- EU easing travel restrictions on fully vaccinated tourists from non-EU countries
- Popular holiday destinations with year-round appeal likely to benefit
Travel Re-Openings Likely to Boost International Markets and Investments
If you and/or your clients are like most of us, we always want what we canâ€™t haveâ€¦and most of us havenâ€™t been able to travel and/or invest internationally for over a year due to COVID restrictions and lockdowns.
Many real estate experts around the world are anticipating a travel and investment boom.
Hugh Thistlethwayte, head of global residential operation with SavillsÂ in London, said, “People have moved away from the idea of a holiday home to a proper second home, especially in places that offer communities 52 weeks a year.â€
European Destinations Already Experiencing Uptick in Inquiries
Destinations with year-round appeal such as the French Alps, Venice, and Mallorca are already on travelersâ€™ minds.Â According to Thistlethwayte, â€œThose places that genuinely offer a community where people can work from home, like the Lisbon suburbs, and some of the ski resorts in the French Alps like Megeve, really stand to benefit.â€
Buyers Already Re-Emerging
Diletta Giorgolo with Italyâ€™sÂ Sothebyâ€™s International RealtyÂ in Rome, said, â€œBuyers are all waiting for the release of EU restrictions on travel, and weâ€™re expecting a real boom in June as more Americans and EU buyers come back.â€
Giorgolo is already noticing two different types of buyers: those who want vacation homes in the Italian seaside or countryside and those who want a permanent residence.
â€œPeople from big cities like London want to live and work remotely in Italy, within one hour of an airport.Â Rome, Milan and Florence are #1, but people are also looking at medium-sized cities like Lucca and Palermo and smaller cities on Lake Como.â€
Regions Expected to See Booms
Just as in the US where buyers are wanting â€œfull-onâ€ second homes in places such as Aspen, the Hamptons and Jackson Hole rather than homes with good rental income potential, Thislethwayte is banking on investments in â€œfull-onâ€ second homes in high-energy markets.
In addition to the markets mentioned throughout this piece, Thislethwayte said that buyers are also ready to return to dense urban areas.Â â€œPeople havenâ€™t fallen out of love with cities.Â Now thereâ€™s a drive toward buying smaller units to use as pied-a-terres in upscale buildings close to parks and amenities.Â If youâ€™re going to spend three days a week in the office, youâ€™ll want that classically small, central apartment thatâ€™s perfect for getting out.â€
Pay Particular Attention to Portugal Now
As we wrote a couple of weeks ago, Portugal has announced that it will be blocking foreign investors from purchasing property in Lisbon, Porto and Algarve starting in 2022.
Expect to see a rush from American and international buyers to invest in these areas during the second half of this year to â€œget inâ€ before the cut off.
The Knight Frank â€œNext Neighborsâ€Â report identified Praia da Luz in Algarve as an area â€œparticularly primed for growthâ€ in Portugal.
Thanks to MansionGlobal, Savills, Sothebyâ€™s International Realty and Knight Frank.
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