Investing Reviews analysed average wages, average property prices and the cost of utilities to find the most affordable prices for expats. The research found that property prices rose in many countries around the world but there were still bargains to be found.
Topping the list for more affordable housing was India with low property costs per square metre and low utility costs.
From bustling cities to breathtaking mountain ranges and chilled beaches, India has something for everyone.
A little closer to home, Turkey had the next most affordable housing in the world. Investing Reviews said: “Homeownership is a realistic prospect for first time buyers in the country.”
Turkish food is world-renowned so foodies starting a new life in Turkey will have plenty to look forward to.
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In third place for affordable housing was Bulgaria. The study found the Eastern European country had reasonable property prices and affordable bills.
Bulgaria also has an attractive tax rate for expats. The country’s flat tax system means personal and corporate tax rates are 10 percent across the board.
A pensioner’s income will go a lot further in Bulgaria with alcohol prices estimated to be almost 50 percent less than the UK and clothing costs 75 percent less.
Popular places to settle include the cultural capital city of Sofia or the beach resort areas around Sunny Beach.
Mexico and Romania came in fourth and fifth place for the most affordable housing for potential expats.
At the other end of the scale, the small nation of Luxembourg was found to have the most expensive housing.
Due to the size of the country, property prices are at a premium and can cost as much as £751.16 per square foot.
Nearly half of people living in Luxembourg commute there from neighbouring countries which demonstrates the high cost of living there.
Switzerland has the second least affordable housing and the European country also has a pretty high cost of living.
But it’s not hard to see why so many people choose to make the beautiful Alpine country their home.
The HSBC Expat Explorer Survey found expats recommended Switzerland as a stable place to live and rated it highly for mental wellbeing.
South Korea came in third for least affordable property. However, once people have got a step on the property ladder, they will benefit from reasonable utility costs.
According to the UK Government around 8,000 UK nationals live and work in South Korea. Teaching English in South Korean schools or businesses is a popular option with young Brits.
In fourth place for least affordable housing was Japan while Israel rounded off the most expensive five countries.
The UK was the tenth most expensive country for first time buyers as rises in property prices have outstripped salary increases.
Lower property prices abroad could tempt those who are able to work remotely as more countries offer digital nomad schemes.
- South Korea