Coldwell Banker Global Luxury International Buyers Survey
Dreams, Desires, and Destinations – What are International Buyers Looking for in 2023?
“Real estate has long been seen as a way for affluent individuals to diversify their portfolios and build long-term wealth, and U.S. real estate is considered a safe haven for
many that are dreaming of their next international real estate purchase. This survey underscores what wealthy buyers are desiring for their next luxurious abode and just how far they are willing to look!” – Michael Altneu; V.P. of Global Luxury; Coldwell Banker Real Estate LLC
The International Consumer Survey highlights sentiments among over 1,200 high-net-worth respondents from 12 countries. Read below to learn what’s driving interests in U.S. real estate, popular relocation locations, and the factors impacting those purchases.
Press Release From Coldwell Banker Real Estate LLC (below)
From diverse American cities and regions to being inspired by Hollywood, wealthy international consumers are dreaming of home in the United States. According to a recent survey by Coldwell Banker Real Estate LLC, an AnywhereSM (NYSE: HOUS) brand, and the Coldwell Banker Global Luxury® program, affluent international buyers are dreaming big, spurned by location/lifestyle preferences, an overall positive outlook on the U.S. luxury real estate market and more.
In fact, a significant number of respondents say they are optimistic about the state of the U.S. real estate market; 80% of luxury consumers believe purchasing real estate in the United States is a safe investment and 76% rate the current market conditions to purchase a home as “excellent and/or good.”
The survey conducted in partnership with Censuswide highlights the consumer sentiments of over 1,200 high-net-worth consumers from 12 countries. The findings serve to unpack the dreams, desires and attitudes of international luxury home buyers, offering insight into what’s driving their interest in U.S. real estate, where they’re dreaming of moving to and the factors impacting those relocation purchases.
International investors are willing to bet on U.S. real estate:
Traditionally seen as a hedge against inflation, real estate may provide financial, emotional and psychological stability, especially in the face of uncertain market conditions. International wealthy consumers seek to diversify their real estate portfolios, build generational wealth and make opportunistic buys in luxury markets. In fact, 84% say they already own residential real estate outside of their home country.
The survey also reveals, virtually all (97%) respondents from Mexico consider purchasing real estate in the United States as a safe investment, ranking them the most likely country surveyed to do so. Participants from Spain and the United Arab Emirates did not fall far behind with 92% saying that U.S. real estate is a safe investment.
Desires, dreams and motivations for purchasing in the U.S.:
Consumer motives and preferences are not universal when it comes to international buyers looking for their dream home in the U.S. The survey indicates that some of the leading motivations to purchase property in America are as follows:
- Frequent work/business trips to United States cities
- Three-way tie:
- A movie or television series based in the United States
- A recent vacation to a United States city
- Investment opportunity
- Social media
- Dual citizenship / golden passport
The below amenities are rated as the top five most important for international respondents based on their desires when selecting a dream home purchase abroad:
- Latest smart home technology
- Eco-friendly and sustainable design features
- State-of-the-art security system
- Home with breathtaking views
International consumers are dreaming of new destinations:
It’s evident that the United States has captured the hearts of international home buyers for various reasons with the nation’s cities offering diversity in experience and atmosphere from coast to coast. Respondents identified the following as their top choices for their dream location of their next home purchase:
- Cultural diversity and prominent architecture like Chicago
- Ranked highest by Argentina with over a quarter (27%) of respondents, followed by Costa Rica (20%)
- In the hustle and bustle of a major city like New York
- Ranked highest by Spain with nearly a quarter (24%) of respondents, followed by Mexico (20%)
- Warm weather with sprawling homes among the glamorous elite like Los Angeles
- Ranked highest by Portugal with 21% of respondents, followed by Turkey (16%)
- A waterfront property with breathtaking views like Miami
- Ranked highest by Costa Rica with just under one-fifth (19%) of respondents
- A luxurious resort town in the mountains like Aspen
- Ranked highest by France, with one-fifth (22%) of respondents
Coldwell Banker Global Luxury Property Specialists can guide you home:
Luxury property specialists are seen as a trusted resource to a community and all that it offers. The survey results reveal that 88% of respondents are highly likely to lean on the support of an agent when navigating the process of purchasing a home abroad. In addition, younger millionaires aged 25-34 are the most likely age group to use an agent for an international home purchase (97%).
As the connection point to their communities, the white glove service and world-class expertise of a top agent provides immeasurable value. Beyond sharing market knowledge, agents serve as resource to sharing insights on other factors luxury buyers consider when purchasing a property, like connections to desired schools, introductions to social groups and much more.
Coldwell Banker offers a robust network of affiliated agents and resources available to provide around-the-clock support and expertise needed to navigate the international buying process and help secure their clients’ dream home.
“The dream is alive and well for the international consumer; our international survey spotlights what’s attracting luxury international buyers to the U.S. real estate market. With 88% of respondents stating that they’re likely to use a real estate agent, it bodes well for Coldwell Banker Global Luxury Property Specialists who have the knowledge and network support to provide guidance to these luxury international buyers as they seek their American dream home.”
- Liz Gehringer, president of Coldwell Banker Affiliate Business and Chief Operating Officer, Coldwell Banker Real Estate LLC
“The appetite for owning U.S. real estate from overseas buyers has never been stronger according to our survey. From investment opportunities to even being inspired by the entertainment industry and social media, buyers are confident in putting their money towards their dream of making the United States their home away from home. From coast to coast, there are plenty of reasons why wealthy buyers aspire to American living.”
- Michael Altneu, Vice President, Coldwell Banker Global Luxury® program
Research was conducted by Censuswide with 1,202 people with a household income of $1m+ who wuld consider purchasing a luxury home (worth $1m+) from the UK, France, Italy, Portugal, Turkey, UAE, Argentina, Canada, Spain, Costa Rica, USA and Mexico between January 6th, 2023 and January 25th, 2023.
Over 75% of the international survey respondents found U.S. market conditions excellent/good enough to make a purchase.
Market conditions in the U.A.E. were seen as highest while conditions in the U.K. were seen as the lowest end but still ranking excellent/good to make a purchase.
Gain insight into Global Luxury International Buyers are looking for the world over by reading the 2023 International Consumer Survey downloadable report below.
Interested to learn more about luxury markets? Click here to read The Report 2023, the annual guide to domestic and international market overviews with an outlook on luxury real estate.