On early-2026 averages from one guide, the cheapest places for foreign buyers in Europe are Albania, where apartments cost about €1,100 to €1,600 per m² and total buying costs are 3% to 5%, and Montenegro, at about €1,800 to €2,500. Portugal, Italy and Spain follow at national averages of about €2,050, €2,100 and €2,150, with Croatia about €2,400 and Greek apartments about €2,700. A low price per square metre is only one part of the cost. Buying costs range from 3% in Albania and Montenegro to 10% to 15% in Spain, and cheap markets carry risks in title, financing and resale. This guide compares the numbers, shows the total cash for an 80 m² apartment, lists where Spain, Portugal and Italy are cheapest, and explains the risks. It is general information, not investment advice.
Which countries are cheapest?
The table uses one guide’s approximate national averages as of early 2026 and its range of buying costs. It then applies them to an 80 m² apartment, as an illustration. Averages differ from the price of a particular home, and the sources disagree in places.
| Place | Price per m² | Buying costs | Total cash for 80 m² |
|---|---|---|---|
| Albania (apartments) | €1,100–€1,600 | 3%–5% | €90,640–€134,400 |
| Montenegro | €1,800–€2,500 | 3%–5% | €148,320–€210,000 |
| Costa Cálida, Spain (median asking) | €1,900 | 10%–15% | €167,200–€174,800 |
| Portugal (national average) | €2,050 | 7%–10% | €175,480–€180,400 |
| Italy (national average) | €2,100 | 7%–10% (one guide; two others give 10%–15% and 10%–20%, see the Italy guide) | €179,760–€184,800 |
| Spain (national average) | €2,150 | 10%–15% | €189,200–€197,800 |
| Croatia (national average) | €2,400 | 5%–7% | €201,600–€205,440 |
| Greece (apartments) | €2,700 | 7%–10% | €231,120–€237,600 |
The Costa Cálida figure is a median of asking prices across 29 towns, from the Costa comparison guide, and the others come from a guide updated in May 2026. The ranges for the first two countries are wide, and the total includes taxes and fees but not the legal checks, furnishing or renovation. Notice how buying costs change the ranking: Spain’s average price is only about 5% above Portugal’s, but its costs of 10% to 15% make the cash needed larger by a bigger margin.
What do buyers search for at low prices?
A Place in the Sun’s January 2026 ranking shows the average budget of British searchers by country. Bulgaria had the lowest at £62,401 and was the cheapest option in the index. Italy came next among the Southern European countries at £122,967, ahead of Spain at £173,915. Montenegro had an average budget of £198,814 with enquiries up 54%, and the article says EU membership is expected in 2028. These are search budgets and not prices, so use them only as a sign of where people look.
Where is Spain cheapest?
The Costa Cálida in Murcia had a median asking price of about €1,900 per m², against €2,781 on the Costa Blanca, in the figures in our coast comparison. The same guide gives Orihuela Costa townhouses at around €150,000. See also buying property in Murcia and the best areas. Remember the 10% to 15% buying costs and check the planning status of cheap homes; see illegal builds in Spain.
Where is Portugal cheapest?
Inland areas and some towns on the Silver Coast cost much less than Lisbon or the Algarve. In our Algarve vs Silver Coast comparison, asking prices were about €2,235 per m² in Caldas da Rainha and €2,672 in Peniche, against €3,988 in the Faro district. Rural property can be cheaper still but carries more risk; read buying a quinta in Portugal. The non-resident IMT of 7.5% is explained in the IMT guide.
Where is Italy cheapest?
One guide says apartments in Sicily and Calabria can cost less than €50,000, and Italy’s national average is about €2,100 per m². Many regions are still below their 2011 peak, though prices are rising. The low price usually comes with work: older houses need renovation, and the paperwork can be heavy. The country guide is the Italy guide.
What are the risks of buying cheap?
- Title and ownership. The guide says Albania has title disputes and that land requires an Albanian company, so verify ownership with a local lawyer.
- Foreign-buyer rules. In Croatia, non-EU buyers need reciprocity agreements, which the guide says Americans, Canadians and Britons generally satisfy.
