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Patricia Tan – Perspectives – International REAL Estate

2017 World Tour – A Look at Some Global Trends

By Patricia Tan

This has been a busy travel year for me and my business partner, Carla Rayman, as we worked to further develop our overseas network of real estate partners, and bring Sarasota properties to international buyers.

As the year end approaches, I thought it might be interesting for readers to see some of the trends in international real estate that we have observed while on our travels.

Portugal
Portugal can probably boast the fastest growing market for international buyers. Continued investment by Chinese and other foreigners looking to qualify for Portugal’s Golden Visa has strengthened the real estate market. In return for an investment of $500,000 the visa grants Portuguese residency to citizens of other countries. Once an investor has established Portuguese residency, he can live and work anywhere in the European Union. Many Americans and Europeans are also buying second homes here, drawn by good value for money, and low cost of living.

Spain
The vacation home market here continues to bounce back and is in full recovery after the crash of 2008. No more foreclosures at rock bottom prices, but still some great values to be had along the Costa Del Sol and inland. Homes on the Balearic Islands, Majorca and Menorca in particular, are starting to look “pricey”. Some Americans investing here, drawn by the language and bargain prices which are further enhanced by the relative strength of the U.S. dollar

France
The second home market in France has slowed down, primarily due to BREXIT. British buyers represent a large share of the French second home market, and the French government has made conflicting statements about the way British homeowners will be treated once U.K. is no longer a member of the European Union. Talk of higher property taxes for British home owners, and lack of reciprocity for free health care has caused many British buyers to think twice about making France their holiday or retirement home.

United Kingdom
While the U.K. economy is being hampered by the uncertainty over BREXIT negotiations, Brits coming up to retirement are still looking for their place in the sun. Top destination is Spain followed by France and Portugal with Florida now in 4th position. British appetites for U.S. investment properties has been tempered however, due to recent changes in their tax legislation and the weakness of Sterling against the U.S dollar.

Jamaica
Jamaica is seeing resurgence in interest in coastal resort areas. Beachfront and golf course communities are proving popular with buyers from Canada and U.K. in particular. The local market is also being bolstered by Jamaicans returning home to enjoy their retirement years after working overseas.

Panama
Americans and others continue to invest in Panama. Expat retirement communities continue to grow, supported by the government’s Pensianado program that offers tax breaks to retirees who move to Panama. The Canal Zone, coastal areas and the cooler climate of Boquete in the highlands of Chiriqui province are popular with expats from U.S.A., Canada, U.K. and other countries.

Thailand
South East Asia generally, and Thailand in particular, is a target for investors from China, India and the Middle East. Bangkok, and its luxury developments typified by the recent launch of the Four Seasons Private Residences where prices start around $2 million, is particularly popular with Chinese and Russian buyers. Bangkok residents continue to buy second homes in other parts of the country – Chiangmai with its cooler mountain climate is very popular, and is seen as a safe haven from any possible future tsunamis.

Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com.