How to buy property abroad?

Unfortunately, real estate in Russia is much more expensive than in many other countries. Therefore, recently, an increasing number of people are interested in the question of how to buy property abroad. The American center, which analyzes the real estate market all over the world, the Global Property Guide, reports that the average cost per square meter in Moscow (center) and St. Petersburg is about 13,000 euros. While the average price per square meter of the largest cities in Europe is: 3094 euros - Germany, Poland, Denmark; Czech Republic - less than 4,000 euros; Spain 4700 euros. For example, a small house on the coast of Montenegro will cost you an average of 2,800 euros per square meter of housing.

The most popular in this regard are such countries as: Spain, Cyprus, Italy, Bulgaria and the United Arab Emirates. This is due to the fact that owning real estate in the above-mentioned countries, you get the opportunity to obtain a residence permit and benefits when applying for a visa.

Buying property abroad (regardless of the country), almost always takes place according to a certain pattern:

  • You must sign a preliminary agreement.
  • Pay a deposit.
  • Conclude a Purchase Agreement
  • Deposit the remaining amount.

Tips for buying property abroad

When buying property abroad, pay attention to the following points:

  • Find out the conditions under which a foreigner can buy an apartment abroad (namely, in your chosen country), and the forms of ownership that exist there.
  • Choose a real estate agency in this country, where you can help with the choice of housing and will provide the necessary legal support. The services of intermediaries can be used in your country.
  • When choosing an agency, preference should be given to companies with years of experience and high reputation. Such agencies are more reliable and have highly qualified personnel, which will well affect the quality of the services provided. • After looking at any option, be sure to find out the conditions for its sale: it can be either full ownership or long-term rental.
  • Specify whether other persons, except the seller and the buyer, will take part in signing the contract. Be sure to pay attention to the possibility of refusal to purchase from your side, carrying the minimum risk of losing the deposit.
  • Check that the value of the property you are purchasing is stated in the contract. Check that all deadlines for any commitments are specified.
  • Specify the amount of expenses associated with the transaction (all kinds of taxes, fees, including fees for the agency or intermediary). Such costs can be up to 15% of the purchase price.
  • Prepare all the necessary documents. Do not forget to check the validity of your passport and identification code. Open a bank account if required.
  • In a state bank in your country, you need to obtain a license that allows you to buy property abroad. To transfer money without it to another state will be impossible.
  • Register the sale and purchase agreement with your local government.
  • Insure your new property. It is not necessary to insure property in most countries, but it is better not to neglect this factor in order to protect yourself from various risks.