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February 25, 2020

What Are Property Transactions Like In Other Countries?

One of the many challenges, financially speaking, when buying a property in South Africa is the transaction costs – transfer duty, attorney’s fees, and deeds office registry fees. These are usually the extra costs that come with buying a property that has the sale value of over R900 000. As a rule, experts suggest that you save an extra 8-10% for these costs if you’re buying property.

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Are administration costs this expensive in other countries?

Are administrations costs this expensive in other countries?

South Africa is ranked 82nd overall and 106th for ease of registering property. Compare this to Rwanda, which is ranked 2nd in the same registration category. It’s safe to say that our process is not an easy one. Let’s take a look at how we compare to other countries. We’ll be taking a look at the up-and-coming countries to invest in real estate.

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Portugal

Portugal

Besides being the prime European holiday destination – thanks to great weather – Portugal is also the best country for real estate investment. It has a hive of renovation properties available, especially in Algarve. The great news is that renovations are cost-effective and non-residents can apply for a mortgage.

According to the Global Property Guide, the buying costs in Portugal are quite moderate. You could expect to pay anything between 5.69% – 20.15% of the property costs – this includes registration fees, stamp duty, and agent’s commission fees.

Montenegro

Montenegro

With rugged mountainous regions and medieval villages, this Balkan region has become quite the gem, especially when it comes to property investment. Two years ago, Montenegro launched the Citizenship by Investment Program. The minimum investment is set at EUR 250,000, but with an additional government fee of EUR 100,000 per application.

Buying costs are low in the country, with the minimum transaction costs being 6.57% of the property cost.

Malta

Malta

This Eurozone property is also a favourite investment opportunity amongst South Africans. Like Montenegro, Malta also offers citizenship by investment. The country recorded the largest surplus and has a stable economy which continues to grow.

The property buying costs are moderate to high in Malta. The total transaction costs will be 11.53% – 25.58% of the sale cost. If you do buy property in Malta, it must be used by you and immediate members of your family. If guests do come along, they must be accommodated by you.

Brazil

Brazil

Great beaches, weather, and friendly people. Brazil is exotic, diverse and the beach zones offer the most return when it comes to property.

Transactions costs are quite moderate in Brazil. According to Global Property Guide, total costs are usually between 9% and 14% of the value of the property. The real estate agents’ fee is usually 5% to 6%.

Registration requires no less than 14 separate procedures and the buying process can be completed in about 47 days.

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Is It Worth Investing In Property Overseas?

The benefit is that you’ll have the chance to take part in global growth and create wealth with a foreign currency. With most of these countries, you’ll also have the chance to acquire a residency visa.

If you are looking to buy property, especially property overseas, you need to do your due diligence and research on what financial options are available. At our free property investment seminars, our experts provide you with advice on buying your first property, and financial options available to you. Book your seat today and secure your next property deal!

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