The fallout of last week’s EU referendum vote has led to more talk about the EU than ever in the UK, and may have jokingly led to some residents talking of moving to another country. Should they do so, they would find that only the tiny state of Monaco has more expensive properties per square metre than the UK. According to the Global Property Guide, the UK average of €25,575 (£21,315) is almost twice as high as that of nearest challenger France’s €13,639 (£11,350).
For Brits with aspirations of moving abroad or buying a second home, these are the countries that will get them the most for their money.
The Mediterranean island of Cyprus is the fifth cheapest EU nation for property. With a cost of €1,790 (£1,491) per square metre, it’s around 14 times less expensive to buy a property here than back home.
One of the newer European countries formed from the breakup of Yugoslavia, Croatia is an even more fruitful place to buy property. Buyers can expect to pay a slightly lower €1,764 (£1,470) per square metre here.
Southern and Eastern Europe is generally the place to go for inexpensive property, and one of the newer EU nations Romania offers an average price per square metre equivalent to £1,282.
Hungary is a fast-changing nation, yet its properties remain some of the most affordable in Europe. At €1,528 (£1,274), it’s just slightly cheaper than Romania.
Easily the cheapest place to buy property in the EU is Bulgaria. Its average of €1,222 (£1,019) per square metre is less than a twentieth of what you would pay in the UK.
The next question for Brits thinking of making purchases abroad is whether the UK’s imminent exit from the EU will prevent them from doing so due to a change in border controls. A lot will depend on the choices the country makes and whether it remains part of the European Economic Area (EEA). Non-EU nations like Norway and Iceland are part of this, and have much the same immigration and emigration laws as the EU.
The Brexit vote certainly makes for interesting times in both the UK and the EU, and house prices and mortgage opportunities are sure to be affected by it.