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Yahoo
2 days ago
- Business
- Yahoo
Amid High Housing Costs, 40% Of Wealthy Americans Are Buying Second Homes Overseas
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. About 40% of high‑net‑worth Americans plan to purchase a second home abroad within the next year, and two-thirds within the next five years. Skyrocketing housing costs in the U.S. have prompted a growing number of affluent buyers to look overseas, according to a Coldwell Banker Global Luxury survey. The availability of so-called 'golden visas' for high-net-worth investors seeking to purchase real estate overseas amid political and economic uncertainty in the U.S. has been a significant factor in attracting U.S. citizens who can file for residency and even citizenship once they relocate, the report says. Don't Miss: Accredited investors can —with up to 120% bonus shares—before this Uber-style disruption hits the public markets Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — The Appeal Of Spain Spain has been particularly appealing to U.S. citizens recently, Reuters reports. American buyers paid more per square meter there than any other foreign nationality in 2024—around €3,390 ($4,000)—marking a fourfold increase in purchase volume over the past five years. Spain's housing market itself climbed 11% in price last year, placing it just behind Portugal at the top of EU increases. Generating An Income In Italy Some U.S. expats use their overseas move as an opportunity to generate an income from their new homes. American investor Laurie DeRiu purchased a three-bedroom apartment in Sardinia for €405,000, which she then listed for rent. 'It's a totally different quality of life there ... not at all the hustle and bustle,'she told Business Insider. Another buyer, Melina Manasse, purchased in Lecce for $278,000 and is now earning 'about $3,000 monthly' in rental income, according to the outlet. Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. The United Arab Emirates and Asia Dubai has always carried an international appeal and experienced a 47% year-on-year jump in residential transactions in 2024, according to U.K. real estate brokerage Savills, which reported that luxury beachfront towers are in high demand. 'Dubai's residential market continues to grow from strength to strength, driven by a steady stream of international investors, end-users, and a strong pipeline of high-quality projects. The emirate has cemented its reputation as a global hub for luxury living and investment opportunities, catering to a wide spectrum of buyer profiles,' according to Andrew Cummings, head of residential Agency at Savills Middle East. There's plenty of appeal for tech's wealthy to buy in Dubai. Property prices have been soaring in recent years, and investors can obtain a 10-year Golden Visa with an investment of approximately $545,000. Tech executives have been particularly bullish on the United Arab Emirates recently, following President Donald Trump's commitment to AI investment in the country. That was followed by investments from a number of Big Tech companies. Turks and Caicos The Caribbean islands of Turks and Caicos has been attracting an increasing number of U.S. and Canadian investors recently with direct flights from major East Coast U.S. cities. 'Overall, Turks and Caicos offers a combination of natural beauty, tax advantages, tourism appeal, political stability, and infrastructure development that makes it an attractive option for Americans considering a real estate investment in the Caribbean,' Mauricio Umansky, CEO and founder of global real estate brokerage, The Agency told House Portugal is another country firmly affixed to the expat map. Demand from U.S. citizens has remained high in the country, where a minimum of €500,000 is required to be deposited into eligible funds to obtain a 'golden visa,' which would set them on a path to citizenship after seven to 10 years. 'They're still falling in love with Portugal and buying property in Portugal, which makes the prices in Lisbon, Porto, and the Algarve significantly higher, and the expat community keeps on increasing,' Mohr-Elzek, managing director and head of private clients at Henley & Partners, a firm specializing in residence and citizenship by investment, told Central America The Central American nations of Panama and Costa Rica have been attracting U.S. citizens in droves. According to U.S. Department of State figures, approximately 120,000 private U.S. citizens, including many retirees, reside in Costa Rica, which welcomes around 1.5 million U.S. tourists each year. Costa Rica is projected to attract 350 millionaires with a cumulative wealth of $2.8 billion by the end of this year, according to Henley & Partners' latest wealth migration report. Meanwhile, Panama has been on a tear. Residency permit applications from U.S. citizens in Q1 2025 rose by 78.9% compared to the 2024 quarterly average and by 114% over the 2023–2024 quarterly trend, according to Panama's National Migration Service, cited by Panama Sovereign Realty. 'Living in Panama has been absolutely worth it... the lifestyle I have here would've been completely out of reach for me in the U.S. I feel like I'm living a dream,' Kimberly Kelley, a retired hypnotherapist, told Business Insider. Read Next: With Point, you can Image: Shutterstock This article Amid High Housing Costs, 40% Of Wealthy Americans Are Buying Second Homes Overseas originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
08-07-2025
- Business
- Chicago Tribune
Barrington Hills 6-bedroom house with arched mahogany doors: nearly $2.3M
