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Top 10 countries with cheapest property

Photos Logo Photos | Slide 1 of 10: Here’s a slideshow which shows a top 10 countdown to the most affordable countries surveyed by The Organisation for Economic Co-operation and Development (OECD) - a body of 34 member countries which comprises of Western and developing nations from around the world.

Top 10 countries with cheapest property

The Organisation for Economic Co-operation and Development (OECD), a body of 34 member countries, which comprises of Western and developing nations from around the world, conducted a survey in May 2014 to know where buyers might be able to find a property bargain – and the nations where they may be overpaying. They looked at house prices relative to wages, then compared this ratio with historical averages.  If the "price-to-income index" figure is 0, for example, it means that the affordability is neither higher nor lower than the long-term average. A negative number means property is more affordable relative to earnings than the historical norm. The average property value figures have been sourced from Global Property Guide, last updated in July 2014.

10. Spain

Price-to-income index: 7

Average price for a 120 sq. m. property:

Sale: €3,630 ($4,569)

Rent/month: €1,423 ($1,791)

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