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Americans flee to Europe from high house prices

The real estate market has "gone crazy": Because they can no longer afford their own four walls at home, more and more Americans are moving to Europe. Three countries in the south are particularly popular.

Thursday, 21 July 2022 - Press

Article Google Translated:

Many Europeans are groaning under the rising real estate prices on the continent. But because it is worse on the other side of the Atlantic, more and more US citizens are moving permanently to the EU. The number of emigrants moving away from the United States and into Europe has risen significantly, according to a report by the Bloomberg news agency (click here for the report ).

Accordingly, southern Europe is particularly popular. The number of US citizens living permanently in Portugal increased by 45 percent in 2021 compared to the previous year. Most recently, almost 7,000 Americans lived in the country, in 2018 it had been less than half. Spain is also very popular. According to Bloomberg, the number of U.S.-born residents grew by 13 percent between 2019 and 2021. Both countries specifically attract foreign real estate buyers with so-called "golden visas": Anyone who invests between 350,000 and 500,000 euros in the country may stay permanently.

Fear of violence in US cities

Unlike in the past, however, Europe is apparently no longer only of interest to well-heeled US citizens. "Bloomberg" has spoken to some of the Aussiedler, many of whom come from the middle class. Like Stephanie Synclair, who bought a house for herself and her son in Italy in April. In the US metropolis of Atlanta, she has so far had to pay 3,000 dollars a month for four rooms – and had no chance of finding an affordable home, despite reserves of 300,000 dollars. But she has now found what she is looking for in Sicily. For 60,000 euros, she even got a small shop. Synclair is an entrepreneur, she wants to continue her business from Italy remotely.

She would "never have bothered to buy in Italy if the U.S. market hadn't been so crazy," Synclair said. Now she is looking forward to »bella vita« with good food and wine. In the small shop she wants to open a literature club.

Jamie Dixon, on the other hand, moved from Los Angeles to Portugal a year ago with his daughter and husband. The CEO of a tech start-up initially lived in a two-bedroom RV in Malibu. The money was not enough for more.

Now the family lives in the coastal town of Cascais near Lisbon, in an apartment with three bedrooms and three bathrooms. There is also a private roof terrace. But that's not the only reason the family left the United States. "Violence has increased so much in the U.S.," Bloomberg quotes Dixon as saying. I wanted to give my child a normal childhood."

 

 

 

Source: https://www.spiegel.de/wirtschaft/service/immobilien-us-amerikaner-fliehen-vor-hohen-haeuserpreisen-nach-europa-a-aa625b93-0a5d-4b3b-9804-adb0a9f331b5?sara_ecid=soci_upd_KsBF0AFjflf0DZCxpPYDCQgO1dEMph