Address: 273 Donlea Road, Barrington Hills Listed: June 9, 2025 Price: $ 2,275,000 Listing agent: Dean Tubekis, Coldwell Banker, 847-809-8070 This six-bedroom French provincial-style home has a stone exterior, a brick paver driveway, peaked cedar roofs and arched mahogany doors. The main floor houses the primary bedroom, two additional bedrooms, a living room, a kitchen, a family room, a dining room and a study with cathedral ceilings. The walk-out lower level has a wet bar, a home theater with raised seating and an exercise room. The second floor has three bedrooms and a bonus room. The house has three fireplaces, a heated three-seasons room and a four-car heated garage. Some listing photos are 'virtually staged,' meaning they have been digitally altered to represent different furnishing or decorating options. To feature your luxury listing of $1,000,000 or more in Chicago Tribune's Dream Homes, send listing information and high-res photos to ctc-realestate@
New York Post
05-07-2025
- Business
- New York Post
More luxury homebuyers paying with cash this year, report says
More luxury homebuyers are paying with cash to acquire properties this year, a report from Coldwell Banker Real Estate revealed. The company said in its '2025 Mid-Year Report' that more than half of over 200 surveyed Coldwell Banker luxury property specialists reported an uptick in wealthy buyers purchasing homes with cash. Advertisement Roughly 34.1% said there has been a 'slight increase' while 16.6% said there has been a 'significant' rise in that method. Mortgage rates have played into the increase in buyers paying cash to acquire homes, according to National Association of Realtors Chief Economist and Senior Vice President of Research Lawrence Yun. 'High mortgage rates are not appealing for borrowing, and, therefore, that induces the wealthy to pay all cash for real estate (after selling off a few of their assets),' he told FOX Business. 4 Mortgage rates have reportedly played into the increase in buyers paying cash to acquire homes. Jaruwan photo – Advertisement Many have been turning to personal savings, stocks or funds they netted from selling another property as the 'primary' means to make their luxury home purchases, according to the Coldwell Banker Real Estate report. Meanwhile, for 45.4% of specialists, cash purchases have stayed at their current levels so far this year, per the report. On the flip side, just 3.9% of the Coldwell Banker luxury property specialists indicated their clients were moving away from buying homes through all-cash deals, Coldwell Banker Real Estate said. 4 A lot of luxury homebuyers are selling off some of their assets to help purchase the home, according to Yun. Golden_hind – Advertisement The trend in cash purchases comes as roughly 68% of Coldwell Banker agents said rich homebuyers they work with are 'maintaining – or increasing – current real estate exposure.' 'We've had a lot of volatility along with macroeconomic and geopolitical uncertainty this year. There's been a lot of transition and that's actually turned a lot affluent buyers toward real estate,' Jenna Stauffer, a Florida-based broker and Global Real Estate Advisor for Sotheby's Internal Realty, told FOX Business. 'Real estate proves itself as an anti-fragile asset,' she continued. 'Unlike many investments that struggle under uncertainty, real estate tends to strengthen over time and remains one of the best long-term hedges against inflation. That's why so many smart investors and high net worth buyers are parking their money in property this year. They're using it to preserve and grow their wealth.' 4 Just 3.9% of the Coldwell Banker property specialists said their clients were moving away from buying homes through cash-only deals. – Advertisement While wealthy buyers are sticking to their guns when it comes to what they want from a home, Coldwell Banker Real Estate also said they 'are being strategic about their purchases and prioritizing aspects of the home that create value over aesthetic perfection' such as affordability, taxes, and investment potential. That could drive a rise in 'smart buyers' focused on 'discernment and strategy instead of pure indulgence,' according to the report. The report also shed light on how ultra-high net worth buyers with over $30 million in assets and 'aspirational buyer' worth $1-5 million are engaging with the luxury real estate market. Some in the latter category, faced with economic uncertainty, are approaching the market with caution, per the report. 4 Coldwell Banker Real Estate said that the wealthy buyers 'are being strategic about their purchases and prioritizing aspects of the home that create value over aesthetic perfection.' Andy Dean – Michael Altneu, vice president of Coldwell Banker Global Luxury, said in the report that the luxury market 'has continued to show strength' in 2025 but various factors have 'tempered a more full-scale rebound in market activity.' The Institute for Luxury Home Marketing data showed a 1.7% increase in sales of luxury single-family homes in the period spanning January to the end of May from those seen in the same timeframe last year and a 1.8% uptick in sale prices, according to Coldwell Banker Real Estate. For attached luxury properties, there was a 8.1% decrease in sales but the median transaction price went up an average of 8.4%. Advertisement Both types of properties saw year-over-year increases in supply during the first five months of the year, with luxury single-family homes posting a 19.6% jump and attached notching a 14.8% rise, the report said. The U.S. saw active listings of single family homes, condos, townhomes and other types of housing reach over 1 million in May, a level that the country hadn't climbed above since the winter of 2019, according to a report released in early June.
