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Home Countries Brazil

Cost Of Your Ideal Property In The States Vs. Overseas

U.S. Property Markets Are Overheated And Overvalued—Take A Look At These Irresistible Bargain Alternatives Overseas

Kathleen Peddicord by Kathleen Peddicord
Aug 22, 2021
in Brazil, Colombia, Mexico, Panama, Portugal, Real Estate
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Main avenue of the city of Mazatlan on the shore of the beach.

Almay/Jose Antonio Herrera Tanaka

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We’re in a frothy situation…

Right now, the United States is one of the most overheated property markets in the world. Low interest rates, stimulus check savings, and limited housing supply are working together to buy property prices across the land.

Property prices are up 15% on average over the last year, and the Financial Times reports that it’s harder today to find an affordable home in the United States than it was at any point during the 2008 financial crisis.

For those looking to relocate within the United States for a better quality of life in retirement, the options are limited. Prices in the traditional go-to spots of California, Florida, Arizona, and the Carolinas are moving further out of reach.

You know what we have to say about that…

No problem!

Stop shopping the conventional retirement markets in the United States. Take your search for the ideal place for you to retire well beyond U.S. borders… where some of the world’s most appealing places to be offer straight-up bargain opportunities.

Specifically, in the top retire-overseas markets on our radar, you can save 50% to 80% (and more) off what you’d pay in the top U.S. retirement spots.

OurOverseas Property AlertEditor Lynn Mulvihill has taken a close look at how pricing in the best of these alternative retirement spots compares with U.S. market pricing. I’d like to share some of her findings.

First, a couple of important notes…

To make this data meaningful, we’re comparing apples to apples. We’re looking at beachfront options in the States versus beachfront options overseas… historic quarters Stateside versus historic quarters elsewhere… 100-square-meter two-bedroom apartments versus 100-square-meter two-bedroom apartments… etc.

That said, no two cities in the world offer exactly the same set of attractions. But Lynn has matched each pair carefully. These are places that offer very similar lifestyle experiences, but, of course, there are pluses and minuses. Take Texas versus Colombia, for example. You may not find as many live music venues in Medellín as you would in Austin, but perhaps Medellín’s eternally “springlike” weather and outdoor amenities more than compensate.

Here’s what Lynn’s research has uncovered…

Texas Vs. Colombia

For three years running, U.S. News and World Reportranked Austin, Texas, the top choice for city living in the United States.

Austin is famous for its live music scene, and, in recent years, it has emerged as a smart, innovative city. Other attractions for retirees include its wide outdoor spaces and arts scene.

If this is the kind of lifestyle you’re after, we’d suggest you also take a look at Medellín, Colombia—a city that’s transformed itself over the past two decades and continues to push forward. In 2013, Medellín was named “Most Innovative City” in the world. Popular among expats for its springlike weather year-round, it offers a healthy lifestyle with plenty of green space and the opportunity to spend more time outdoors. With dozens of museums and art galleries, botanical gardens, and a literary scene, Medellín is one of the most culturally appealing cities you’ll find south of the border.

Cost to own in Austin, Texas:

Over the past year, homes in Austin have risen by an average 35%. Average per-square-meter price in downtown Austin is US$8,300. A luxury two-bedroom, two-bath condo of 140 square meters in a nice location, close to bars, restaurants, shopping, and parks, is on the market forUS$565,000.

Cost to own in Medellín, Colombia:

The most attractive area for U.S. buyers is the upscale neighborhood of El Poblado. Here, prices are an average US$1,700 for existing property, US$2,000+ for new-builds. In El Poblado, you could own a high-end, two-bedroom, two-bath penthouse close to restaurants, parks, shopping, movie theaters, and the business district for 750 million Colombian pesos. Right now, that’sUS$187,550.

Florida Vs. Brazil

Not surprisingly, Florida dominates Conde Nast’s “10 Best Places to Retire in the U.S.” Its beach towns take four spots, including the top two. Top of the list is Fort Myers, offering the best of Florida’s beachside lifestyle without the crowds. Sarasota takes second place. This town offers a top beach lifestyle with lower property prices than in Tampa or Naples.

If you’re a beach lover, there’s little compromise in swapping Florida’s sunny coast for the world-class sands of northeastern Brazil.

The standout city along this northeast coast is Fortaleza. Along with its surrounding beach destinations, Fortaleza is a major draw for foreign real estate investors. It’s also a hub for Brazilians, Europeans, and North Americans seeking a second home, drawn by the area’s fine sandy beaches, great weather, and rich lifestyle.

For better value—and the opportunity for uncrowded beaches with little to no high rises—look to the stretch of coast 90 minutes south of Fortaleza, around the popular resort of Canoa Quebrada. That’s where prices get exciting.

Cost to own in Sarasota, Florida:

The average price for downtown Sarasota is US$4,000 a square meter. Prices get higher the closer you get to the sand. In a small development, a half-block back from the beach, a 42-square-meter condo is on the market forUS$325,000.

Cost to own in Northeast Brazil:

Near the resort of Canoa Quebrada, you can own a one-bedroom villa just steps from a white-sand beach—with its own plunge pool and private terrace—for just US$57,000. Cash buyers pay justUS$47,000.

Hawaii Vs. Northern Cyprus

If you’re drawn to island living, Hawaii is a natural starting point. In Bankrate’s recent ranking of the 50 states (based on factors important to retirees like affordability and weather), Hawaii came in 10th.

Maui is a top choice with retirees for its beaches and opportunity for diving, snorkeling, and surfing.

Looking beyond U.S. borders, you’ll find all of the above on the Mediterranean shores of Northern Cyprus. In this former British Colony, English is widely spoken, the weather is warm year-round, and property prices are a fraction what you’d find elsewhere in the Med. This area has a rich culture and a growing expat community.

