Europe Attracts Luxury Buyers with a High Quality of Life
According to a research released on Wednesday by Berkshire Hathaway HomeServices, European countries continue to be the top destination for luxury house purchasers looking for homes that can accommodate their desire for a relaxed, nature-focused lifestyle.
According to the survey, nations like Greece, Italy, Portugal, and Spain are luring foreign buyers looking for days packed with sun, sand, and surf as well as the laid-back lifestyle of coastal villages around the area. Particularly given that many employees are still dispersed, these places have experienced an increase in attention in relation to the Covid-19 epidemic. This implies that many markets have limited inventory, particularly for premium houses.
But Spanish market has shown to be quite resilient, according to Ugo Bagration, director of business growth at the agency's Marbella office, who stated in the study that "we don't expect business to be similar to the levels we witnessed in 2021 or the early part of 2022." "The real estate industry is proven to be a center and destination for international investment."
Due to its relative cost, Spain has experienced an inflow of purchasers from the United States and Canada, he continued. However, Spain's high taxes can drive consumers to Italy or other nations with lower tax obligations.
According to Marcus Benussi, general manager of Berkshire Hathaway Available for the treatment MAGGI Properties Agency, high-net-worth families are attracted to Italy because of its tax laws, but quality of life should come first. In recent years, many homes have been renovated, and Rome in particular is going through a Renaissance.
In the report, he said, "This isn't a vacation from Covid anymore. "More and more individuals are deciding to relocate to Italy since they prioritize living quality over everything else."
Prices have decreased in Greece as a result of international and economic worries, the research claims. With a €250,000 (US$253,425) investment, purchasers may start the residence process in the nation thanks to the favorable Golden Visa scheme. Additionally, VAT, meaning value-added tax, levies on the construction of new homes are anticipated to last through 2024.
Luxury residences in Athens as well as island getaways on Crete and Corfu are in high demand.
Despite having a restricted supply, Portugal is drawing consumers from the United States and Europe, as according Joe Pyke, general manager of the company's Portugal branch.
Since English is so commonly spoken here, Mr. Pyke stated in the article, "We are now seeing customers from all across Europe and mainly the U.K." "We are also seen a surge of American purchasers, particularly from the West Coast—likely as a result of the pleasant weather. Both the cost of health insurance and the living expenses are quite low.
The article also covered London, where customers are returning as daily activities have resumed following the epidemic. International CEOs and students have returned, and the strong currency could entice more Americans to buy. Nevertheless, purchasers from the United Kingdom complete about 55% of purchases in the city.
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