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It seems that young people nowadays want to run before they can walk. In years gone by, the only people with sufficient capital and knowledge to invest in invest in property overseas were those with age-earned wealth and wisdom. Nowadays, largely as a result of hugely-inflated house prices within the UK, more young people are buying a home abroad than ever before. The logic is simple; why scramble to get a foot on the property ladder in a market that is unnaturally high when far more economical options exist in neighbouring countries? The fact of the matter is that many of these markets are also showing sustainable growth, unlike the UK. Interestingly, a recent report by the World Bank also suggests that many properties in Spain are similarly overvalued although some bargains are still to be found in locations 'off the beaten track'. Anyone looking at Spain as regards an initial investment should probably avoid overseas properties in Andorra, which are notoriously expensive. The principality sits on the border between France and Spain, high up in the mountains. While offering some of Europe's best skiing conditions, there is little in the way of bargain property to be found in the region. This is in stark contrast to Bulgaria properties, for example, which can be purchased for a fraction of the price of a reasonably-priced pad in Andorra. Options for purchasing in Hungary range from large Summer houses by the lakes to stylish city-centre apartments, although the latter don't come cheap. Young British investors are being increasingly drawn to Eastern Europe as a place to spend that cash. While older generations are still suspicious of the formerly communist states, many of today's investors can barely remember the fall of the Berlin Wall. This makes owning houses abroad in Slovakia and property in Estonia a more realistic prospect than ever before. The rewards to be gained from investing in the latest hotspot before it gets hot cannot be overstated. For example, around 2000 a lakeside cottage in Bulgaria could be purchased for £5000. Fast-forward half a decade, and the same cottage could sell for ten times the price. There are still bargains to be found in terms of houses and apartments to buy abroad, but investors now need to search a little harder before finding them. With the cost of living in the United Kingdom spiralling, is it time to look at other parts of the EU for a better standard of living on a much more reasonable budget?
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