Picture yourself strolling along a cobblestone street lined with centuries-old architecture and views of the sea in the distance. Only you’re not on vacation or in a dream—this is your home. (And it didn’t cost you a fortune.)
If you’ve ever dreamed of buying an affordable house in a foreign country and moving there to live the expat life, 2023 is a great time to buy cheap real estate around the world, according to Ronan McMahon, an expert in international real estate.
“There’s a growing scarcity of quality real estate in highly desirable locations—but in the meantime, demand is surging,” McMahon told me in an interview. “We can still buy at a big discount to comparable destinations and real estate in the U.S.—but that window is set to close.”
With over two decades of experience and more than $2 billion in real estate transactions under his belt, McMahon knows the pulse of the global real estate market like no other. He’s the editor of Real Estate Trend Alert (a publication that tracks the best places in the world to invest in real estate), a trusted contributor to International Living and the author of three books on international real estate.
At the recent International Living conference, McMahon unveiled his new special report, The Best Places to Buy Real Estate in the World 2023, where he shared his top global real estate picks for 2023.
According to McMahon, when it comes to buying real estate abroad, there’s no magic formula. “There’s no magic trick to finding profitable real estate opportunities. It takes countless hours of research, lots of travel to check out new locations, strategic thinking and a strong knowledge of different real estate markets,” says McMahon.
“Each country has its own unique market conditions, so it’s crucial to conduct thorough due diligence before making an investment.”
So what’s so great about buying real estate abroad—and living abroad? “For me this is the perfect path to freedom, both financial and personal,” says McMahon. “The freedom to go where you want, when you want. Freedom from worry and stress, to not to care what happens in the stock market or what’s happening in the 24-hour news cycle.”
Here, McMahon shares his picks for the best places to buy cheap real estate around the world right now. “Whether you are a complete beginner or an investor with some real estate experience under your belt, finding the right place to buy is the first step in what could be a life-changing journey,” says McMahon.
Montenegro
The Location:
“On the eastern shore of the Adriatic Sea, Europe’s Dalmatian Coast is an extraordinary island-speckled coastline that stretches from the Croatian town of Zadar to the Bay of Kotor in Montenegro,” says McMahon. “It’s one of Europe’s most dramatic landscapes, encompassing enchanting cities such as Split, Sibenik and Dubrovnik.”
In the early 2000s, real estate buyers flocked to Croatia, snapping up ground floor opportunities in historic Dubrovnik and Split. “Today, the opportunity in Croatia has passed. Real estate prices have converged with other Mediterranean destinations,” says
McMahon.
“However, in the southern Dalmatian Coast, things are different.
Montenegro is every bit as beautiful as Croatia, but, because it hasn’t yet entered the European Union, it hasn’t prospered like Croatia and real estate prices are still relatively low.”
The Cost:
In Croatia, back in the late 1990s and early 2000s, the equivalent of
€100,000 bought you a condo with water views. “Today, you need to figure on paying multiples more.
Yet, in Montenegro, homes with views of the county’s prettiest bay can still be got for €100,000,” says McMahon.
McMahon sees Montenegro right now as a land banking play. “The cost of developable land around the Bay of Kotor is still extremely low by international standards,” he says.
“Figure on spending as little as €80 to €100 per square meter (or about $8 to $10 per square foot) for developable land with great views, 15 minutes’ drive from Kotor town.
Then you sit and wait as development rolls in and prices rise.”
Insider Tip: It’s rumored that Montenegro will join the European Union by 2025—which makes for an interesting investment proposition.
“If Montenegro enters the EU, you could see strong appreciation,” says McMahon. “I believe you have the chance to perhaps triple your money or more in five to ten years.”
