Hani Richter at Reuters told the story of a young Dublin professional who bought a studio in Tropea, Italy, for about 38,000 euros, renovated it for 3,000 more, and now earns roughly 1,500 euros a week renting it out in summer. About a quarter of Gen Z in the U.S. are moving to cheaper markets, and 82% think buying is harder than it was for their parents.
Reuters asked me whether this is a model. My caution was that a cheap apartment overseas is not simply a starter home. It is a second country's worth of paperwork with a bed in it. Cheap property abroad is rarely cheap by accident: a declining local economy, building issues nobody mentioned, and purchase taxes, notary fees and agent commissions that add to the sticker price and are often due at closing.
That said, I was clear about the upside. Avoiding a 30-year mortgage at a young age is a real positive. She owns something outright. No lender. That's real.
My advice for anyone tempted: rent in that country for at least six months before buying. You learn the neighborhood, the bureaucracy and the off-season, and you find out whether the dream survives a winter.
Read the full article at Reuters →
