Chasing Real Estate Prices And Values Worldwide
Finding a Dream Home with Low Real Estate Prices and Values
As real estate prices and values continue to drop worldwide where do you plan to spend the rest of your life?
With the real estate prices and values depreciating worldwide there has been a lot of Internet gossip and chat about the economy in the United States and the global economy, involving Europe, the Americas, and third world countries.
With the depreciating dollar, euro, and almost every other currency, it is difficult for even the best financial adviser to make the correct predictions or calls, and currency investors are playing roulette.
Real estate prices and values continue to fall worldwide.
There are very few places that escape the torrent of depreciating real estate prices and values. And real estate speculation is in one of the worst accommodations in which to place your bets.
Three years ago we heard that real estate prices and values would be rising. Two years ago we heard that real estate values would see an uptrend. Last year we were told that real estate had reached bottom. This year is almost over and real estate continues to plummet worldwide.
In the United States there are very few places that have seen any gains this year. And those gains are minimal. In fact they are minuscule in comparison to what the values were 4–5 years in the past.
If you have a 3% gain after losing over 50% that is nothing to dance for, or celebrate, especially when the rest of the United States is continuing to face further losses in real estate prices and values.
I have heard, and recently quite often, that many financial publications are advising investors to not only look abroad for investing and moving their money, but to also begin considering making a physical move out of the United States to foreign countries. Most advise considering moving to countries having a high standard of living and similar culture to the U.S., but with a stable economy in comparison, and good cost of living index.
I have been doing some research in this vein and many countries are being proposed. Some of these countries should be discounted right away because of their environment; political, cultural, and religious. Language barriers, education, medical care, and employment opportunities need to be considered too.
One country that has seen a tremendous drop in real estate prices and values is Italy.
Italy is, and continues to be, a major tourist attraction for Europeans and United States citizens. It ranks almost 5th worldwide for tourism. What people seem to forget is to check the tolerance levels of the government.
Italy is ranked very low in the corruption scale indexes.
Hearing this may sound good but it is quite the opposite because a low reading means high corruption. Take for instance that the current Prime Minister, Silvio Berlusconi, who is always in the news, and seems to be only a few steps from jail, owns 60% of the media in Italy, and controls another 20%.
And whether you like to hear it again or not, organized crime is not only endemic it is accepted in Italy as a part of everyday life. Bribes are commonplace and routine. With the Italian economy on the brink of disaster it is no wonder that corruption on all levels is becoming prolific.
You can purchase a nice midsized home in Italy or Sicily today for under $100,000, but tomorrow you may have to pay the local water officials extra just to get your water turned on for the next year. And if you are a blogger, journalist, or writer, you may have to curtail some of your chosen phrases and articles when it comes to local politicians and gangsters, or feel the might of their sword.
I have chosen Italy and Sicily as the first example because they are being so widely advertised online as one of the top choices to move to, and have shortcomings that are never mentioned. Sicily is known for 12 months of sunshine, beautiful coastlines, wonderful beaches, fine food and wine, but it also is known for its earthquakes. They also have their own live, lava spewing, volcano.
The mayor of Salemi, Sicily, was selling 3,000 houses, mansions, and villas all for the same price, one euro.
These homes are all in an old part of town that was abandoned after an earthquake in 1968. The houses and buildings all need renovation and the buyer-seller agreement stipulates that only local workers can be used for the renovations. The average complete renovation will cost approximately $26,000 in U.S. currency, a very tempting offer.
These real estate prices and values sound very good and you would think that people would be jumping on this today and the houses would disappear off the market in no time, but no, this is not the case. Why? Because there are too many other places that are much nicer in terms of locale and affordability, with low real estate prices and values. France, Spain, and Portugal are three that come to mind.
Portugal and Spain have some excellent real estate prices and values on the market now.
The climates of Portugal and Spain are to dream about, if you like sunshine and nice weather. The land is excellent for growing food, like Italy and Sicily, and they are proud people. They love tourist dollars like most countries, but the political climate is something to consider.
Their economies are so depressed that their governments are shaky at best. They want the rest of the world to believe otherwise and keep trying their best to put a good face on their political stability, but in the meantime many of the citizens are going further into recession and the poorhouse.
Rich foreigners, or people perceived as wealthy, may not be too comfortable in an unstable political climate even with real estate prices and values at record lows. Of course the ocean properties continue to be priced for the wealthy.
France has received little attention because it has always been considered only for the wealthy.
Buying real estate in France today is nothing like it was 5–10 years ago. Like many other European countries the real estate prices and values have plummeted and you can now purchase a nice home for under $100,000 in U.S. currency.
I have found property 15–45 minutes from the Mediterranean for as little as $60,000.
The property usually is in need of some renovation, but occasionally it is ready to be moved into. This is incredible and was unheard of a few years ago, but with the global economy in such turmoil even nice areas are now feeling the pain of low real estate prices and values.
There are many things to consider beyond real estate prices and values when deciding on a move.
If you are from the United States and do not speak a foreign language then you should either learn one or find a locale that speaks English as a second language. Tourist areas usually have English speaking people living nearby or within the area, because so many tourists speak English as their language when traveling.
In the major cities of Russia, the airports, subways, trains, and now the police cars and taxis, are displaying English words alongside the native Russian text. Russia is not on my shortlist of places to consider. The real estate in Russia is skyrocketing not depreciating, and corruption there is rampant, even worse than in Italy.
If you can forget about the language barriers and the cultural differences then Armenia should be included.
Armenia used to be a part of the Soviet Bloc, but now is one of the most stable countries in that region. It has a rich culture and is almost self sufficient. It is religiously diverse and the people are friendly.
Armenia is considered very corrupt, but it is less corrupt than most of the neighboring countries.
What is appealing about Armenia is the level of self sufficiency. The Armenians grow 98% of their own food and produce 80% of their own products that are used by the majority of the populace. They are trying to become less dependent upon foreign energy too.
I have to include Uruguay and Chile in this article purely because they rank high in stability, and are very self sufficient.
Uruguay and Chile are on the American continent and this is something to consider. Two problems with Uruguay and Chile are that Spanish is the predominant language, and they are surrounded by less stable countries.
There are English speaking communities in both Uruguay and Chile but these are where you will also find the more expensive real estate prices and values. They are both coastal countries and have solid industries.
When considering real estate prices and values there are many countries in the world and places on the American continent to investigate, but keep in mind the political stability, language, medical care, employment opportunities, culture, climate, religious practices, and the levels of corruption when you make your final choice. If you are only looking for a holiday home then many of the local problems can be overlooked.
Take a moment right now and visit the World Corruption Perception Index and see how the countries of choice compare to where you are living now. You may be surprised.
And remember 3 rules for online success:
1. Know or understand how to get your own blog or website set up
2. Know how to implement compelling copy onto your site
3. And know how to get targeted traffic to your site
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