If%20you’ve%20ever%20dreamed%20of%20buying%20an%20affordable%20house%20in%20a%20foreign%20country%20and%20moving%20there%20to%20live%20the%20expat%20life,%202023%20is%20a%20great%20time%20to%20buy%20cheap%20real%20estate%20around%20the%20world,%20according%20to%20Ronan%20McMahon,%20an%20expert%20in%20international%20real%20estate.“There’s%20a%20growing%20scarcity%20of%20quality%20real%20estate%20in%20highly%20desirable%20locations—but%20in%20the%20meantime,%20demand%20is%20surging,”%20McMahon%20told%20me%20in%20an%20interview.%20“We%20can%20still%20buy%20at%20a%20big%20discount%20to%20comparable%20destinations%20and%20real%20estate%20in%20the%20U.S.—but%20that%20window%20is%20set%20to%20close.”With%20over%20two%20decades%20of%20experience%20and%20more%20than%20$2%20billion%20in%20real%20estate%20transactions%20under%20his%20belt,%20McMahon%20knows%20the%20pulse%20of%20the%20global%20real%20estate%20market%20like%20no%20other.%20He’s%20the%20editor%20of%20Real%20Estate%20Trend%20Alert%20(a%20publication%20that%20tracks%20the%20best%20places%20in%20the%20world%20to%20invest%20in%20real%20estate),%20a%20trusted%20contributor%20to%20International%20Living%20and%20the%20author%20of%20three%20books%20on%20international%20real%20estate.At%20the%20recent%20International%20Living%20conference,%20McMahon%20unveiled%20his%20new%20special%20report,%20The%20Best%20Places%20to%20Buy%20Real%20Estate%20in%20the%20World%202023,%20where%20he%20shared%20his%20top%20global%20real%20estate%20picks%20for%202023.img%20src=https://vitanova.me/wp-content/uploads/2023/10/Tourism4.png%20sizes=(max-width:%20750px)%20100vw,%20750px%20srcset=https://vitanova.me/wp-content/uploads/2023/10/Tourism4.png%20824w,%20https://vitanova.me/wp-content/uploads/2023/10/Tourism4-300x200.png%20300w,%20https://vitanova.me/wp-content/uploads/2023/10/Tourism4-768x511.png%20768w,%20https://vitanova.me/wp-content/uploads/2023/10/Tourism4-496x330.png%20496w,%20https://vitanova.me/wp-content/uploads/2023/10/Tourism4-270x180.png%20270w,%20https://vitanova.me/wp-content/uploads/2023/10/Tourism4-750x500.png%20750w%20alt=%20width=750%20height=499%20/According%20to%20McMahon,%20when%20it%20comes%20to%20buying%20real%20estate%20abroad,%20there’s%20no%20magic%20formula.%20“There’s%20no%20magic%20trick%20to%20finding%20profitable%20real%20estate%20opportunities.%20It%20takes%20countless%20hours%20of%20research,%20lots%20of%20travel%20to%20check%20out%20new%20locations,%20strategic%20thinking%20and%20a%20strong%20knowledge%20of%20different%20real%20estate%20markets,”%20says%20McMahon.“Each%20country%20has%20its%20own%20unique%20market%20conditions,%20so%20it’s%20crucial%20to%20conduct%20thorough%20due%20diligence%20before%20making%20an%20investment.”So%20what’s%20so%20great%20about%20buying%20real%20estate%20abroad—and%20living%20abroad?%20“For%20me%20this%20is%20the%20perfect%20path%20to%20freedom,%20both%20financial%20and%20personal,”%20says%20McMahon.%20“The%20freedom%20to%20go%20where%20you%20want,%20when%20you%20want.%20Freedom%20from%20worry%20and%20stress,%20to%20not%20to%20care%20what%20happens%20in%20the%20stock%20market%20or%20what’s%20happening%20in%20the%2024-hour%20news%20cycle.”Here,%20McMahon%20shares%20his%20picks%20for%20the%20best%20places%20to%20buy%20cheap%20real%20estate%20around%20the%20world%20right%20now.