Latin America is a big area, and it covers a wide range of countries with diverse cultures and trends alongside a wide variety of economic approaches. For some, this area can be an excellent retreat to buy retirement, vacation, or rental property. Most countries here offer low property taxes, high return on investment, and a pleasant climate throughout the year. Therefore, the places mentioned in this article are ideal for buying property, allowing foreign investors to invest in their real estate market. However, living in a place for a while makes sense before you purchase real estate. Therefore, places that seem great on vacation may not be perfect for buying a house. Nevertheless, most of them are regarded as the best in their respective countries. So, here are the 15 best places to buy affordable property in Latin America.

15. San Miguel de Allende, Mexico

San Miguel de Allende is a colonial-era city in Mexico's central highlands known for its Spanish baroque architecture, thriving art scene, and a full range of amenities from chic restaurants and bars to a plethora of shops and supermarkets. In addition, it has one of the most prominent retirees and snowbird communities in Mexico. As many as 20 000 foreigners currently reside here, most of whom are US and Canadian citizens. Due to this reason, it's one of the most in-demand places to invest in Latin America. Properties in the area are somewhat affordable. For example, contemporary Mexican home with two bedrooms costs about $220 000. Moreover, property taxes in the region are also meager, but hiring a local real estate attorney is recommended before making a move.

14. Joao Pessoa, Brazil

This isn't a well-known city across the border of Brazil. Still, the natives recognize it as an attractive place to buy property because it's a great alternative to cities like Rio de Janeiro and San Paulo. It's a coastal city near the mouth of the Paraiba river in eastern Brazil, with its old town known for its baroque architecture. Investing in this region is undoubtedly a desirable option as it's seen a marked increase in buyers and a wide range of selections on offer in recent years. The average cost of a free-standing three-bedroom house with all amenities comes at around $180 000, while two-bedroom seafront apartments are listed at under $50 000.

13. Santa Marta, Colombia

Santa Marta is a city on the Caribbean sea in the northern Colombian department of Magdalena. This city is among the easiest to invest in, with direct access to the coastline and a relaxing tropical climate. The only requirements to invest are a valid passport and sufficient funds. The average price of a two-bedroom house or a condo in the residential district is about $180 000 with all the necessities of daily living. The foreign ministry likes and even prefers foreign investments in the country. Therefore they make it both more accessible and attractive for people to shift their money into the land and get high returns both ways.

12. Puerto Montt, Chile

Puerto Montt is a port city in southern Chile's lake district known as a gateway to the Andes mountains and the Patagonian fiords. This city, with its pristine atmosphere and magnificent coastline, is one of the most affordable and in-demand places in the south American continent. It's a place for those who are on a budget. According to its local realtor website, the median home value is way under $100 000; for properties near the coast, this figure can rack up to $150 000. Additionally, the annual tax rate in this part of Chile is almost non-existent at a mere 0.1 percent. Overall it's an excellent place to buy a retirement or vacation home as it boasts several outdoor activities and healing hot springs with modern cosmopolitan diversions like hospitals, markets, and restaurants.

11. Jaco City, Costa Rica

Jaco is a resort city on the pacific coast of Costa Rica. It's only one hour's drive from its capital city San Jose and is known for its surf beaches and nightlife; it is a gateway to national parks. The average housing cost for a typical condo or two-bedroom house in the hub of the main city comes out at about $250 000 with ample space and all the amenities of daily living. It's also a great place to retire in Costa Rica as it is modern and prosperous. The area also offers everything one needs for a high quality of life medical facilities, banks, great shopping, golf courses, and dining options. Plus, it's close enough to San Jose when required but far enough that you can enjoy relative peace.

10. Salinas, Ecuador

Time and time again, this coastal city of Ecuador gets listed on the list of best places to invest in. After all, it's an important tourist center of Ecuador with the most upscale beach lifestyle in South America. Although most of the properties in the area are condominiums, a modern two-bedroom condo on or near the beach can cost a little more than $120 000. While in family-style neighborhoods just a few blocks from the beach, there are often three-bedroom houses with lawns and garden areas for about $100 000.

9. Montevideo, Uruguay

Montevideo, the capital of Uruguay, offers a vibrant blend of the old and new. It is a city adorned with art deco buildings, colonial homes, and regional landmarks. Moreover, the city is ranked as the safest out of all South America, which is why so many people from the adjoining areas flock to the city to invest. On the downside, the average cost of living in this city is very high, but it can be inexpensive for those looking to buy property. As a thriving metropolis, Montevideo houses several districts with different types of properties. In some areas, the average cost of a three-bedroom house or a condo can be as low as $150 000.

