Land is a precious resource, especially in densely populated areas, and if you’re in the market for a bargain, our article will help you understand the factors driving land prices in various metropolitan areas.
It has been noted that land values differ not just on a national scale but also on a city scale. Land prices around the world are affected by a wide range of factors. Due to the exorbitant costs associated with urban land, many people would rather invest in farmland outside of the city.
Real estate is a vital aspect of investment, but it can often be out of reach for many due to its generally high costs. However, the quest for the cheapest land is a journey many are willing to undertake.
In this comprehensive, SEO-optimized guide, we’ll explore the notion of the ‘cheapest land,’ delve into the types of land that are generally less expensive, and look at countries rich in farming.
What is Cheapest Land?
When people refer to the ‘cheapest land,’ they generally mean plots that are affordable but still offer some potential for development or investment.
Cheap land can be categorized based on its use, such as agricultural, commercial, or residential land. It may be situated in remote or underdeveloped areas where property values are relatively low.
What is the Cheapest Land Type?
1. Agricultural Land
This is often the most affordable type of land, especially when located in remote areas. Agricultural land can be an excellent investment if you’re interested in farming or livestock.
2. Brownfields
These are previously developed lands that are not currently in use and may have potential contamination issues. Because of the risk involved, brownfields are often quite cheap.
3. Landlocked Properties
Landlocked properties are those that have no direct access to a public road or any form of waterway. Due to the inconvenience, these lands are often cheaper.
4. Desert Lands
Desert lands are generally cheap due to their inhospitable conditions and lack of resources. However, advancements in technology can turn them into viable investment opportunities.
5. Swamp and Wetlands
These types of lands are usually not suitable for construction, making them among the cheapest. However, they may have ecological value and can be a worthwhile investment for conservation.
Ten of the World’s Cheapest Lands
In countries like Canada, the United States, and Australia, one can locate reasonably priced land within an hour’s drive of the city. When looking to purchase land, it’s important to consider whether or not you want to use it for immediate or future advantage.
Following Russia’s invasion of Ukraine in February 2022, fuel costs across the board, especially for commodities like Crude Oil and Natural Gas, have risen sharply. The top 10 countries with the least amount of land available per acre are listed below.
1. Bolivia
As there is so little construction in Bolivia, land there is among the world’s cheapest per acre. Home costs in Bolivia are far lower than in any other Southern American nation. One or two bedroom apartments and houses can be found for under $50,000. Houses in the city with more than one bedroom can be purchased for under $100,000.
According to recent exchange rates, the median monthly income in Bolivia is around BOB 8,530, or about $1,280. Although Bolivia’s cost of living has been on the rise over the past few years, it is still the region’s poorest nation.
2. Paraguay
Paraguay, located between Argentina and Brazil and to the west of Bolivia, is a solitary country with extensive sweeping wetlands, woods, and shrubland. Paraguay is a great option if you’re wanting to invest in farmland because of its cheap land costs. It is likely to find a farm for $25-$600/hectare.
Most people in Paraguay are also fluent in Spanish and Guarani, the indigenous language of the country. Paraguay is sometimes called “the happiest city in the world,” despite its poverty and political repression. The cost of living in Paraguay is 55.33 percent lower than in the United States. In Paraguay, Europeans and Paraguayans of indigenous ancestry coexist together.
3. Russia
Because of lower demand, agricultural land in Russia is significantly cheaper than in the European Union. Food and utility expenses are surprisingly affordable even in expensive places like Moscow.
The cost of groceries and transportation drops much farther outside of big cities. It is projected that the comparable cost in the United States is 3.4% higher than in Russia. People in Russia have access to a first-rate healthcare system and free higher education. In terms of nominal GDP, Russia’s economy ranks 11th globally.
4. Portugal
When it comes to European countries, Portugal is by far the eldest. Portugal has fairly affordable land costs. The minimum pay in Portugal is only $635 per month, so the average compensation for a Portuguese is €910.
A recent analysis placed Portugal at #34 on an economic power ranking. Portugal’s beautiful weather and low cost of living make it a top destination for international retirees. It’s a great option for those in their golden years.
5. Spain
Land is relatively inexpensive in Spain compared to other European countries. A month’s rent, utilities, groceries, and entertainment in Spain would set you back about €900. Yet, the expense of renting a large property and eating out every night in the nation’s capital or other well-known cities will be higher than in less expensive areas.
The average cost of living in Spain is 18.2 percent lower than in the United Kingdom, while the average cost of renting a home in Spain is 33.1 percent lower than in the United Kingdom. All Spanish people have access to free and public healthcare.
6. United States
In some areas of the United States, you can find cheap land. The United States has the largest economy in the world and excels in many areas, including quality of life, healthcare, and education.
The cost of living is lower in some U.S. states than in others. These states include Mississippi, Oklahoma, Arkansas, Missouri, Georgia, Alabama, etc. A state’s cost of living is relative to its per capita income.
7. Canada
Canada has some of the most reasonably priced agricultural land in the world. Many unpopulated regions of Canada make for ideal land hunting, and up until recently, several Canadian cities even gave property away for free.
The wealth of natural resources and established global trade routes are the backbone of Canada’s economy. Canada has a somewhat high cost of living, including mortgage, rent, and utilities.
8. Greece
Greece’s economy is showing signs of revival after suffering through a prolonged economic crisis. Greece is a sophisticated European country with a functioning parliamentary democracy. The ancient history and mythical figures of Greece have made it famous. Both the Human Development Index and the quality of life index place it highly.
Several vacationers, explorers, and even long-term residents find Greece to be an appealing place. The majority of Greeks (almost 75 percent) are proud homeowners. Greek home price increases are less dramatic than those in other European countries.
9. Australia
If you’re looking for cheap, undeveloped farmland, Australia is a good bet. While the average price of a home is high in Australia, there are areas where land is cheap because of overpopulation. Outside of Sydney, Melbourne, and Canberra, prices tend to be lower.
Australia’s high GDP and per capita income give the country a good reputation as a prosperous nation. The Australian economy is driven by both the service industry and the export of commodities. The number of Australians who actively take part in sports is relatively high.
10. Ireland
Agricultural land in Ireland is cheap, even after a recent price rise. The island of Ireland is split between the independent Republic of Ireland and the British territory of Northern Ireland. Ireland, behind the United Kingdom, is Europe’s most populous island.
Which Country is Rich in Farming?
1. India
India is a country with diverse climatic regions, making it suitable for a wide variety of crops. With an agriculture-driven economy, the country has vast areas of arable land.
2. United States
With its extensive prairies, the U.S. is another country rich in farming. From the cornfields of the Midwest to the citrus groves of Florida, the country offers varied farming opportunities.
3. China
China, with its large population, has optimized its land use for farming to meet food demand. The country is known for rice cultivation but also produces an array of other crops.
4. Brazil
Brazil is quickly becoming an agricultural powerhouse, with vast expanses of land suitable for farming and cattle ranching.
5. Russia
Though much of its land is not arable, Russia has started focusing more on agricultural development and holds potential with its vast land area.
Conclusion
Cheap land exists, but it comes with its own set of challenges and opportunities. While agricultural lands are generally the most affordable, they may require a significant investment in development.
Countries like India, the United States, and China offer rich farming opportunities, presenting viable options for those interested in agricultural investment. Always remember to do thorough due diligence before diving into any land purchase, cheap or otherwise.