- Financing. Mortgages for foreign buyers in cheaper markets can be harder or more expensive to obtain; see the guides for Spain and Portugal for how it works in those countries.
- Liquidity and resale. A cheap market may have fewer buyers when you want to sell.
- Renovation and running costs. A low price can hide repairs, poor insulation and high running costs; see running costs in Spain.
- Scams. Prices that look too good are a scam signal; see how to avoid property scams.
- Legal and planning status. Check licences and the registry before you pay a deposit.
How do you compare real cost, not just the price?
- Take the price of a real home, not an average, from three listings in the town.
- Add the buying costs for that country and region, using the calculators for Spain and Portugal.
- Add renovation, furniture and the first year of running costs.
- Estimate the rental income and the tax; see the rental yield guide.
- Check how you would sell, and the tax on the sale.
- Check the legal safety with an independent lawyer before you commit.
What are the common mistakes?
- Comparing price per square metre without the buying costs.
- Treating national averages as the price of the town you want.
- Buying in a market where you cannot verify the title.
- Ignoring flights and the cost of getting to the home.
- Assuming that a cheap home will rent well.
- Forgetting the tax at home on income and gains.
For the full comparison of the main Southern European markets, read the best countries for a holiday home.
A short worked example
Suppose you compare an 80 m² apartment in Albania at €1,300 per m² with one on the Costa Cálida at €1,900. The first costs €104,000 before costs and about €107,120 to €109,200 with 3% to 5% buying costs. The second costs €152,000 and about €167,200 to €174,800 with 10% to 15%. The difference in cash is roughly €58,000 to €67,680. Whether that gap is worth the extra legal certainty, EU rules, easier mortgages and a deeper resale market is a personal decision, and the price is only one input.
Does EU membership matter?
For buyers it affects consumer and property law, the movement of money, access to mortgages and, in some cases, taxes. Spain, Portugal, Italy, Greece and Croatia are in the EU. Albania is not, and the Montenegro article says that membership is expected in 2028. Outside the EU, rules for foreign buyers can differ, so rely on local legal advice and avoid assumptions based on EU markets.
How do you reduce the risk of a cheap purchase?
- Pay for an independent lawyer and a technical survey, because savings on the price can disappear in repairs.
- Prefer a new development with clear title and licences to an old house with unclear papers.
- Visit in the low season and talk to people who live there.
- Check how the home can be rented or sold before you buy.
- Keep the purchase within money you can afford to lose if the market is illiquid.
What is the bottom line?
The cheapest price per square metre is rarely the cheapest home to own. Compare the total cash, the legal safety and the way out, and choose the cheapest option that still passes your lawyer’s checks.
Frequently asked questions
Which European country is cheapest to buy property in?
On the early-2026 averages from one guide, Albania and Montenegro are cheapest among the countries covered, but they carry title, financing and resale risks. Among the main Southern European markets, Portugal, Italy and Spain are close at €2,050 to €2,150 per m² nationally.
Are buying costs lower in cheaper countries?
Yes in some: 3% to 5% in Albania and Montenegro and 5% to 7% in Croatia, against 10% to 15% in Spain, 7% to 10% in Portugal, and 7% to 10% in Italy in this guide (two other guides give 10% to 15% and 10% to 20% for Italy).
Where is the cheapest part of Spain?
The Costa Cálida in Murcia had a median asking price of about €1,900 per m², and inland areas can be cheaper still.
Is it safe to buy in Albania as a foreigner?
Apartments can be bought freely, but land requires an Albanian company and title disputes exist, so use an independent local lawyer.
Does a cheap price mean a good investment?
No. Check the total cost, the legal status, the rental demand and the way you would sell.
This is general information, not legal or tax advice. Rules and rates change, and your situation may differ. Confirm the figures with the tax authority and a qualified lawyer or tax adviser before you commit. Facts last checked on 16 October 2026.
Sources
Official sources (check these for the current rule):
Also cross-checked against published guides, because practice varies between notaries, registries and banks:
