People from different parts of the world are eager to acquire properties outside their home country. But how can you blame them? Ranging from residential to commercial, data shows that for the last two decades, real estate has been proven to be a good investment, especially in the long term. It’s not the only reason why people are flocking to buy properties outside their home country. Economy, technology boom, retirement, and social status to name a few.
There are a lot of reasons why people are acquiring properties overseas, but where are most investors (or property buyers) coming from?
Here’s a list of the top 5 nationalities that invest in the real estate worldwide! (not in particular order)
- Russian
When Vladimir Putin was seated as the President, Russian investors flocked to different countries to invest and build properties. Doing business, a show of strength and retirement are seen as the major reasons for this. Researches also show that Russians prefer to have properties overseas than having another apartment or house in Russia.
In 2011 alone, Russians spent more than $12 billion on overseas real estate properties. Middle-class Russians see international properties as security for their retirement in the future and also an escape from the freezing temperature in Russia.
Russians are also eager to buy properties in European countries due to relatively affordable prices and the opportunity to obtain European Union citizenship. Cyprus usually reigns as Russians’ top choice. But recently, Portugal and Greece have been gaining a lot of attention due to the opportunity of acquiring a golden visa.
2. British
With the impending formalization of the UK leaving the European Union, British are rushing to buy properties in neighboring countries in order to guarantee that they are safe to live and work in Europe.
Another reason why British love to buy properties overseas is to escape the chilling temperature and move to a sunnier climate, like Spain or France. In 2017, “properties in Spain” reached roughly 2.5 million searches each month. Relatively low-cost airfare, great weather, and accessibility are the main reasons why Spain is the go-to place for the British.
Dubai, Italy, Portugal, and Turkey are also as seen as the top destinations of British property buyers.
3. Americans
Living overseas or owning a second home outside their country can have its benefits. Taking advantage of the low cost of living in different countries, even $1,000 in savings is enough to pay the whole four-year college degree of your children. With relatively high paying jobs and low cost of living, it’s very attractive for Americans to live and also work in other countries.
According to Google searches, Mexico is the top destination for US citizens looking for a second home followed by Canada, Puerto Rico, Costa Rica, and Belize.
Americans love to buy properties overseas due to a lot of reasons; retirement, work-related, owning a second home, investment opportunities, or simply to diversify asset.
4. Singaporeans
You might be surprised that they are on the list. But you’ll be more surprised that Singaporeans are now the largest property investor in the US. Last year, Singapore bought real estate properties overseas amounting to $20.62 Billion according to JLL, a global real estate firm.
With a property slump due to restrictions and taxes imposed by the Singapore government, the property market for the past four years is struggling. This caused the Singaporeans to search and buy properties overseas. In fact, Singapore’s property investment is now the largest in Asia according to recent data by Real Capital Analytics (RCA).
The US is not the only top destination for Singaporeans. Properties in the Asia Pacific and European countries, like Japan, UK, and Germany, are also having increased investment from Singapore.
5. Chinese
Stretching from different parts of the world, Chinese people are seen buying properties far and wide. As of 2017, individual and corporate Chinese investors have spent an estimated $150 billion in real estate overseas.
Chinese are very keen to invest their hard earned money in something that is proven to offer high returns for relatively low prices. Comparing the prices of properties in their home country, where buying an apartment in the city center costs roughly around $6,700 per sqm, it’s only logical to put their money where $6,700 can buy the whole apartment.
Whether the reason for acquiring properties abroad is the price difference, government constraints, or just simply want a new environment, we have to acknowledge the fact that Chinese people are a large market for real estate.
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