Living on the coast: comparing real estate in different countries

There are many countries in the world where you want to live. And who does not dream of settling near the ocean or sea? Buy an apartment or a house on the coast and breathe in the salty air every morning, wake up to the screams of seagulls, walk on the evening beaches ...

Today we will tell you about the prices for housing on the coast of different countries of the world and the peculiarities of purchasing real estate by foreigners. We hope by reading this article you will be one step closer to buying your dream.


USA

The US has two main "beaches" states: California and Florida. Coastal mansion prices in cities such as Santa Monica (near Los Angeles) and Key West (on the Florida Islands) run in the millions. So, in San Francisco, the average price of a house is $ 1,102,000, while the state average price is $ 500,200 (about $ 5,000 per m2). But Florida in general is a "cheaper" state, the average housing price here is $ 193,000. For example, an 83 m2 condominium in Naples on the west coast of the peninsula will cost you $ 50,000, while a 118 m2 condominium, but in Miami Beach with ocean views - 10 times more expensive. Among the coastal cities of the United States with the most affordable real estate prices, Atlantic City in New York state (average price - $ 52,250) is worth highlighting, in Florida, these are Clearwater, West Palm Beach, and Jacksonville (about $ 170,000), Fort Pierce ($ 155,000), Daytona Beach ($ 136,000) and Miami ($ 275,000). Prices are also relatively affordable in the Texas cities of Corpus Christi (average $ 240,000) and Galveston ($ 224,000). In Virginia, this is Norfolk ($ 179,000), in Maine - Portland ($ 279,000).


What you need to know when buying a home in the USA:

1. To purchase, you need to find a realtor, present your passport, the required amount of money, and the current account from which you will transfer this money.

2. You can take a loan for the purchase of real estate up to 50% of the cost of the housing, with the interest usually being 2.8%.

3. The commission to the real estate agent (5-6%) is paid not by the buyer, but by the seller.

4. Part of the expenses for the purchase of real estate (from 1% of the total cost) is paid by the buyer.

5. There is an annual property tax in the United States. The amount varies in each state and even within states, from 2.076% in Bergen County, New Jersey to 0.251% in Hawaii.

6. Some housing has additional taxes and fees. Condominiums pay general taxes, while luxury mansions pay monthly fees of several thousand dollars. In Miami, for example, monthly service charges range from 82 cents to $ 1.20 per square foot (0.092 m2).


Canadá

Out of all the countries in our survey, Canada is the least "beachy". The most attractive regions in this regard are British Columbia and  Vancouver on the Pacific coast and Quebec, Prince Edward Island, Nova Scotia, and New Brunswick on the Atlantic coast.

The average price for housing in New Brunswick is about $ 180,000, on Prince Edward Island - $ 188,000, in Vancouver - $ 1,110,000, British Columbia - $ 753,000, Quebec - $ 300,000, Nova Scotia - $ 250,000. Average home price in Canada - $ 530,000. If we take the minimum prices, then for $ 60,000 you can buy, for example, a small two-storey house on the coast in Nova Scotia. Or in the same place - a three-story French-style chateau overlooking the ocean for $ 2.6 million. But on Vancouver Island, a modest house by the ocean will cost $ 170,000. A house for $ 2.5 million resembles a mansion, but rather a solid cottage. Mansions here are closer to $ 8-9 million.


What you need to know when buying real estate in Canada:

1. The rules for buying real estate differ across the country, so it is important to learn about them when choosing a specific region.

2. Each province has a different limit on the amount and type of land that can be privately owned. If you are not buying a new home from a construction company, you need to register with a real estate agent (realtor).

3. In Canada, there is an annual tax on residential real estate, which in different regions varies from 0.5 to 2% of its value.

4. Since 2017, all non-residents who purchase housing in the Golden Horseshoe region (this includes Toronto, Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington, and York) pay 15% speculative tax.

5. Non-residents can take out a loan to buy housing, but this usually requires an initial payment of 35% of the total  cost.

6. Other taxes payable by the buyer include land tax (0.5-2%), 6% goods and services tax (GST), 0.5-1% legal fees, and other fees depending on the region. On average, the buyer pays an additional 7-14% of the purchase price.

7. The seller pays the commission to the realtor (3-7%).


México

The Pacific Ocean, Gulf of Mexico and the Caribbean Sea - Mexico has no shortage of beautiful coastlines. But the most colorful, exciting and developing is Mexico's youngest state, Quintana Roo, on the east coast of the Yucatan Peninsula. Property prices are more than attractive compared to neighboring countries, and the climate and beaches are perhaps the best in the western hemisphere.

The average cost of housing in Cancun, for example, is $ 1300-1800 per m2, in Acapulco - $ 600-900, in Tulum - $ 1500-1600, in Playa del Carmen - about $ 1300, in Veracruz - about $ 700. A house with 3 bedrooms in Cancun will cost an average of $ 180,000, a condominium here can be bought from $ 90,000 to several millions, in Playa del Carmen such a house will cost $ 200,000-300,000, approximately the same prices for condominiums; in Tulum, a house can be purchased even from $ 120,000, and for $ 2 million - a luxurious villa in a protected part of the peninsula on the Caribbean Sea.


