Americans are in a hurry to buy a house in Europe: what is the reason for this activity and how do Europeans react to it?
While the euro is falling, Americans are to Europe in search of real estate. For examples and reasons, read on.
U.S. citizens are increasingly interested in buying a vacation home in Europe — especially in recent months. Here are a few examples: during the first half of 2022, demand for French real estate from Americans increased by 37% compared to the same period in 2021. In the period from April to June, the number of Americans wishing to move to Greece was 40% more than a year earlier. Such data is given by Sotheby’s International Realty. Also among the regions that are popular among Americans are Paris, Venice, Tuscany, Sardinia and Mallorca.
The main reason is the drop in the value of the euro. Buying real estate in the Eurozone now, a U.S. buyer saves 16% (compared to 2021) — all because of the shift in the exchange rate.
The second important factor is that Americans managed to accumulate a decent amount of savings during the pandemic. The stimulus payments during the lockdown and lower spending contributed to this. That is why not only the wealthy can now afford a house in Europe, but also most American families.
It should also be remembered that European housing prices are not rising as fast as in most states. While prices in Paris and London rose less than 5% over the year, in states like Miami and San Diego the price tag soared nearly 30%.
As for the reaction of Europeans to such a rush for real estate in their countries — they are not too happy about it. The influx of new buyers means an inevitable rise in housing prices, and Europeans themselves are not pleased about it.