For £650,000, you could live like royalty in this tiny European country

Dealing with the tumultuous beast that is the UK housing market often has us dreaming of what we would buy if we won the lottery. Or, simply if we had just a little bit more money in our deposit pots.

And lately, many Redditors have been doing just that, hopping on the “£650,000 challenge” on a thread called Spotted on Rightmove.

Members of the forum dedicate themselves to highlighting weird, wacky, and sometimes simply stunning dream homes across the world — including a penthouse in Montenegro that hundreds are obsessing over.

Other standouts include everything from a four-bedroom renovated church in Dollar, Scotland to a French manor house with six ensuite bedrooms, a swimming pool and even a tennis court.

It’s no surprise, either. Fantasy shopping for houses is a common practice amid a turbulent, expensive housing market that’s blocking younger people out of ownership.

In the same way that people have been window shopping clothes (and maybe even trying them on with little to no intention of buying them), we’re now doing the same with property. If actually owning it is out of reach, all we have is fantasy, right?

The figures on homeownership stack up, too. In the UK alone, the average property now costs £282,000, as figures from Gov UK show. In London, this skyrockets to £687,134 – more than £400,000 higher than the national average.

So, we decided to take on the challenge ourselves to see what we could find. And naturally, there was huge diversity, from a tiny apartment in New York City, which has one of the most expensive property markets in the world, to a 6-bedroom home in Croydon, South London.

A two-bedroom house in The Heights, New Jersey

We started off by looking at what you can buy in the Big Apple, which is one of the most expensive cities in the world to set up shop and call home.

Naturally, £650,000 – which is £844,174.50 in sterling – doesn’t get you too much in New York City. And so, we broadened our property horizons and had a nosy in Jersey City, a 20-minute drive away.

As per Numbeo’s Cost of Living Index, New York City is the third most expensive in the world – and is trumped by only Geneva and Zurich in first and second place respectively. Clearly, you have to be earning the big bucks to have a shot at living in Switzerland.

In fact, the majority of New Yorkers aren’t on the housing ladder at all – but not just because buying and mortgaging the actual property is expensive, but because they also pay hefty taxes each year on any and all homes they own.

Along these lines, 69% of those who call the city home rent.

As per figures from the NYC Department of Finance, properties in class 1 – the highest band, which covers residential properties up to three units, including family homes, small stores of offices with either one or two flats attached – are taxed at a rate of 20.085% per year.

Along these lines, Metro managed to find a two-bedroom house in The Heights in Jersey City for just shy of £650,000 at $839,000 (£646,015.72). With estimated monthly payments of $4,602 (£3,543.04), it’s just under half the average monthly wage of a New Yorker. Not horrendous, but not exactly cheap, either.

Average property price in New York City: $829,000 (£639,569.35)

Average monthly wage in New York City: $2,089 per week (£1,611.65), or $8,356 (£6,446.61).

A studio flat in Tivat, Montenegro

Known for its medieval towns, stunning Adriatic coastline and gorgeous sandy beaches, Montenegro is certainly on the up as a travel destination.

But what about the property market there? It isn’t just London where studio flats can end up being relatively pricey: we managed to find one in Tivat for just shy of £650,000 at £640,383. Ouch!

Mind you, it is literally right next to the beach and is served by an outdoor pool, spa and wellness facilities, views of the surrounding mountains and 24-hour security. Boujie, hey?

Located in the Bay of Kotor, Tivat is the youngest town in the area. It’s relatively small too, as in 2011, its population was at less than 10,000 at 9,367.

Average property price in Montenegro: €300,000-€400,000 for a three-bedroom house (£252,114 to £336,152)

Average monthly wage in Montenegro: €1,102.00 (£926.10).

A six-bed house in Croydon, South London

Thought £650,000 in London would only get you two bedrooms max?

Look no further than Croydon, where there’s currently a six-bedroom house on the market for exactly that.

Shocked to hear of a six-bedroom property available in the Big Smoke? Us too: we didn’t know they even existed (within such price ranges, at least).

Not convinced by the area? While it might be slightly further from the city centre and connected to the rest of London by bus, train and tram (read: no tube), there’s plenty in Croydon that makes it worth moving to.

In January, Croydon was also crowned the most affordable location for home hunters in London, with research from Zoopla indicating that you can get on the property ladder for as little as £76,000 in a shared-ownership home.

Croydon is beloved by many for being well-connected to central London, as well as its cultural hotspots including Surrey Street Market and Matthew’s Yard.

There’s no shortage of green space either, as it offers up Wandle Park, Lloyd Park and Addington Hills.

Average property price in Croydon: £384,031

Average monthly wage in London: £2,377.

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