Auckland, New Zealand, where many Kiwi expats are returning amid the pandemic.
UNSPLASHLuxury hubs around the world are experiencing a literal homecoming amid the pandemic, as a wave of affluent expats look to buy property back in their countries of origin.
About two in three high-end real estate agents polled by global consultancy Knight Frank said the Covid-19 crisis and subsequent lockdowns have driven people living abroad to buy property in their home countries. The agency surveyed affiliates, which span more than 500 offices in 60 countries and territories.
More: Sean Connery’s Former Home in the South of France Lists for €30 Million
Among the best examples is New Zealand, where citizens living abroad have driven inquiries in recent months. It’s among the few countries to wipe out new cases of the virus, an effort made easier by its geographic isolation; it’s diagnosed about 1,500 people and 22 have died. Kiwis living in China, Hong Kong, Singapore, the U.S. and the U.K. are among those searching for property back home.
The desire to be close to family was the No. 1 motivation among such buyers of all nationalities, according to the survey, released Wednesday. Some cited new jobs and better health care back home as other factors in buyers’ decision making.
“Time in lockdown has underlined the importance of family for many,” said Victoria Garrett Knight Frank’s head of residential in Asia-Pacifiic, and led many to reassess the type of lifestyle they want.
“For expats with older parents back home or children heading to boarding school abroad—and the prospect of a potential eight or 12-hour flight to reach them-—the Covid-19 pandemic has meant that many are rethinking their long-term plans,” Ms. Garrett added.
A little less than one in three expats intend to buy property in order to return home permanently. By and large, most agents polled said their clients were looking to split time evenly between their current base and their native country.
Many of the homecomers were looking to the suburbs, cognizant that the virus has latched onto the density of urban centers but eschewing more rural locales, the study found. Around 43% of agents said buyers were looking in suburbia, compared to 14% in search of a rural retreat. A large majority were looking for detached homes with outdoor space.
“Expats are taking the long view, balancing current career plans with family and lifestyle needs, and at the same time keeping one eye on tax and currency shifts,” said Paddy Dring, the agency’s global head of prime sales.
From Penta: Worldwise: Pastry Chef Cathrine Nilsen’s Favorite Things—In and Out of the Kitchen
Significant flows of expat buyers are Americans based in Asian countries looking for property back in the U.S. Similarly, British expats stationed in China, Hong Kong, Singapore and Australia are driving inquiries back in the U.K.
The trend is most apparent among expats living a long distance from home, and less apparent among, for example, Europeans living in other countries within the EU.
This article originally appeared on Mansion Global.
"come" - Google News
June 11, 2020 at 09:15PM
https://ift.tt/3hktg1e
Amid Pandemic, Expats Come Back Home - Barron's
"come" - Google News
https://ift.tt/2S8UtrZ
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Amid Pandemic, Expats Come Back Home - Barron's"
Post a Comment