%20“Whether%20you%20are%20a%20complete%20beginner%20or%20an%20investor%20with%20some%20real%20estate%20experience%20under%20your%20belt,%20finding%20the%20right%20place%20to%20buy%20is%20the%20first%20step%20in%20what%20could%20be%20a%20life-changing%20journey,”%20says%20McMahon.img%20src=https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1.png%20sizes=(max-width:%20750px)%20100vw,%20750px%20srcset=https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1.png%20822w,%20https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1-300x200.png%20300w,%20https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1-768x511.png%20768w,%20https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1-496x330.png%20496w,%20https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1-270x180.png%20270w,%20https://vitanova.me/wp-content/uploads/2023/08/MontenegroTourism1-750x500.png%20750w%20alt=%20width=750%20height=499%20/h2strongMontenegro/strong/h2The%20Location:“On%20the%20eastern%20shore%20of%20the%20Adriatic%20Sea,%20Europe’s%20Dalmatian%20Coast%20is%20an%20extraordinary%20island-speckled%20coastline%20that%20stretches%20from%20the%20Croatian%20town%20of%20Zadar%20to%20the%20Bay%20of%20Kotor%20in%20Montenegro,”%20says%20McMahon.%20“It’s%20one%20of%20Europe’s%20most%20dramatic%20landscapes,%20encompassing%20enchanting%20cities%20such%20as%20Split,%20Sibenik%20and%20Dubrovnik.”In%20the%20early%202000s,%20real%20estate%20buyers%20flocked%20to%20Croatia,%20snapping%20up%20ground%20floor%20opportunities%20in%20historic%20Dubrovnik%20and%20Split.%20“Today,%20the%20opportunity%20in%20Croatia%20has%20passed.%20Real%20estate%20prices%20have%20converged%20with%20other%20Mediterranean%20destinations,”%20saysMcMahon.“However,%20in%20the%20southern%20Dalmatian%20Coast,%20things%20are%20different.Montenegro%20is%20every%20bit%20as%20beautiful%20as%20Croatia,%20but,%20because%20it%20hasn’t%20yet%20entered%20the%20European%20Union,%20it%20hasn’t%20prospered%20like%20Croatia%20and%20real%20estate%20prices%20are%20still%20relatively%20low.”The%20Cost:In%20Croatia,%20back%20in%20the%20late%201990s%20and%20early%202000s,%20the%20equivalent%20of€100,000%20bought%20you%20a%20condo%20with%20water%20views.%20“Today,%20you%20need%20to%20figure%20on%20paying%20multiples%20more.Yet,%20in%20Montenegro,%20homes%20with%20views%20of%20the%20county’s%20prettiest%20bay%20can%20still%20be%20got%20for%20€100,000,”%20says%20McMahon.McMahon%20sees%20Montenegro%20right%20now%20as%20a%20land%20banking%20play.%20“The%20cost%20of%20developable%20land%20around%20the%20Bay%20of%20Kotor%20is%20still%20extremely%20low%20by%20international%20standards,”%20he%20says.“Figure%20on%20spending%20as%20little%20as%20€80%20to%20€100%20per%20square%20meter%20(or%20about%20$8%20to%20$10%20per%20square%20foot)%20for%20developable%20land%20with%20great%20views,%2015%20minutes’%20drive%20from%20Kotor%20town.Then%20you%20sit%20and%20wait%20as%20development%20rolls%20in%20and%20prices%20rise.”Insider%20Tip:%20It’s%20rumored%20that%20Montenegro%20will%20join%20the%20European%20Union%20by%202025—which%20makes%20for%20an%20interesting%20investment%20proposition.“If%20Montenegro%20enters%20the%20EU,%20you%20could%20see%20strong%20appreciation,”%20says%20McMahon.%20“I%20believe%20you%20have%20the%20chance%20to%20perhaps%20triple%20your%20money%20or%20more%20in%20five%20to%20ten%20years.”){kind=link}