16 Developing Countries Where Property Is Still Cheap—but Not for Long

Julie Ann - June 30, 2025

In many developing countries, property prices remain strikingly affordable—at least for now. As global investors seek new opportunities and local populations surge toward cities, real estate markets are shifting fast. What was once a bargain is beginning to attract attention, causing values to rise in places that used to be overlooked. These emerging markets offer unique chances for early buyers, but the window for low-cost entry is closing rapidly. Let’s explore 16 countries where property is still cheap, but may not stay that way for long.

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1. Colombia

Colombia stands out as a real estate hotspot in Latin America, offering surprisingly low property prices in vibrant cities like Medellín and Cartagena. The allure of Colombia isn’t just its affordability—foreign investment is surging, and tourism is on the rise, steadily driving up demand. Infrastructure upgrades and peace accords have boosted stability, increasing buyer confidence. For instance, you can still find stylish apartments in Medellín for a fraction of what you’d pay in Mexico City or Buenos Aires.

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2. Vietnam

Vietnam’s real estate market is gaining momentum, especially in dynamic cities like Da Nang and Ho Chi Minh City. Low property prices still attract both local and international buyers, but the landscape is evolving quickly. Economic growth and a youthful, urbanizing population are fueling high demand for homes and apartments. Recent regulatory changes have made it easier for foreigners to purchase property, which has accelerated foreign investment and competition. Compared to neighboring countries like Thailand or Malaysia, prices remain affordable, but this gap is closing fast.

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3. Georgia

Georgia has emerged as a hidden gem for affordable property, particularly in cities like Tbilisi and Batumi. The country’s open-door policy for foreign investors and easy property purchase process have made it an attractive destination for international buyers. In Tbilisi, apartment prices are much lower than those in other Eastern European capitals, offering exceptional value. The rise of tourism and a growing digital nomad population are steadily pushing prices upward, hinting at a market on the verge of transformation.

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4. Philippines

The Philippines stands out for affordable real estate in both bustling cities and serene rural areas. Urban hubs like Manila and Cebu are seeing steady growth, thanks to a strong economy, significant infrastructure development, and a large overseas workforce sending remittances home. Prices remain lower than in many Southeast Asian countries, but rising foreign interest is quickly narrowing the gap. Beachfront properties in stunning provinces such as Palawan are still within reach for many buyers, but these bargains are fast disappearing.

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5. Morocco

Morocco is capturing attention with its affordable real estate, particularly in vibrant cities like Marrakech and Casablanca. Buyers can still find traditional riads and modern apartments at prices well below those found in European hotspots such as Spain or Portugal. The surge in tourism and ongoing infrastructure improvements are fueling demand, gradually pushing prices upwards. International interest is growing rapidly, as more buyers discover Morocco’s unique blend of culture, location, and value.

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6. Albania

Albania is rapidly emerging as a go-to destination for affordable real estate, both in its lively capital Tirana and along the picturesque Adriatic coastline. Improving infrastructure and the country’s aspirations for EU integration are driving new interest among buyers. Apartments and coastal properties remain far more budget-friendly than those in neighboring Greece or Montenegro, offering tremendous value. The expanding tourism sector is attracting a growing number of foreign investors looking for both rental income and long-term appreciation.

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7. Mexico

Mexico continues to offer affordable property options in regions such as Mérida and Oaxaca, where vibrant culture meets value. In recent years, foreign investment and a wave of digital nomads have pushed demand—and prices—upward, especially in popular destinations. Compared to the US or Canada, Mexican real estate remains a relative bargain, but these deals are becoming harder to find as infrastructure and safety steadily improve. The market is evolving rapidly, making now a crucial time for prospective buyers.

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8. Bulgaria

Bulgaria remains a standout for value-driven property seekers, with affordable homes in Sofia and along the scenic Black Sea coast. The country’s EU membership has prompted major infrastructure improvements and boosted market confidence, drawing more foreign buyers each year. Prices are still among the lowest in Eastern Europe, but the influx of international interest is steadily pushing them higher. Beachfront retreats and picturesque mountain homes are especially sought after, offering both lifestyle and investment appeal.

