Dietz cites other notable trends: “Scandinavians are buying in distressed countries around the Mediterranean Sea, as their currencies have strengthened significantly against the Euro. And with house prices at an all-time high, especially in Sweden and Norway, a place in the sun now often costs less than a traditional summer cottage at home. On the luxury side, we do not see as many $20 million investments from Russians and Asians. Rather, it is more common for these buyers to spend $1 to $2 million in a variety of locations.”
He adds, “Not long ago, the growth was in the BRIC countries (Brazil, Russia, India and China), but now we are seeing movement in TIMP countries (Turkey, Indonesia, Mexico and the Philippines). These countries are fostering young, well-trained people who may be educated abroad but are returning home to build these economies, and such trends present opportunities available to our network’s affiliates.”
As the global market continues to shift, real estate professionals who understand those implications and the power of international networking will have a distinct advantage.
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