Policy- Buying a flat, or apartment, can be a less expensive purchase in some countries compared to others.
- An analysis by Finder looked at the cost of purchasing a two-bedroom flat in city centers.
It is cheaper to buy a flat in some countries than others.
Insider recently came up with a list of the best and most affordable countries for expats based on three different data sources, including a price analysis from Finder.
Finder examined the average cost of a two-bedroom apartment in a city center for 106 countries. However, our analysis only focused on the locations in which we had data for each of the three datasets.
Based on our methodology and the data we used, Ireland ranked as the best country for expats due to its affordability and quality of life. In the Emerald Isle, the cost of a city-center two-bedroom flat would be £203,000 or $237,914, according to Finder.
Although Ireland's cost is relatively expensive, it's still more affordable than some of the other destinations that Insider analyzed. In Finland, which placed eighth in our ranking, the average cost amounts to £231,000 or $270,700 — making it the most costly among the top 13 countries.
The following chart shows the average cost of buying a two-bedroom flat in the city center of the 13 countries that topped our list of the best countries for expats based on affordability and quality of life.
Insider converted Finder's results that were in pounds to dollars. The conversion is accurate as of August 29.
While Finland may have had the highest average cost among the 13 countries, Turkey had the lowest cost of the 13 places. That country, which ranked second in our ranking, had an average cost of £47,000 or $55,073.
When looking at all 106 countries that were included in Finder's analysis, Turkey was one of the least expensive places. Egypt, Pakistan, Nigeria, and Tunisia had the smallest prices among the 106 countries. On the other end, Hong Kong, Singapore, and South Korea, had the largest price tags. Countries across the price spectrum have seen an influx of expats fueled by remote work over the last two years. Not all of their impacts on local economies are positive.
As Insider recently reported, expats in Turkey may be interested in its golden visa program. Data from the Turkish Statistical Institute provides insight into what the real estate market looks like for foreigners. As reported by Reuters, housing sales in Turkey to foreigners declined 12.4% year-over-year in July according to data from the Turkish Statistical Institute. The country is also dealing with high inflation though, with the country's annual Consumer Price Index being 80.21% in August.
In Hong Kong, which is home to the world's most expensive real estate market, home sales have been on the decline due to the city's strict COVID-19 restrictions. As buyers refrain from purchasing apartments and homes, it's led to a housing downturn. Although home prices reached a record high in August, forecasts now project they are likely to fall by as much as 10% in 2023.