What you need to know when buying a home in Mexico:

1. Due to certain historical events, foreigners are prohibited from buying real estate and land in Mexico within 50 km from the coast and on the islands. But there is a solution: through a bank trust (fideicomiso) or a corporation.

2. Find a good real estate agent: he will help save time and money on paperwork and obtaining numerous certificates and permits.

3. The down payment is usually 5-15% of the property value.

4. Expenses for registration of the transaction on average - 6-10% of the value of the property.

5. The real estate agent's commission is usually paid by the seller

6. In the Mexican real estate market, cash sales are encouraged.

7. Property tax in Mexico is extremely low - from $ 40 to $ 120 per year.

8. The purchase of housing in the amount of at least $ 200,000 entitles you to apply for a residence permit for lines up to 4 years.


Example of a two-bedroom condo in Puerto Aventuras, Mexico

Пример квартиры на две спальни в Пуэрто Авентурас, Мексика

Thailand

Thailand attracts people with its good house prices and the ability to buy it in installments. So, many developers allow paying immediately 50% of the cost and pay the rest over the next 1-5 years with 5-7% interests per year. In Pattaya, a condo with an area of 25-30 m2 can be bought for $ 28,000-40,000, and a 3-room house here costs from $ 42,000. Phuket is more expensive: condos here start at $ 59,000, and villas from $ 80,000. In Koh Samui, for $ 111,000 -130,000, you can buy a decent villa. Unfortunately, low housing prices are due to the non high quality of life in the country and the climate - it rains here for almost half a year.


What you need to know when buying a property in Thailand:

1. In condominiums, the developer can sell to foreigners up to 49% of the living space, the remaining 51% is allowed to rent for up to 90 years.

2. A non-resident can buy a house, but the land under it is not sold but is rented out for a long-term lease up to 90 years.

3. Thai banks do not issue loans to foreigners for the purchase of the real estate.

4. Buyer and seller usually split taxes in half. On average, it costs a buyer 2-3% of the property value.

5. Buyers do not pay for real estate agency services.

6. When buying real estate, a one-time fee is paid to the amortization fund ($ 15-20 per 1 m2).

7. Real estate owners pay for the maintenance of the adjacent territory - $ 50-500 per month, depending on the type of real estate (the amount is paid annually with a year in advance).

 

Israel

Israel has access to four seas, but the largest cities are located on the Mediterranean coast. In Tel Aviv, housing prices range from $ 8,000 to $ 14,000 per m2, so a 90m2 condo costs approximately $ 1 million or more. In Netanya, prices are half as low, a square meter of the area here costs $ 3.5-4,000. A villa of 300 m2 here can be purchased for $ 780,000-1,100,000. In Haifa, prices per m2 range from $ 2800 to $ 5000. $ 365,000 - 420,000 is the average price of a 90 m2 condo.


What you need to know when buying real estate in Israel:

1. Israel has private and public lands. Moreover, private land is only 8% of the total area. Private land can be sold, public land can only be leased (for 25, 49 or 99 years), with permission from the Israel Land Management Institute.

2. When buying housing, a lawyer must be present (his services cost 0.5-1% of the cost of the object). It is also advisable to use the services of a real estate agent.

3. When signing the contract, 10-30% percent of the property value is paid.

4. To make a purchase, you need to open an account with an Israeli bank and show the bank confirmation of the source of the funds.

5. Israeli banks issue mortgage loans to non-residents at 5-6% per annum, but not more than 50% of the value of the real estate.

6. There is no property tax in Israel. There is only a tax on the acquisition: for housing worth up to € 1.3 million, it is 8%, and for purchases from € 1.3 million - 10%.

 

Australia

Housing prices in Australia are growing from year to year. But practically all

the largest cities are located on the ocean coasts. Pacific or Indian - choose for yourself. The most expensive cities in the country are Sydney and Melbourne. Average house prices look in the following way:

City Average house price Average apartment price

City Average

house price

Average apartment price

Sydney

$920 000

$690 000

Melbourne

$665 000

$495 000

Brisbane

$504 000

$385 000

Adelaide

$436 000

$350 000

Perth

$495 000

$410 000

Hobart

$360 000

$285 000

What you need to know when buying real estate in Australia:

1. Non-residents can only buy new properties. If you have a temporary visa, you have the opportunity to buy a new home for yourself and investments, and housing in the secondary market is only for personal accommodation. At the same time, you have no right to rent out, and in case of leaving the country at the end of the visa period, you must sell housing within 3 months.

2. The Temporary Resident must obtain an Established Dwelling Certificate, to buy housing on the secondary market.

3. To complete the transaction, you need a notary or a lawyer licensed in the state where the property is located.

4. Non-residents and temporary residents must get special permission in Foreign Investment Review Board (FIRB). To do this, they need to pay a fee, the rate of which depends from the purchase amount:

- $ 1 million or less: $ 5,000

- from $ 1 million to $ 1,999,999: $ 10,000

- from $ 2 million to $ 2,999,999: $ 20,000

- $ 3 mn and more: $ 10,000 for every $ 1 million.

