The Organisation for Economic Co-operation and Development (OECD) which was put together in 196 1was established to simulate economic progress. OECD put together a list of countries that has the cheapest real-estate prices as per Telegraph UK. Listed below are the countries with the lowest real-estate prices as per The Nomad Capitalist and Telegraph UK.
South Korea
South Korea has been moving downwards since 2007 as unsold residential stock markets continued to increase. As per the internet survey, Seoul is one of the lowest gross rental yields in the world. The increase in unsold residential stock market continued to flock and South Korea is forced to lower their prices igniting a spark in potential investors to take advantage of the price drop.
Spain
As per the International Residential Research Department at Knight Frank, Kate Everett-Allen the sales in property of both residential and commercial property continues to decrease as of 2013, most especially in Barcelona and Madrid. The decrease in sales caused real estate prices to go down which caused a fluctuation of investors in buying properties within Spain.
As per Allen, "People who want to make a lifestyle choice with a second home see that, if prices haven't bottomed out after seven consecutive years of falling, they are close to it."
Greece
Since the crisis began in 2010, Greece's real estate has been highly affected as it was stated that it's easier to sell a property than to maintain. It then sparked interest on investors overseas as their real estate prices decreased by more than 50%.
Portugal
With fewer than 5,000 euros, one can own a property in Portugal as the Great Recession in Portugal led the country in debt. The market continued to decrease causing a crisis which forced some land owners to sell their properties. The cheap land rates then caused a stir in the stock market as potential investors considered Portugal as part of their real estate investments.