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9. Turkey

Turkey remains a prime destination for affordable real estate, with standout options in both bustling Istanbul and sun-drenched Antalya. Economic volatility has traditionally kept property prices low, but increasing interest from Middle Eastern and European buyers is fueling a steady price rise. Comparable homes in Greece or Italy cost far more, making Turkey a compelling alternative for investors and lifestyle seekers alike. The market is evolving quickly, so early buyers are likely to benefit most as prices continue their upward trend.

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10. Ecuador

Ecuador stands out as one of South America’s most budget-friendly property markets, especially in charming Cuenca and along the tranquil Pacific Coast. The nation’s stable, dollarized economy and a steadily growing expat community have made it increasingly attractive to international buyers. Homes and apartments here cost far less than comparable properties in Chile or Peru, giving buyers exceptional value for their investment. However, as more foreigners discover Ecuador’s appeal, prices are gradually rising—making now an ideal time to act.

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11. Indonesia

Indonesia continues to entice buyers with affordable real estate in both bustling cities like Jakarta and world-famous destinations such as Bali. The country’s fast-growing tourism sector and youthful population are fueling a steady rise in property values. Recent changes to foreign ownership rules have made investment more accessible, leading to even greater demand—and rapid price growth. Despite these increases, Indonesian properties remain a bargain when compared to those in Singapore or Australia, but the landscape is changing fast.

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12. Egypt

Egypt’s real estate market remains exceptionally affordable, particularly in historic cities like Cairo and Alexandria. Major economic reforms and significant infrastructure projects are reinvigorating the sector and attracting both local and foreign buyers. Property prices are still much lower than those in the Gulf or other North African nations, offering great value to early movers. However, a burgeoning middle class and a wave of new developments are steadily driving values higher—making today’s bargains unlikely to last.

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13. Serbia

Serbia, with Belgrade at its heart, is quickly emerging as a hotspot for affordable real estate in the Balkans. The country’s ambitions for EU accession and a booming tech sector are drawing increased attention from investors and expats alike. Property prices remain lower than in Hungary or Croatia, but demand is on the rise, steadily driving values upward. As international interest grows, those seeking bargains will need to act fast before Serbia’s prices catch up with its neighbors.

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14. Kenya

Kenya boasts one of Africa’s most dynamic property markets, especially in major cities like Nairobi and Mombasa. Rapid urbanization, ongoing infrastructure improvements, and an expanding middle class are all fueling heightened demand and rising property values. Homes and apartments are still more accessible compared to South Africa or Morocco, but this affordability is quickly fading. As more investors turn their eyes to Kenya’s urban centers, the market is evolving fast and early buyers are finding the best deals.

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15. Peru

Peru’s property market, especially in vibrant Lima and historic Cusco, offers some of the lowest prices in South America. The country’s fast-growing economy and flourishing tourism sector are fueling a steady increase in real estate demand. While homes here remain more affordable than in Brazil or Argentina, the difference is shrinking as international buyers become more active. With interest climbing, Peru’s unique blend of culture, opportunity, and affordability is drawing increasing global attention.

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16. Montenegro

Montenegro is swiftly becoming a property hotspot in the Balkans, thanks to its breathtaking Adriatic coastline and still-affordable real estate. The nation’s EU candidate status and a surge in international tourism are fueling both demand and rising prices. Compared to neighboring Croatia, you’ll find bargains in Montenegro, but these opportunities are vanishing as global awareness grows. With the market evolving rapidly, now is a pivotal moment for those seeking value in this stunning region.

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Conclusion

As seen across these 16 developing countries, affordable property opportunities still exist, but the window is narrowing fast. Rapid urbanization, foreign investment, and growing local demand are fueling price increases in once-overlooked markets. For those dreaming of a smart investment or a new home abroad, now is the time to act. Conduct thorough research, move decisively, and join the global wave of property investors before these bargains become a thing of the past.

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