1. The cost to the buyer of the property usually makes up about 5% of its cost.

 

 

Spain

Spain is not a bad country to buy real estate. Average the price per square meter of housing in Spain is € 1,525. The most expensive housing in Barcelona - € 4,100 per m2, the cheapest is in Alicante (€ 1350), Tarragona (€ 1000-2400), Valencia (€ 1500-2400). For example, a one-room condo can be bought for € 35,000 in Alicante, from € 70,000 in Malaga, and € 90,000 in

Valencia. A 3-room house is available from € 30,000 in Almeria to € 44,000 in Valencia and € 100,000 in Alicante. Moreover, the average price of housing in the country is € 249,000.


What you need to know when buying real estate in Spain:

1. When buying real estate in Spain for over € 0.5 million any non-resident has the right to obtain a residence permit in this country.

2. The buyer must open a bank account in Spain and confirm the official source of income.

3. Real estate must be registered in the property register Registro de Propiedad.

4. Taxes and fees are charged:

- VAT (10% for primary real estate and the national average 7% for secondary)

- 1% stamp duty

- 2% government fees and notary services

- 1% lawyer's fee

- 3-5% realtor's commission

5. Please note that resale properties often reside in a deplorable state, and all communications have to be reconnected. Plus, due to corruption in the construction sector, there are about 100,000 objects in the coastal zone where construction is prohibited. Some of them have even started to demolish, so be careful and check everything.

 

 

Greece

The average price per square meter of housing in Greece is from € 1,160 to € 1,300. A 1-room condo with sea views and up to 40m2 at prices starting from € 37,000 in Sithonia, € 40,000 in Evia, € 48,000 in Kassandra, from 69,000 in Corinth. A house near the sea with an area of up to 100 m2 can be bought from € 65,000 in Thessaloniki and Kassandra, from € 145,000 in Lefkada, and for € 160-170,000 you will find very decent houses in many regions of Crete. For € 1-2 million, you can become the owner of a luxury villa by the sea.


What you need to know when buying a home in Greece:

1. By purchasing real estate in Greece for € 250,000 or more, you get a five-year residence permit. At the same time, the residence permit receives the whole family of the buyer.

2. The buyer must obtain an individual tax number and open an account with a Greek bank.

3. When signing the contract, the presence of a notary and a lawyer is required.

4. Prepayment to the seller is usually 10-20% of the cost of housing.

5. It is almost impossible to get a mortgage in a Greek bank for foreigners.

6. When buying real estate in the border regions of the northern and eastern regions of the country, you must obtain permission from local governments.

7. Purchase costs:

- tax on the transfer of ownership (3.09% for the primary housing market, if the building permit was issued before 01.01.2006, as well as for the objects of the secondary housing market; 24%, if the building permit was received after 01.01.2006). 

- lawyer's fee (1% of the cost) 

- notary fees (1-1.5% + € 500 for preparing a contract)

- real estate agency commission (0-2%)

8) Owners of real estate pay a single tax on real estate annually. It consists of two parts: the first depends on many factors and is € 2-13 per m2, the second concerns real estate worth more than € 200,000 (€ 200,000 - 0.1%; € 250,000 - € 300,000 -0.15% ; € 300,000 - € 400,000 - 0.3%, etc.). Preferential categories of citizens are exempt from paying the single tax.

 

Cyprus

Cyprus is also attractive in terms of property purchases. For example, a 1-room condo up to 40 m2 with a sea view can be bought from € 29,500 in Paphos, from € 39,000 in Famagusta, from € 45,000 in Kyrenia, or € 115,000 in luxurious Limassol. A small house up to 100 m2 with sea views will cost you from € 38,000 in Kyrenia, € 78,000 in Alsancak, € 139,000 in Paphos, and from € 268,000 in Limassol. And for a couple of millions, you will become the owner of a huge designer villa by the sea. At the same time, the average price of 1 m2 of real estate in Cyprus is € 1,200.


What you need to know when buying real estate in Cyprus:

1. When buying a home in Cyprus for an amount of € 300,000 or more, you get a temporary residence permit in the country, and a few years later - a permanent residence permit.

2. To purchase real estate, you need to open a bank account in Cyprus.

3. After choosing a property, a deposit of 1-2% of the cost of housing is paid.

4. Within a month after making the deposit, a sales contract is signed. A lawyer must be involved in the execution of documents, for whom the General Power of Attorney is drawn up.

5. When signing a contract, usually 30% of the cost of the object is paid. The rest of the money is paid upon issuing the keys.

6. Purchase fees and taxes:

- stamp duty (about 0.2%)

- VAT (19% for houses for which a building permit was obtained before 01.05.2004, VAT refund is possible when purchasing the first property)

- lawyer's fee (1% + VAT)

- fee for the re-registration of the right to real estate (up to € 85,000 - 3% of the value of the object; € 85,000- € 170,000 - 5%; over € 170,000 - 8%)

 

As you can see, there are thousands of options. Among them, Mexico compares favorably with low prices, ease of purchase, a huge selection and an extremely beautiful coastline. We wish you to find your ideal home and enjoy life by the sea.

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