The United Kingdom has been rated the ninth worst country in Europe to invest in property, research from 1st Move International removals has revealed.
This is due to factors like high buying costs and substantial income taxation on rent, though the UK does still have a strong rental profit of 7.03% per annum.
The best countries to be a property investor were across Eastern Europe, with Lithuania being the best.
In Lithuania foreigners can purchase property, benefit from low buying costs and get a typical gross rental yield of 6.44%.
Estonia and Romania were the seen as the second and third best countries for investors. The former is open to non-residents and foreigners on the same terms as residents, while much of the investment activities in the latter centres around Bucharest.
Mike Harvey, managing director at 1st Move International, said: “With rents skyrocketing and living costs squeezing budgets, it’s no surprise more Brits are heading overseas.
“Countries like the U.S., Australia, and the UAE top the list for those seeking a fresh start, offering more affordable housing and better opportunities.
“The UK rental market is pricing people out, and many are opting to relocate where they can find a better balance.”
Belgium is viewed as the worst country to invest in, as the country has the steep house prices, as well as the highest average rental income tax rate (36.83%) and income property taxes (50%).
France is another country to avoid, according to the study, owing to high taxes, while Greece is relatively expensive and has income property taxes of 44%.
