Before choosing a country,
understand the property market.

01 / READ THE NUMBERS IN CONTEXT

Understand the movement
behind the headline.

Rising prices may reflect sustained demand, limited supply or changing credit conditions. They can also reduce the margin available to a new entrant.

International comparisons require additional care: nominal growth and growth adjusted for inflation tell different stories. In its first-quarter 2026 release, the BIS reported annual real residential price growth of approximately 5% in Brazil and 4% in Mexico, while China recorded a decline of approximately 7%. These figures describe price movements, not the returns of a specific investment.

The objective is to understand what drives the movement and whether the conditions supporting it remain relevant.

02 / INVESTIGATE THE OCCUPIER

Demand belongs
to a specific place.

A national market contains thousands of local realities. A university city, an employment hub and a tourist destination may require entirely different products and strategies.

Identify who would occupy the property, why, for how long and with what ability to pay. Employment, household formation, education, mobility and tourism belong in that investigation.

The OECD tracks indicators relating house prices to income and rents. They help establish context, but do not replace property-level analysis. Its ratios indexed to a common base year are not, on their own, a direct ranking of the cheapest countries.

Visible demand becomes an opportunity when the product, price and location serve a concrete need.

03 / COMPARE CAPITAL AND CASH FLOW

Account for the money
that remains.

The advertised price is only part of the investment. Acquisition costs, initial works, furnishings, insurance, management, maintenance and unoccupied periods also consume capital.

Across borders, consider the currencies of income, expenses and financing. An operation can perform satisfactorily in local currency and produce a different result when funds are converted.

The useful question is whether the result, after costs, financing commitments and applicable taxes, compensates for the capital and risk assumed.

Validate assumptions with documents, quotations and local evidence, including scenarios of lower income and unexpected expenditure.

04 / SEPARATE OWNERSHIP AND OPERATION

Check each permission
on its own terms.

Owning a property, incorporating a company and being permitted to carry out an activity are distinct questions.

Investigate acquisition rules, permitted use, letting, licensing, taxation and, where relevant, residence and work permissions. The viability of one model should not be inferred from the existence of another.

The World Bank’s B-READY methodology examines regulations and their practical implementation, including company registration, property transfer and permitting. Procedures, costs and access to services also shape an operation.

05 / PLAN MANAGEMENT AND EXIT

Look beyond
the purchase.

An international property needs a structure capable of monitoring maintenance, occupancy, payments and obligations, even when its owner is elsewhere.

Before acquisition, establish who is accountable, how expenditure will be authorised and what information will reach the investor.

Exit deserves equal attention. Who could buy the asset? What would selling cost? Could the operation support a longer wait for a buyer? These questions define the commitment beyond the moment of purchase.

THE ZANORIS VIEW

Define the strategy.
Then select the market.

Zanoris proposes assessing markets through the relationship between demand, property economics, operating conditions and execution capability.

An international perspective expands the possibilities. Selection still requires local knowledge and consistent criteria.

The first step is to define the strategy. Then identify the markets where it could work and gather sufficient evidence to proceed, adapt or decline.