The main reasons for buying properties abroad are usually as follows:
- Moving to permanent residence abroad or wish to obtain the right to enter the country on an ongoing basis;
- Intention to invest money profitably;
- To spend vacations in the resort areas without necessity to rent apartments every time.
Also, in some countries, there are more favorable conditions for running a business, better offers in the labor market and so on, which play an important role in the decision to invest in housing abroad.
Moving To Permanent Residence
One of the main reasons why residents of some countries are interested in buying properties abroad is the possibility of obtaining a multi-visa to enter the states that are members of the Schengen agreement. Moreover, in Egypt, Turkey and the UAE, the owner of real estate immediately receives a residence permit. In many countries, the immediate relatives of the property owner (husband, wife, children, parents) also receive such benefits.
In general, the foreign property is considered as a mean of profitable investment and preservation of cash. Buying foreign property can become a kind of alternative to a deposit; this is a way to save money and ultimately to increase the capital due to rising of real estate prices.
Apartments In Resort Areas
Some investors are ready to buy apartment or villa abroad solely for the purpose of organizing a comfortable holiday. For this segment, the criteria for a traditional request are apartments on the beach, plus a well-developed infrastructure and a long holiday season.
Large foreign development companies offer buyers the use of the purchased apartments in a guaranteed lease, i.е. they pay the buyer a fixed amount per year, from 5 to 8% of the value of the purchased property.
What Do You Need To Know?
In each country, there are rules for the acquisition of real estate by non-residents. The buyer should first do the following:
- take a closer look at the region and infrastructure;
- learn if it is easy to travel there.
After the choices are made, the desirable object is being researched, usually with the help of a real estate agent, or (if it’s a primary market) through direct contact with the real estate developers.
When the object is chosen, you should contact a professional real estate consultant in the country where the purchase will be made. He or she will help you to control:
- the process of purchase (signing of the preliminary contract, the main contract, registration of the sale contract, etc.);
- the process of payment;
- the tax payment according to legislation.
It is always better to pay a professional for help when making a deal than to waste time studying the laws of a foreign country. Professional help from an agency will probably do their best to make sure you invest money into their real estate, and in addition, you can avoid a language problem.