Homes in Europe you can buy for less than R100 000
· The South African
Foreign buyers are buying homes in South Africa’s prestigious suburbs; maybe it’s time for an Uno reverse? South Africans should buy homes in Europe!
If that’s something you’re interested in, these are the European towns where you can buy property for under R100 000.
Visit syntagm.co.za for more information.
Where to find Homes in Europe under R100 000?
You may not be able to afford the multi-million Rand homes in Llandudno that foreign buyers can. But if you’re dreaming of becoming an Emily in Paris or insert your name in insert obscure European town, it’s possible.
There are dozens of homes in Europe for under R100 000. The trick is knowing where to look.
Whenever you have the budget to travel to Europe, make time to do in-person research on the affordable homes. Alternatively, you can start calling local municipalities to find out what’s available for sale. These are the regions where you should focus your search.
Sicily, Italy
Rural Sicily has made headlines about the homes you can buy for €1 (R18.81). The program to revive these rural and often abandoned towns has become extremely successful, prompting municipalities to release more homes under the one Euro program.
Gasperina, Italy
Gasperina also lists homes as part of the one Euro program. The town is in the Calabria region, which has 800 kilometres of coastline. If you’re fortunate, you may get a hillside flat or home with ocean views.
Troviscal, Portugal
Central Portugal has fewer homes for under R100 000. Should you do find a listing, expect to get a dilapidated home or small plot in a rural location at that price. But you’ll still have access to Portugal’s rich history.
Makrigialos, Greece
You can get a home for under R100 000 in a seaside Greek town. Makrigialos has fewer than 3 000 residents and remains undiscovered by the tourist population.
Kroussoi, Greece
Kroussoi is in Northern Greece. If you’re searching for a home in the area, expect rural living with unspoilt surroundings.
Lavalette, France
Lavalette is in France’s countryside, but it’s still within walking distance to Paris. The homes or plots in the region selling for under R100 000 require significant renovations to become habitable.
Ovchi Kladenets, Bulgaria
Ovchi Kladenets is a village in southeastern Bulgaria. It’s also quiet, because it has a population of under 500. Homes in the region are typically more affordable because there are fewer residents.
What You Need to Buy a R100 000 home in Europe
Many of the homes selling for €5 000 (R94 000) aren’t move-in ready. To get a move-in ready home or flat, you’ll need at least €21 000 (R395 000). The purpose of listing these cheap homes and plots is to generate interest and reinvigorate overlooked areas. Don’t expect the hustle and bustle of Paris or Rome, but quieter living among locals (and a few expats).
A Trustworthy Guide
When money is exchanging hands, expect scams. It’s better to deal directly with a local council. But if you can’t, get help from a local guide. Many of the homes selling for under R100 000 aren’t online. Once you’ve made a connection to the town, you can start your search.
Cash Deposit
You will need a cash deposit. Since you’re buying overseas, don’t expect lenders to fund the purchase. You’ll also need cash to execute any renovations with local builders and contractors.
Council Approval
Since the homes are extremely affordable and there’s sufficient demand for them. Local councils may restrict who can buy these homes. Often, they want buyers who intend to contribute to the local economy. Each council has different requirements. Therefore, it helps to have a near-fluent grasp of the language.
Money to Renovate the Home
R100 000 gets your foot in the door. But you’ll need to renovate to make the home livable. Expect to spend another R240 000 over three years to remodel these old homes.
If you don’t think you can make it to Europe, you can still get on the property ladder closer to home. You can buy land for under R100 000 within a few hours of South Africa’s major cities.