Do you want to sell your overseas property fast? One thing you could do is to target American buyers, who are fast emerging as big players in the overseas property market.
Americans were always big buyers of properties abroad. But with so much to look forward to in the United States itself, there wasn’t so much of a motivation to look for holiday homes overseas. Now, though, because of the strength of the US dollar, it really does make sense for many Americans to buy overseas property online.
As Jason Kumpf, a real estate specialist at USForex tells CNN, "The U.S. dollar is still strong and the economy is good and the rest of the world is a little softer. It's a great time to increase your pieces on the international Monopoly board."
Property process in Europe had fallen by 40 to 50 percent in the aftermath of the 2008 financial crisis. They have recovered smartly since then, but still are way below their highest in the pre-crisis days of 2007. The Euro is much weaker compared to the US dollar, which means this is a great time to go looking for overseas property for sale if you are a US national.
Plus, homes in the US are much expensive than before. Property prices in the US are rising fast – a home that cost $500,000 in May 2016 in South Florida, for example, now costs $675,000.
It really makes sense to buy a villa in Spain or an apartment in France, which are available at a much lower price and where you can have a more relaxed lifestyle and a better quality of life.
Dan Conn, CEO of Christie's International Real Estate says, "High-net-worth buyers have been circling around properties in the south of France for the last couple of years. It's an incredible time to buy."
Rupert Fawcett, head of Knight Frank Italy is cautiously optimistic. He says, "I am not expecting the flood gates to open, but the tap had very much been switched off over the last four to five years, so to see any American interest coming back is already an increase."
So where are Americans buying overseas property? They are buying in France, for sure. An estimated 19 percent of apartments in Paris that were sold to foreign buyers in 2016 were sold to Americans, according to Christie's International Real Estate.
Germany is another country that has been getting a lot of interest. Germany is today a very rich and modern country, which provides a high quality of life. It was always a major industrial hub, but in recent years German cities such as Berlin and Frankfurt have emerged as major international financial centres. That’s why an increasing number of US business executives are relocating there.
Spain and Italy are the perennial favourites with US buyers. Americans share a romanticised view of life in Spain and Italy and look forward to staying there. Greece is popular despite its economic problems and Portugal is fast emerging as a favoured destination. A number of wealthy Americans have invested in luxury properties in the Caribbean.