What $300,000 Buys You Around the World
An estimated five million Americans live overseas, according to the U.S.
An estimated five million Americans live overseas, according to the U.S. State Department, with a steadily growing number of affluent baby-boomers at or close to retirement.
The allure of a more laidback, lush lifestyle and lower cost-of-living are easy sells for popular expat destinations in Europe (which has a population of about 1.2 million Americans, according to the Association of Americans Resident Overseas). In Central and South America, warm weather year round and a low cost-of-living are big draws (InternationalLiving.com reports that 1 million Americans live just in Mexico). It's not only baby-boomers adding to the ranks of expats, either. As the world economy recovers from a global recession, companies are once again sending execs overseas, with families in tow.
So how much home can you afford abroad? Here are seven properties for sale overseas at prices around $300,000 (Note: We've done the currency conversion in U.S. dollars as of May 25). Before you consider permanently switching international time zones, you'll need to do some homework:
Contact the domestic branch of the international realty firm nearest you. They'll be able to connect you with real estate brokers in your desired country, who can explain local home-buying guidelines -- from property taxes to converting currency, says Rafaella Pace, a marketing executive with Coldwell Banker Italy. And when you're ready to seriously start looking at properties, take a couple of vacations to the destination you're interested in to make sure you actually like the lifestyle, suggests Audree Mevellec, a real estate specialist with RE/MAX based in France.
Here's a sampling of beachfront villas, downtown apartments and mountain-side homes.
Panama City, Panama
Price: $315,000
Square footage: 2,450
Bedrooms: Three
Bathrooms: Three full, one half-bath
Kitchen: One full
Located near San Carlos Beach, this home has an open kitchen with granite countertops, a two-car garage and is situated in a gated community. The neighborhood's social center, which is under construction, will provide residents with a pool, tennis court and clubhouse.
A wide range of expats live in Panama -- from young professionals to retirees -- so it's easy to find like-minded people, says Janet Novak, a real estate consultant for RE/MAX Panama City. The U.S. State Department reports that around 27,000 American citizens reside in the country with a rapidly growing number living in the Chiriqui Province in western Panama.
Fivizzano, Tuscany, Italy
Price: $281,708
Square footage: 1,722
Bedrooms: Two
Bathrooms: One full
Kitchen: One full
As part of a renovated monastery, this two-story, semi-detached stone house offers picturesque views. It also has a living room with an open fireplace, dining room, storage room, terrace and private courtyard.
Italy came in at number 11 on InternationalLiving.com's Quality of Life Index this year, which ranked 191 countries to determine the best places to live. The rich culture and world-renowned food are just a few of the things that make it a prime destination. "[With our] prospective U.S. buyers, most are looking to permanently relocate to Europe, rather than just buy an investment or vacation home," says Frances Petersson, a marketing director for Jackson-Stops & Staff International realty firm. Many of their clients are often interested in homes in Liguria, Lake Como, Abruzzo and Tuscany, she adds.
Ha Long Bay, Vietnam
Price: $320,000
Square footage: 1,800
Bedrooms: Three
Bathrooms: Two full, one half
Kitchen: One full, one half
A three-bedroom, two-and-a-half-bath apartment at the Bayview Towers, which is currently under construction, comes equipped with a separate dining area, living room, a study and balcony. The 30-story high-rise building will offer residents a sky garden, three-level shopping center, infinity pool, playground and gym. This property also has up to six-bedroom units available for purchase.
Despite current guidelines that require expats to live in Vietnam or be married to a native before they can buy a home, the country is making strides to increase its international community, says Danny Nguyen, chief operating officer of the Minh Viet Investment Corp. Many big companies, such as the Intel Corp. and Visa Inc., have set up shop here. Cities like Hanoi (known for its cultural scene) and Ho Chi Minh City (which has a thriving expat community) are attractive to tourists and expats, because of the progressive lifestyle, Nguyen adds.
Fabregues, France
Price: $264,829 to $308,498
Square footage: 473 to 581
Bedrooms: Two
Bathrooms: One full
Kitchen: One full
The split-level, two-bedroom, one-bath apartments at Village Center Le Domaine Du Golf are situated in a resort community. Studio and one-bedroom units are also available, and depending on the sub-division, residents have access to a swimming pool and golf course. Nearby cities include Montpellier, Lattes and Saint-Jean-de-Vedas.
Popular areas in France for international home-buyers include Antibe, the French Riviera and the South of France, says Audree Mevellec, a real estate specialist with RE/MAX based in France. The weather (which is generally mild during the spring and early-summer) and the income potential from renting out your home in tourist-heavy cities, such as Paris and Versailles, attract many expats, she adds.
Recoleta, Buenos Aires City, Argentina
Price: $255,000
Square footage: 807
Bedrooms: Two
Bathrooms: Two full
Kitchen: One full
This apartment has a separate dining area, living room and balcony. Many cultural hotspots are located in this area, which is one of the more upscale districts in Buenos Aires City. Popular attractions include the Teatro Colon, home to the Buenos Aires Philharmonic Orchestra, and the Museo Nacional de Bellas Artes, the city's national museum of fine arts.
"Around 60% of our international buyers are from the United States and they represent about 20% of our overall client base now," says Federico Boero, a marketing executive with Sotheby's International Argentina. Boero’s firm gets many requests for second homes in Buenos Aires, Mendoza and the Patagonia and Calchaqui regions.
Phuket, Thailand
Price: $291,803
Square footage: 1,722
Bedrooms: Two
Bathrooms: Two full
Kitchen: One full
Situated in the Ao Po gated community, this apartment home comes with an ocean view. The community also offers parking and an infinity pool for residents and is located just 20 minutes from Phuket International Airport.
Some international realty firms, such as Hunter Sotheby's International Phuket, work almost exclusively with non-native clients. "All of our buyers are foreigners, but many are regionally based expats buying holiday homes or retirees, who usually are familiar with Phuket and have been coming here on holiday," says Krista Hunter, a director for the realty firm. A lower cost-of-living and tropical climate attract many people to this part of Southeast Asia every year.
Corso Magenta, Milano, Italy
Price: $267,693
Square footage: 936
Bedrooms: One
Bathrooms: Two full
Kitchens: One full
This split-level penthouse has a study, a newly renovated living room and a balcony. The city has plenty of historical landmarks, including the Palazzo Litta cultural center and the Teatro Alla Scalla opera.
The types of international clients vary depending on the specific region they're interested in, says Gianmarco Cattaneo, a real estate broker with Coldwell Banker Italy. "Many of our customers looking in Northern Italy are generally wealthy middle-aged people. Those looking to buy in Southern Italy are most likely older people who want to retire there," he says. Northern Italy is more metropolitan consisting of bustling tourist cities, such as Rome and Venice. Southern Italy is very relaxed with cities like Sicily and Belmonte Calabro and a lush countryside.
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