As global travel increases and worldwide interconnectivity strengthens, international real estate is surging to the forefront
Beth Hirshfeld
As Covid restrictions ease, many who have spent the past two years dreaming of global travel are now eagerly working on summer vacation plans. For others, the pandemic opened their eyes to remote working opportunities opening up a world of possibilities to live in different countries and take advantage of seasonal geographies, natural wonders, and cultural opportunities. For those looking to take advantage of the associated international real estate opportunity, understanding the intricacies and prospects of foreign markets can help uncover beautiful properties that are also strong investments.
YouGov’s Travel & Tourism: Brand & Destination Rankings 2022 recently released its ranking of the Top 10 destinations for UAE consumers. A varied list, ranging from staycations to those much further afield, it showcases incredible global diversity.
Christie’s International Real Estate, with 950 affiliate offices and 27,000 real estate professionals globally, offers clients its iconic white-glove service and access to local expertise in 45 countries around the world, including those on the list. For those considering a second home or even a holiday home investment property, we’ve highlighted below a few of our favourite places from the ranking, along with just a few of our regional real estate opportunities. Please click on the links for more details and reach out to learn more about other regional opportunities and many more listings available.
With its natural alpine beauty, delectable chocolate and cheese, and regal historical buildings, Switzerland emerged as the top ranked international country in YouGov’s rankings. In addition to its tourism appeal, Switzerland is attractive to foreign investors for its legal and political stability, low crime rate and excellent healthcare and education.
Residential Real Estate continued to increase in 2021, continuing a long upward trajectory. Though the UBS Real Estate Bubble index flags Switzerland’s hot property market, apartments and villas saw increases of 6+% in 2021, with strong forward-looking projections. For foreign investors, the Lex Koller law directs foreign property ownership including which types of real estate can be purchased and where. Further laws around ownership, taxation and property limits can vary by canton and commune and should be considered when evaluating real estate opportunities.
In 2021, Canada claimed top spot in the annual Best Countries Report by US News and World. The rankings solidified Canada’s global reputation as a stable, safe and welcoming country. As outlined in “Canada’s Real Estate Market is Gaining Global Attention” , Canada's real estate sector has shown steady growth for more than 20 years, with few signs of cooling. Canada does not currently place any restrictions on the number or types of property a non-Canadian citizen can purchase. Foreign buyers should, however, consider the tax implications and requirements of a property purchase, which can vary widely by province and city.
With 20+ daily flights between the UAE and the United Kingdom, Britain is a clear favourite for UAE travellers. Seen as a relatively safe investment for foreign buyers, HM Land Registry shows a 180% increase in foreign ownership of UK property in the last 11 years. Foreigners are allowed to buy property in the UK with limited restrictions, though changes in the taxation rules, including the Stamp Duty Land Tax, should be woven into decision-making.
With travel routes opening and the world becoming ever-more interconnected, the opportunity to live and work from different countries is driving a strong increase in international real estate purchases. As outlined above, countries offer different appeals and benefits but also have different requirements and considerations for foreign buyers. Working with a reputable and trust-worthy team that understands both the global and local real estate landscape and associated regulations and taxation is critical to help optimise your real estate purchase and make those pandemic dreams a reality.
Dubai and Abu Dhabi topped the list of favourite destinations and this is no surprise. As outlined in “Dubai’s Time to Shine” Dubai has quickly emerged as one of the world’s leading cities and a natural hub for those seeking a welcoming and upscale place to live and work. “Optimizing the Dubai Real Estate Opportunity” highlights the different opportunities for domestic and foreign buyers, including the attractive rental yields and capital appreciation potential, and the wide ranging types of properties available.
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