What was once considered the “American Dream” is now being found in Europe. Increasingly, Americans are either leaving the United States or taking on a second residences in the most sought-after European countries being France, Italy and Spain. Excessively high housing prices, the recent euro drop to parity with the US dollar, and political division have driven the decision of many of these ex-pats.
In the past, retirees and the more affluent members of society have been the ones to move abroad. However, in the post-COVID world, with the rise of remote working and cheaper housing costs, Europe has become alluring to an additional demographic. The traditional audience of American buyers of real state in Europe has expanded into a younger population of Americans who find themselves without enough economic power to face their currently inflated market at home and not having to go into a physical office everyday. Interested in starting to property hunt?
The real question is, what motivates this audience to move to Europe? Well, relatively well priced housing — particularly in smaller cities and towns —, the rise of remote work, new regulations of some European governments and high safety levels are some of the main reasons that attract foreign buyers. As an example,Visa requirements has always been a struggle when moving to Europe and that’s why countries such as Portugal and Spain have launched the so-called “golden visas” which give permanent residency rights based on an initial investment of 350,000 euros and 500,000 euros, respectively. France launched the French Tech Visa, providing a simplified, fast-track scheme for non-EU startup employees, founder and investors to obtain a French residency permit. In 2019 the Italian government also introduced the one-euro-home program in which they would sell one-euro homes in rural areas to foreign buyers who would pay for renovations with the purpose of boosting the local economy.
To give you real situations let’s look at some examples of Americans who decided to opt for a better life in Europe :
Firstly, we have Porland-based Barbara, 39, who always dreamed about a “Bella Vita” in Italy. After looking into vacation homes in California, she decided to move to take a second residence in Sicily, and buy a 270-square-meters house together with a smaller home next door and a 80-square-meters storefront to open a local art space— all for 60,000 euros. Renovation required but Barbara is over the moon with her and her two daughters new Italien adventure.
Moving now to Portugal we find Oliver, 35, who left Chicago by getting a permanent residency visa offered by the government in a coastal city called Tavira. His new remote job allowed him to leave the city and move to a 2,000-euro-a-month, three-bedroom, three-bathroom apartment with a private rooftop.
In France, the housing demand by US ex-pats is at the highest it’s been in at least three years. Housing prices are lower for bigger spaces, especially in smaller cities and towns in European countries and property value for those who buy, has almost doubled over the past 10 years. This is appealing specifically to younger people just entering the workforce.
To move abroad, Americans face many obstacles, such as figuring out taxes, and locating the perfect home. We at MR Agency Real Estateunderstand the complexity and intricacy of moving abroad and that’s why we offer a full-service Paris-based solution. Our team is composed by multilingual members that can communicate directly in your mother tongue. Some of our key services include property huntingand relocation including assistance in opening a bank account, leasing vehicles, etc. Our goal is to provide a seamless relocation in France with services covering 13 different regions. Besides, we have a partnership with the “Welcome to la French program” by which entrepreneurs, groups or individuals who want to open a business in France will receive support of the government.
France represents the fifth largest economy in the world, the second largest consumer market in Europe and the seventh largest foreign investor market internationally which means a great opportunity for anyone looking for a new life, full or part time. Don’t hesitate to contact the MR Agency Real Estateteam to make the move! ( check out this guide on moving with a family )