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Cheapest Real Estate in the US and the World


Cheapest Real Estate in the World

Cheapest Real Estates In The World

The rate at which the world population is increasing is quite alarming. In fact, over 8 billion people are living in the world at the moment. As expected, these people will look for a roof to live to under. Therefore, empty plots of lands and high rise buildings are constantly in demand. People just have to look for a way to fulfill one of the basic needs of man: shelter.

Since the demand for real estate far outweighs its supply, it should be expected that the prices of real estate will increase. Unsurprisingly, the prices of real estate have been on the rise in recent times. During the last decade, there has been a downturn in the real estate market. The downward trend exhibited by the property market is not peculiar to a particular part of the world; every part of the world is experiencing a slump in its real estate market.

Rising Worldwide

The price of properties is steadily on the rise all over the world. As more and more people set out to own a house, the ability of these people to secure affordable home of their own seems to be getting more difficult by the day. And the end of the steady hike in the prices of real estate is not even in sight.

Despite the steady increase in the price of real estates in every part of the world, there is still some silver lining for middle income earners who are interested in owning a property. Even though the prices of real estate in some of the most desirable destinations in the world are beyond the reach of the middle income family, there are still some places in the world where middle income earners can purchase real estate at an affordable price.

Cheapest Places in the World

Surprisingly, some of the cheapest real estates in the world are located in the United States. Many people are of the opinion that the Manhattan real estate which goes at a price of $1068 per square foot is too expensive, yet it is three times cheaper than the real estate in Paris that averages a price of $3,387 per square foot. Compare to other parts of the world, the price of real estate in the United States is not that expensive.

The Chilean city of Santiago has the cheapest real estate in the world, which averages a price of $160 per square foot. Paris, the French capital city, has the most expensive real estate worldwide. A piece of the Paris real estate averages the price of $3,387 per square foot. Other cities with cheap real estate include Dubai in the United Arab Emirates with a real estate average price of $264 per square foot, Bratislava in Slovakia which goes for $398 per square foot, and Auckland in New Zealand with an average price of $450.

In the United States, while New York has the highest real estate price of $1,068 per square foot, Houston in Texas has the cheapest real estate, which is sold at rate of $54 per square foot. Other US cities with affordable per-square-foot real estate prices include Denver ($183), Atlanta ($132), Phoenix ($79), and Miami ($182).