For thousands of Americans, there’s no place like (a luxury second) home (in Europe).
While the value of the euro drops, US buyers flock to Europe in search of goods.
According to real estate company Knight Frank, searches for French properties by US-based buyers jumped 37 per cent in the first five months of 2022 compared to the same period previous year.
Cities across Europe are experiencing “the same trend,” writes Kate Everett-Allen, a partner in residential research at Knight Frank.
“The stalwarts of Paris, Venice and Tuscany are attracting a higher volume of US interest but so too are Mallorca, Sardinia and the South of France,” she says.
According to the Portuguese Immigration and Borders Services, the number of Americans living in the country doubled from 3,300 in 2018 to 6,900 in 2021. Under Portugal’s ‘Golden Visa’ program, Americans who buy a property in Portugal need to spend just seven days per year in the country to qualify for citizenship after five years.