Countries with the cheapest properties – top 10

Well, look no further. I have made a top 10 list of countries where you can save a lot of money when it comes to buying a house.

The data in this top 10 is provided by The Organization for Economic Co-operation and Development (OECD). The list operates with a ‘price-to-income index’.

If this index hit zero it means that compared to the long-term average the affordability is neither higher nor lower. For example, a negative number means property is more affordable relative to earnings than the historical norm.

Firstly, I will give you a fun fact from my own country. The average price per square meter in Denmark is €1.919. Moreover, when you buy a property in Denmark, it is a good idea to purchase an insurance called Ejerskifteforsikring (change of ownership insurance). This insurance makes sure that you will get compensation if you discover any major damages after you have bought your new house. In Denmark, Dansk Boligforsikring is the leading insurance company providing these.

I actually don’t know if you can get these kind of insurances in other countries.

All right, let’s get to the list.

Countries with the cheapest properties – top 10

Number 10 is Spain

In the country in southern Europe, the average price for a 120 sq. m. property is €3,630.

If you want to rent, the average price is €1,423.

Price-to-income index: 7.

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Number 9 is Greece

We stay in southern Europe. Here, the average price for a 120 sq. m. property is €3,536.

If you want to rent, the average price is €1,016

Price-to-income index: 2.83.

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Number 8 is Finland

We move to northern Europe where Finland is located. Here, the average price for a 120 sq. m. property is €6,785.

If you want to rent, the average price is €2,459.

Price-to-income index: -1.22.

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Number 7 is Portugal

Once again, we go back to southern Europe to Portugal.

We move to northern Europe where Finland is located. Here, the average price for a 120 sq. m. property is €1,769.

If you want to rent, the average price is €770.

Price-to-income index: -4.97.

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Number 6 is Switzerland

Let’s move on to the middle of Europe, where Switzerland is located. Here, the average price for a 120 sq. m. property is €11,306.

If you want to rent, the average price is €3,508.

Price-to-income index: -5.13.

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Number 5 is Ireland

This time we look to the west of Great Britain, where Ireland is located. Here, the average price for a 120 sq. m. property is €3,750.

Average rent price is not available.

Price-to-income index: -8.16.

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Number 4 is USA

We have left Europe and traveled to USA. Here, the average price for a 120 sq. m. property is €12,141.

If you want to rent, the average price is €5,205.

Price-to-income index: -9.84.

Number 3 is Germany

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We are back in Europe again, this time in Germany. Here, the average price for a 120 sq. m. property is €3,306.

If you want to rent, the average price is €4,462.

Price-to-income index: -15.78.

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Number 2 is Japan

The runner up is Japan in Asia. Here, the average price for a 120 sq. m. property is €9,066.

If you want to rent, the average price is €5,040.

Price-to-income index: -38.44.

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Number 1 is South Korea

And the ‘winner’ is South Korea even though there are no average price per sq. m. available.

If you want to rent, the average price is €2,208.

Price-to-income index: -39.44.