Wealthy Americans moving abroad are reaching record levels, regardless of election results

The upcoming election has become a major point of contention, with intense debate surrounding the potential consequences of the results. Among the most polarizing issues is the future of the American economy, as some forecasts suggest that the election could trigger widespread emigration and economic upheaval. However, similar dire predictions were made in the lead-up to the 2016 election, yet neither a mass exodus nor a major economic collapse came to pass.

Growing Interest in Buying Property in Spain Among Americans

According to Lucas Fox partners Henley & Partners, it is true however that the number of Americans exploring the option of moving abroad has reached record levels and we are here to assist and advise anyone looking to make such a move.

Andres Gutierrez, Head of the Spanish Office at Henley & Partners shared the following:

"According to the Global Wealth Migration 2024 report from Henley & Partners, 128,000 millionaires are expected to relocate in 2024. To put this in perspective, it's a 16% increase from the 110,000 who moved to a new country in the pre-pandemic days of 2019. High-net-worth families choose to relocate or obtain an alternative residence or citizenship for a range of reasons, including

Safety, security and retirement
Lifestyle factors, including healthcare, climate, nature, and scenery
Schooling and education opportunities for their children

With 15 cities in the Top 50 Cities for Centi-Millionaires according to The Centi-Millionaire Report 2024 | Henley & Partners (henleyglobal.com), it is no surprise that the number of Americans looking to secure the possibility to obtain a Plan B and obtain flexibility through a real estate investment and, eventually, move abroad has reached record levels. Tying real estate investments abroad and citizenship and residency rights enhance the value of the asset itself, giving a plan B in case of geopolitical turmoil – something which is paramount to HNWI as over 90% of centi-millionaires own more than one home, and approximately 65% own second homes outside their home country."

Economic Stability is Good News for Spanish Real Estate Investors

Furthermore, inflation rates are currently at 2.5% which is close to the Fed's target of 2% - even before the recent cut of interest rates by 50 basis points, which is now expected to be followed by another cut of the same amount in November. Overall, economists are expecting a further reduction of 75 basis points by the end of the year.

Despite the wave of alarming news reports, official data shows that the American economy remains stable and is even showing signs of growth, with a projected GDP increase of around 3%. Looking ahead, the real estate market is expected to gain more momentum starting in 2025, signaling that the outlook may be brighter than it appears.

Why Now is the Best Time to Buy Property in Spain

If you’re thinking about buying property in Spain, Lucas Fox is ready to provide expert guidance to help you find your perfect home. With personalized assistance, we’ll ensure you navigate the process smoothly, allowing you to make confident and informed investment decisions.

At Lucas Fox, we have also been helping an increasing number of Americans clients who have chosen to invest in Spain. With various residency pathways, a safe and appealing lifestyle, as well as lucrative investment opportunities, Americans are flocking to key cities such as Barcelona and Madrid, as well as coastal retreats.

If you’re interested in learning more about investing in Spain, contact us for more advice.