Yahoo
05-07-2025
- Business
- Yahoo
More luxury homebuyers paying with cash this year, report says
More luxury homebuyers are paying with cash to acquire properties this year, a report from Coldwell Banker Real Estate revealed. The company said in its "2025 Mid-Year Report" that more than half of over 200 surveyed Coldwell Banker luxury property specialists reported an uptick in wealthy buyers purchasing homes with cash. Roughly 34.1% said there has been a "slight increase" while 16.6% said there has been a "significant" rise in that method. Mortgage rates have played into the increase in buyers paying cash to acquire homes, according to National Association of Realtors Chief Economist and Senior Vice President of Research Lawrence Yun. These States See The Most All-cash Home Purchases "High mortgage rates are not appealing for borrowing, and, therefore, that induces the wealthy to pay all cash for real estate (after selling off a few of their assets)," he told FOX Business. Read On The Fox Business App Many have been turning to personal savings, stocks or funds they netted from selling another property as the "primary" means to make their luxury home purchases, according to the Coldwell Banker Real Estate report. Meanwhile, for 45.4% of specialists, cash purchases have stayed at their current levels so far this year, per the report. On the flip side, just 3.9% of the Coldwell Banker luxury property specialists indicated their clients were moving away from buying homes through all-cash deals, Coldwell Banker Real Estate said. The trend in cash purchases comes as roughly 68% of Coldwell Banker agents said rich homebuyers they work with are "maintaining – or increasing – current real estate exposure." "We've had a lot of volatility along with macroeconomic and geopolitical uncertainty this year. There's been a lot of transition and that's actually turned a lot affluent buyers toward real estate," Jenna Stauffer, a Florida-based broker and Global Real Estate Advisor for Sotheby's Internal Realty, told FOX Business. "Real estate proves itself as an anti-fragile asset," she continued. "Unlike many investments that struggle under uncertainty, real estate tends to strengthen over time and remains one of the best long-term hedges against inflation. That's why so many smart investors and high net worth buyers are parking their money in property this year. They're using it to preserve and grow their wealth." While wealthy buyers are sticking to their guns when it comes to what they want from a home, Coldwell Banker Real Estate also said they "are being strategic about their purchases and prioritizing aspects of the home that create value over aesthetic perfection" such as affordability, taxes, and investment potential. That could drive a rise in "smart buyers" focused on "discernment and strategy instead of pure indulgence," according to the report. Top Five Buyer-friendly Housing Markets Offer Price Cuts And Increased Inventory The report also shed light on how ultra-high net worth buyers with over $30 million in assets and "aspirational buyer" worth $1-5 million are engaging with the luxury real estate market. Some in the latter category, faced with economic uncertainty, are approaching the market with caution, per the report. Michael Altneu, vice president of Coldwell Banker Global Luxury, said in the report that the luxury market "has continued to show strength" in 2025 but various factors have "tempered a more full-scale rebound in market activity." The Institute for Luxury Home Marketing data showed a 1.7% increase in sales of luxury single-family homes in the period spanning January to the end of May from those seen in the same timeframe last year and a 1.8% uptick in sale prices, according to Coldwell Banker Real Estate. For attached luxury properties, there was a 8.1% decrease in sales but the median transaction price went up an average of 8.4%. Small Real Estate Investors Reach Record Market Share, Now Dominate 59% Of Investor Purchases Both types of properties saw year-over-year increases in supply during the first five months of the year, with luxury single-family homes posting a 19.6% jump and attached notching a 14.8% rise, the report said. The U.S. saw active listings of single family homes, condos, townhomes and other types of housing reach over 1 million in May, a level that the country hadn't climbed above since the winter of 2019, according to a report released in early article source: More luxury homebuyers paying with cash this year, report says Sign in to access your portfolio
Chicago Tribune
01-07-2025
- Business
- Chicago Tribune
Glenview 5-bedroom home with 2 laundry rooms and 2 kitchen islands: $3.2M
Address: 326 Country Lane, Glenview Listed: May 15, 2025 Price: $3,195,000 Listing agent: Shaun Raugstad, Coldwell Banker, 847-331-3288 This five-bedroom home has four full bathrooms and one half-bath as well as finishes that include walnut cabinetry, 5-inch rift cut white oak flooring, walnut interior doors and Taj Mahal quartzite. The kitchen, which has two islands, connects to the dining room, family room, a walk-in pantry and a breakfast room that opens to a four-seasons room with sliding-door walls. The second floor includes four bedrooms, three bathrooms and a laundry room. The lower level includes a home theater, a gym, a rec room, a wet bar, an en-suite guest room, a powder room and a storage room. The house also has a built-in generator, heated floors under every tile surface, a mudroom with built-in cubbies, a second laundry room, a smart home system and built-in ceiling speakers in every room. Outdoors, the property has a fire pit area, a garden area, an irrigation system and landscape lighting. There is also a three-car garage. Some listing photos are 'virtually staged,' meaning they have been digitally altered to represent different furnishing or decorating options. To feature your luxury listing of $1,000,000 or more in Chicago Tribune's Dream Homes, send listing information and high-res photos to ctc-realestate@
