Housing in Egypt and Turkey is cheaper than in Crimea

03.08.2010 13:34
Real Estate Market Analysis | Housing in Egypt and Turkey is cheaper than in Crimea Today, virtually every Russian and Ukrainian, belonging to the middle class, reflected on a small investment in overseas property, writes personal money.

Of course, many would like to purchase housing in Cyprus or Spain, but most can afford a small apartment in Egypt. However, gone are the days when on overseas property, ordinary people do not even dreamed of. Now, though small, in credit or in installments, the apartment can afford each an average manager. The only question the place of purchase of real estate, because, as it turned out, for the same amount could buy a room in one place and only a few square centimeters in another.

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International Real Estate Agency Gordon Rock to calculate an index of foreign availability holiday property - for the Russians and Ukrainians. As a result, it became clear that a year of work and the other will hardly be able to afford a full house. With the current level of wages Russians and Ukrainians should rely only on 16 meters in Egypt and 30 cm in Morocco.

In accordance with research, the average Russian can earn in a year to buy 6.3 square meters of real estate for the "averaged" overseas resort on the shores of the sea or ocean, a Muscovite - at 10.5 square meters, a Ukrainian citizen - to 2.4 square meters, and from Kiev - at 3.7 square meters.

Analysis of the cost of resort real estate in 30 countries shows that the degree of availability of real estate can vary by tens of times. The most affordable real estate in Egypt - is a Russian for an annual salary could buy 16.5 square meters, ie half a small apartment.

And the most inaccessible, as expected, is a property in Monaco - is the annual income of the average Russian's enough for the acquisition of only 0.3 square meters, ie only 30 square centimeters.

The methodology of research on the data from Federal State Statistics Service of Russia and the State Statistics Committee of Ukraine on the average wage, and the calculation is made for a family of two working on the assumption that the earnings of a family member will be postponed to purchase low-cost flats in foreign resorts.

Calculations were performed for the estate of the category, which can be attributed to the mass of affordable, but at the same time satisfying the requirements for the convenience of location, for reliability and security of investments.

As such property in the study adopted a small flat area, with a fine finish - in a new housing complex, which has already put into operation, has a minimum of necessary infrastructure and is not more than 15 minutes walk from the beach, and not more than 1 hour drive from the international airport.

According to Gordon Rock, a leader in accessibility is Egypt - Russian for a year can earn a 16.5 square meters of real estate in the Egyptian resort. A little less available real estate in Turkey, where the Russians will be able to buy his annual salary of 13.2 square meters, and Thailand - 11.0 square meters. Next, in descending order available as follows: Bulgaria and the U.S. - at 8.8 square meters, the Crimea - 8.2, Montenegro - 6.0, Israel - 5.7, Croatia - 5.5, Cyprus, Greece and Latvia - 5.3, Spain and Australia - 4.5, Portugal - 4.4, UAE - 3.8, Italy and China - 3.7, Panama - 3.4, France - 2.6 square meters per year of work. The least affordable is certainly a property in Monaco - the year the average Russian will be able to earn only 30 square centimeters.

Since the average salary of Muscovites to 68% higher than average wages in Russia, and the number of square meters, which Muscovites can buy a year of work - more.

As a consequence, in Egypt, the average annual salary for the Muscovite can buy an entire small apartment - a studio area of 27.7 square meters. Here are just a property in Monaco for the Muscovite remains as inaccessible - for a year can earn a total of 40 square centimeters.

For citizens of Ukraine degree of availability of foreign real estate is lower than for the Russians. Since the average wage in Ukraine is about 40% of medium-Russian, and the average salary in Kiev - about 35% of medium-Moscow, then the number of square meters, which can be purchased abroad, citizens of Ukraine - proportionally lower.

According to a study Gordon Rock, in the middle of 2010 the average index of accessibility of foreign holiday property amounted to: for Russians - 16.5 square meters, for Muscovites - 10.5, for a citizen of Ukraine - 2.4 to Kiev - 3.7 square meters. The index reflects the availability of "average" level of accessibility of foreign holiday property - because it is based on the cost per square meter, averaged for the 30 spa country - given the popularity of these countries in terms of the acquisition of real estate where the Russians.

President of International Real Estate Agency Gordon Rock Stanislav Singel commented on the results of the study: "Compared to the year 2009, index of accessibility of foreign holiday property in 2010 has shown positive dynamics.

This is because, on the one hand, the relatively low post-crisis levels of prices for real estate abroad, and on the other hand, the growth of wages of Russians and the strengthening of the ruble against the euro and the dollar. In the coming years can be predicted further growth in the availability of real estate abroad for Russians.

This positive trend is due to the gradual growth of incomes of Russians to the European average - in a moderate increase in the value of foreign real estate. Do not be surprised if in 5 years is not only in Moscow but the average Russian on his annual salary will be able to buy a small apartment in a foreign resort.
Content tags: Overseas property
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