8. Santa Domingo, Dominican Republic

Santa Domingo is the Dominican Republic's capital and one of the Caribbean's oldest cities. It has a growing transportation system, attractive shopping malls, and gastronomic offers with beautiful beaches and golf courses 20 minutes away from the city. The average cost of a house in the city's residential district comes out as $200 000. Still, for those opting to invest in apartments, a decent luxury condo costs only about $75 000 on average, making it an incredibly affordable and high-return place to invest. Moreover, buying property here for a foreign individual is straightforward and transparent. The government also offers several tax incentives to investors.

7. Puerto Rico

Puerto Rico is a Caribbean island and unincorporated US territory with a landscape of mountains, waterfalls, and tropical rainforest. Despite being a US territory, all foreign investors are allowed to buy property here, but taxation is a bit high relative to others on this list. The maximum tax rate is 7%, which varies depending on the municipality where the taxable property is located. Housing in this region is pretty cheap, though, with a three-bedroom condo or suburban house costing only around $180 000, fully equipped with the basic amenities of daily living.

6. Santiago, Chile

Santiago, chile's capital, is the most populous city in the country, with over 7 million people. This urban city has picturesque, and the mountains in the background give it a unique and beautiful atmosphere. Although real estate costs in this city are higher than Puerto Montt's, it's a huge city with many affordable condominiums and suburbs. On average, a three-bedroom house is listed at $250 000. This value is seasonally adjusted and only includes the middle price tier of homes. It's also a great place to buy rental property as almost 60% of its population are renters. Moreover, buying property in Santiago is straightforward, but unless you speak Spanish or have a Chilean friend you trust, it would be beneficial to hire a third party to guide you through the process.

5. Buenos Aires, Argentina

This metropolitan city is the capital of Argentina. It has round-the-clock action, a thriving cafe culture, superb performing arts venues, and vibrant nightlife. Unfortunately, political and financial uncertainty is ingrained into Argentinian society. Still, if you can put it to the back of your mind, this is an extremely great option to buy property. Most of the property listings in this city are condominiums. An average three-bedroom apartment costs $160 000. Of course, this amount also depends on the location. The Argentinian real estate market is stable due to the lack of mortgages and credit granted to buyers, which prevents any real estate bubbles from forming and keeps the housing market steady.

4. French Guiana

French Guyana is an overseas department of France on the northeastern coast of South America. Composed mainly of tropical rainforest, foreign nationals are allowed to buy property here. US, Canadian and European citizens can reside here for up to 90 days without a visa. Most people who buy property here treat it as a retirement and vacation home. There are many gated communities near its coastal areas where the average listing price for a three-bedroom house is under $180 000. Additionally, it's a safe place to buy property, but it is highly recommended to hire a reputable realtor. Moreover, property taxes are almost non-existent in this region.

3. Martinique

Martinique is an island and an overseas department of France, a rugged Caribbean island that's part of the lesser Antilles. Foreigners are allowed to purchase property here, and citizens of the US, Canada, and the EU can enter with a passport and stay for up to 90 days. It has everything nature offers: lush tropical forests, picturesque mountains, spectacular beaches, commercial centers, luxury hotels, marinas, and trading ports. Like many other places in the Caribbean, Martinique is a tax haven, with very low property taxes levied on investors. As a result, the average housing cost on this Caribbean island for an average three-bedroom house or condo costs around $200 000, providing all the necessities of life.

2. Cuenca, Ecuador

Cuenca is a city in southern Ecuador's Andes mountains. It has about 15 000 north American and European residents making it one of the most preferred destinations in the country. There's a large variety of real estate on offer here, from modern apartment buildings with a view of the Andes to houses with cobblestone streets and historical buildings with a Spanish influence. The housing market in this region is also quite affordable, with the cost of an average three-bedroom house coming out at around $160 000. As a whole, Cuenca has a small-town atmosphere, but all the big city conveniences are also present here, such as malls, markets, and good restaurants. It's a prime spot for investing.

1. Playa Del Carmen, Mexico

Playa Del Carmen is a coastal resort town in Mexico along the Yucatan Peninsula Riviera Maya strip. Not surprisingly, the local real estate market in Paya Del Carmen is high in demand, thanks partly to the city's excellent infrastructure and amenities, including hospitals, big box stores, and every modern convenience one could ask for. As a result, it has a large variety of vacation retreats for sale for investors with a starter budget and luxury mansions for high-net-worth individuals. Currently, the median home listing price for a three-bedroom detached house is under $200 000, while the price of a two-bedroom condo with all amenities is under $150 000, giving buyers easy access to everything the Riviera Maya has to offer.