Housing - Expat Magazine
Living and working as an expat in a foreign country can be an exciting and enriching experience. However, rising rents in some of the world's most popular expat destinations are making it increasingly difficult for expats to afford to stay. Many are finding themselves priced out of the market and having to leave their adopted homes.
Germany
The government of Germany has developed this new program in association with Kreditanstalt für Wiederaufbau (KfW) bank to support homeowners concerned about the environment. Named the “Climate Friendly New Build", the credit plan grants credit facilities to owners buying or building a house. Let's have a closer look at it and how expats can benefit from it.
What does the year 2023 hold for the global real estate market? In its most pessimistic projection, the IMF is talking about a 10% drop in property prices in advanced countries and 25% in emerging countries. It seems that price booms are over. Inflation and the risk of a global recession are rendering the global market even more tenuous. In this context of uncertainty, is investing in real estate still a safe bet for expatriates? What are the benefits of investing in real estate, and where can you buy affordable property in 2023?
Property prices are soaring! The effect of these surging prices was already being felt before the health crisis and has since become more pronounced. While real estate is considered a strong safe haven, especially in times of crisis, all indicators are in the red. The situation is particularly critical in China and is tending to cause havoc in other markets around the world, in North America, Europe, North Africa and Asia. Between overheating and running out of steam, the real estate crisis is sending contradictory signals to the entire business world. Let's decrypt the situation in some of these countries affected by the real estate crisis.
The emirate of Sharjah has just enacted a law that modifies the conditions of access to real estate ownership for expatriates. What do these changes consist of, and what impact will they have on foreign residents? What objectives does the emirate aim to achieve? Does this mean a new opportunity for expatriates?
Thailand has been one of the most popular expat destinations for many years. The country recently announced a new property law intended especially for wealthy expats. Thanks to this law, expats would be allowed to buy a portion of land, and not only residential complexes. But while the government expects to reap huge profits from this lawn, there are certain conditions to be met by expats.
Studying abroad involves many formalities, such as applying for a student visa, taking language tests, opening an overseas bank account, and, very importantly, finding a place to stay. Students can choose between on-campus student residences provided by the university and off-campus options – a single or shared apartment, a homestay, or a private hall of residence. What are the advantages and disadvantages of each?
That's it. You're moving abroad. What should you do with your current home, whether it's a house or an apartment? Should you sell it or let it? Should you rather invest in property abroad? Here is a roundup of your various options.
The Bank of England has relaxed mortgage eligibility criteria from August 1, 2022. The affordability test to take out a mortgage now only requires the buyer to prove that they can afford a 1% rise in the variable interest rate over the repayment period. Previously, it was 3%. This is good news for expats who want to buy property in the UK, especially first-time buyers who only have a small deposit.
Although Spain is known by expats for being one of the most affordable countries in Europe, it has been facing rising property prices since last year. The rise, as experts say, is a consequence of higher demand and lower supply due to the lack of resources as raw materials for new builds.
Real estate prices in Canada have reached all-time highs due to Covid, inflation, the real estate bubble, etc. For the government, facing one more crisis is not an option. Prime Minister Trudeau recently introduced restrictions for wealthy expatriates to end real estate speculation.
Determined to put an end to real estate speculation, the Trudeau government announced a ban on real estate transactions for foreign buyers. Housing has been declared a "great national cause" by the government, which aims to create 400,000 new social housing units per year, compared to 200,000 today. This massive project is expected to support the country's economic growth, faced with multiple crises.
The Middle East is an economically diverse region that includes countries with a common heritage, vastly different levels of per capita income, and a diverse economy. Historically, the residential property market in the region is on a steady course, but prices are expected to rise modestly over the next couple of years with the rising demand and recovery of the economy.
The pandemic has changed the outlook for individuals and businesses around the world. Most spheres of life are concerned by the “pre” and “post” Covid situation. In Spain as elsewhere, thousands of individuals, including expatriates, have been moving to large city outskirts, or, if they have the budget, to buy in a second home. Sometimes fearing new lockdowns, new buyers are seizing opportunities to enjoy life in a different way. However, a new tax reform introduced in July by the Spanish government could be a game-changer.
When leaving your country for a new adventure abroad, finding accommodation can be a major concern, whether you are moving alone or with your family. And it becomes especially difficult in times of COVID-19 and economic crisis to find affordable accommodation options. Homesharing is an interesting option not only for saving in terms of costs but also for a smoother transition.
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If you're thinking about moving to Belgium, taking out a home insurance policy will be one of your priorities. Here is everything you need to know.
Housing is a significant cost for most expats, affecting their decisions of where to live and whether they should buy or rent. While the global house prices may have increased overall, there are still destinations with attractive home prices for expats. However, not all expats may want to buy homes either, and many factors affect a buy or rent decision.
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Buying a property is one of the most exciting life decisions for most people. And that excitement is multiplied when it comes to buying a property abroad! Expats considering a mortgage in Germany should be happy to know that the country is one of the safest and more secure countries for real estate investment, only behind the US (according to a 2021 survey by the Association of Foreign Investors in Real Estate – AFIRE).
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