market has been established. There are many excellent options with discounts of up to 15-20% from the owners and offers with a discount and good conditions from developers. If it is a resort apartment that you need and you have no intention of moving, then now is the right time. However, it should be borne in mind that renting an apartment to tourists is unlikely to work, as the authorities introduced strict, in most cases impossible, requirements for short-term rental properties at the end of 2023.
The cost of studios in Mersin in new buildings with delivery this year starts from 37,000 euros. The minimum budget for buying a one-bedroom apartment 500-600 meters from the sea, including decoration and furnishing, is $51,000.
In the finished new building on the secondary market, one-bedroom apartments are offered at a price starting from $ 50,000. For 55,000-65,000 euros, you can find a great option with new furniture. Two-bedroom apartments cost from 65,000 euros, but, as a rule, they are small in size, with one bathroom. It is possible to find a spacious furnished apartment in the range of 75,000 euros per 100,000 euros.
To the purchase amount, add the tax of 4% of the cadastral price of the property, on average 500-1000 euros.
Apartment maintenance
The maintenance of apartments in Mersin is much cheaper than in Alanya. On average, the aydat is 700 1,500 lira;(up to 35 euros) per month. Payments for Internet, water, and electricity during the heating season will amount to about 70 euros per month, and about 30 euros in the off-season. The total budget for maintenance and utilities is no more than 100 euros per month.
Visas
You can stay in Turkey for 60+30 days for one half-year without a visa. The purchase of budget housing is now not considered the basis for obtaining a residence permit (for a residence permit according to TAP, the cost of an apartment should be from 200,000 dollars according to the cadastre). A tourist residence permit in the open areas of Mersin is now being issued to owners and tenants of housing, but there is still no clarity on this issue.
How to get there?
Getting to Mersin is easy, as the new Chukurov International Airport opened in the province last year. Aeroflot flies from the Russian capital to Chukurova. Sometimes flights with convenient connections in Istanbul or Antalya are cheaper.
It should be noted that in Alanya, especially in areas closed for obtaining a primary residence permit, real estate prices have decreased. If you are looking for resort accommodation, and you are not interested in a residence permit, you can choose a good option starting from about 70,000 euros.
Pattaya, Thailand
The famous Thai resort of Pattaya on the coast of the Gulf of Thailand is the capital of inexpensive vacation condominiums.
In relatively new projects with good infrastructure near the sea, you can find studios in freehold (full ownership) at a price of just under $ 50,000. For example, a studio of 25 sq. m. The apartment in Seven Seas Cote D’Azure, 100 m from the beach, is currently on sale for $45,000. One-bedroom apartments with an area of 33 sq. m. apartments in the same complex cost from 70,000 dollars.
In business-class high-rises, which are now considered the most liquid on the market, prices start at $ 2,800 per square meter. However, these are projects with several swimming pools, gyms, tennis courts, parking lots, cinemas and restaurants.
Don't forget take taxes into account when calculating the budget. In the secondary market, when buying into a freehold, taxes and fees collectively amount to 4.5-6.5% of the transaction amount. Usually, the buyer and seller divide them in half. When registering a lease (lease on 30+30+30 years) fixed tax - 1.1%. In the primary market, the buyer pays only a fee for the transfer of ownership - 2%.
Apartment maintenance
Annual maintenance costs an average of 1-2 dollars per square meter. m per month. That is, you will have to pay about $400,800 per year for an apartment of 35 square meters, depending on the scale of the condominium's infrastructure. This is a fee for the maintenance of the Management Company's office, swimming pools, halls, round-the-clock security, cleaning of the territory, and the work of a gardener. The tariff for electricity is $0.12 per kilowatt, and for water it is $1 per cubic meter. On average, you will pay $70 per month for light in a small apartment, and $8 for water.
Visa
Russians and citizens of 92 other countries can stay in the country without a visa for 90 days. For citizens of countries that do not have visa-free travel in Thailand, it is necessary to apply for a tourist visa at the consulate. It is also issued for 90 days.
Buying an apartment is not a reason to receive long-term visa.
How to get there?
There are direct flights to Bangkok (150 km from Pattaya) from several Russian cities.
Kyrenia, Northern Cyprus
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About five years ago, Northern Cyprus was really affordable even for a buyer with a very modest budget, but since then housing prices have increased significantly. The market has been booming for several years, fueled by foreign demand, but the adoption in May 2024 of a law prohibiting visitors (with the exception of Turks) from purchasing and owning more than one apartment/house has somewhat cooled it.
Note that, despite the fact that the Turkish Republic of Northern Cyprus has the status of a partially recognized state (recognized only by Turkey), it is absolutely legal and legally safe to purchase real estate here.
Offers in the range of 100,000 euros can be found in Iskel, Boaz, Gaziveren, Kyrenia, but these will be apartments from the owner. In the primary market, at the initial stage of construction, studio prices start from 130,000 euros, but you can use an interest-free installment plan.
So, in non-old houses on the secondary market, studios cost from 66,000 euros, one-bedroom apartments from 88,000 euros, two-bedroom apartments from 95,000 euros.
Taxes
The buyer must pay the transfer tax on the title (ownership rights) 12% plus 0.5% stamp duty and 5% VAT. Taxes are paid in stages. When registering a purchase and sale agreement, 6% plus 0.5% is paid, after which you need to apply to the Ministry of Internal Affairs for permission to transfer the title. After the release of the permit (it takes up to 24 months to review the application), another 6% + 5% VAT is paid.
Property maintenance
The amount of the maintenance payment depends on the configuration of the complex and the type of apartment. The average is from 50 to 250 euros per month.
Visa
It is acceptable to enter Northern Cyprus without a visa and live for up to 90 days per half-year. It is quite easy to legalize here. The purchase of real estate is considered the basis for obtaining a residence visa.
How to get there?
You can only fly to Northern Cyprus with a connection in Turkey. Ferries also run from the Turkish coast to this part of the island.
Continued in the second part of our material!
Thank you for your help in preparing the material:
Anna Rezkalla, General ManagerIdealHome, Egypt
Veronika Viktorovna, manager Homes Bay, Egypt
Ksenia Baldzhi, Executive DirectorLiga Real Estate, Turkey
Denis Babushkin,headLETO Real Estate, Thailand
Elena Umrikhina, managerLeverage Investments, Northern Cyprus