Cost to own in Maui, Hawaii:

Average per-square-meter price in Maui is around US$7,600. Right now in Ma’alaea Bay, you can buy a one-bedroom, 52-square-meter condo on the beach forUS$382,000.

Cost to own in Northern Cyprus:

Average per-square-meter price in Northern Cyprus is around US$1,300, and upward of US$1,500 for beachfront. In a new beach development here, you canbuy a one-bed, 52-square-meter apartment—with a terrace and ocean views—forUS$90,000.

Arizona Vs. Panama

For retirees looking for an active outdoor lifestyle, it’s hard to beat the cities of Scottsdale and Prescott, Arizona. Those seeking better affordability tend to settle in Prescott. Unlike other parts of Arizona, Prescott offers mild weather and the opportunity to be out of doors all year.

The combination of its stunning natural setting, temperate climate, and large expat contingent makes the mountain town of Boquete a natural choice for those contemplating an outdoor lifestyle. Here you’ll find a range of activities from zip-lining and white-water rafting to golf and hiking up Volcan Barú.

The town is not short on culture either. Each February, local and international artists come to Boquete for its annual jazz and blues festival.

Many folks choosing to move to Boquete are looking for a tranquil lifestyle. So, for this comparison, we’ll focus on detached homes a little out of town. Once you travel 5 to 10 minutes out of town, average prices are US$500 to US$1,000 per square meter.

Cost to own in Prescott, Arizona:

Average price in Prescott is US$3,324 per square meter. Close to downtown but set in tranquil woodland, a three-bed, 325-square-meter home is on the market forUS$950,000.

Cost to own in Boquete, Panama

Average prices in downtown Boquete are around US$1,400 per square meter. In Alto Boquete (just five minutes from town), a luxury, contemporary three-bedroom home of 334 square meters is on the market with an asking price ofUS$299,000.

South Carolina Vs. Portugal

South Carolina is a popular choice among U.S. retirees—not only for its beaches but also for its historic charm. The port city of Charleston oozes elegance with its cobblestone streets, horse-drawn carriages, and sophisticated French quarter.

Across the pond, the city of Porto (Portugal’s second city) is the perfect rival. Globally known for its exquisite port wine, the city is surrounded by the enchanting Douro Valley. The valley itself is a UNESCO World Heritage Site and was the world’s first demarcated wine-producing region. In Porto’s older neighborhoods, you’ll find rows of colorful houses, crisscrossed by tiny cobblestone alleyways that are home to cozy cafés, restaurants, and bars.

One of the best lifestyle neighborhoods to consider—that still offers affordability—is Cedofeita… a quiet area that’s close to amenities and has strong public transport connections.

Cost to own in Charleston, South Carolina:

Average price per square meter in downtown Charleston is US$5,600. A 98-square-meter condo in a historic building is on the market here forUS$575,000.

Cost to own in Porto, Portugal:

Average per-square-meter price in Porto today is 2,800 euros (US$3,300). In Cedofeita, a renovated 100-square-meter apartment with a garden is on the market for 220,000 euros. That’sUS$258,150.

California Vs. Mexico

For ocean lovers, it’s hard to beat the crash of the Pacific. Fortunately, those same great wide beaches and surf that California is famous for don’t stop at the U.S. border. For years, expats have been finding great values farther south… on the Pacific shores of Costa Rica, Nicaragua, and Mexico.

Among the choices, Mexico comes out tops. That could be why this country is home to more U.S. expats and retirees than anywhere else in the world. If you’re not planning on retiring just yet, you have the option to rent out your property to other expats (long term) or go after short-term vacation rental income.

One city that offers the option to do both is Mazatlán. The beaches here are reminiscent of Venice Beach in L.A. And, beyond the sand, you have a colonial city that attracts visitors apart from the usual beach-goers.

Cost to own in Venice Beach, California:

Average price in Venice is in excess of US$13,700 a square meter. Just off the beach, a two-bedroom, 131-square-meter luxury condo is for sale for a whopping US$1,245,000.

Cost to own in Mazatlán, Mexico:

Mazatlán is one of today’s best buys for beachfront property with average prices at less than half those of better-known Puerto Vallarta. The average per-square-meter price for beachfront is around US$1,700. You can buy a 130-square-meter, two-bedroom condo in a luxury pre-construction project on the Mazatlán boardwalk—with views over the lagoon and Central Park—for 4.26 million Mexican pesos. At today’s exchange rate, that’s justUS$212,100.

United States Vs. Overseas—How Much Can You Save?

To wrap up, here’s a quick summary of the discounts you can expect by going overseas—based on the average price per square meter in each market…

U.S. DestinationAvg. Price Per SqMOverseas
Alternative
Avg. Price Per SqMDiscount
Austin, TXUS$8,300Medellín, ColombiaUS$1,70079%
Sarasota, FLUS$4,000Canoa Quebrada, BrazilUS$1,60060%
Maui, HIUS$7,600Northern CyprusUS$1,50080%
Prescott, AZUS$3,300Boquete, PanamaUS$1,40057%
Charleston, SCUS$5,600Porto, PortugalUS$3,30041%
Los Angeles (Venice), CAUS$13,700Mazatlán, MexicoUS$1,70087%

Sincerely,

Kathleen Peddicord signature
Kathleen Peddicord
Founding Publisher,Overseas Opportunity Letter

Tags: 'Boquete''Brazil''Colombia''cost of living'Canoa QuebradaLive abroadlive overseasMazatlánMedellinMexico'Northern CyprusPanamaPortoPortugalretire abroad
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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