TABLE OF CONTENTS

Greece

Increase in High-Net-Worth Buyers

Expected as Market Stabilizes

Portugal

Possible Extension for Golden Visa Program

Spain

Málaga Transforming into Tech

Haven—And New Home Hot Spot

10

United Kingdom

Reverse Migration Fuels London’s Buoyant Property Market

The real estate market around the world has experienced tectonic shifts over the past few years—from the pandemic boom fueled by the desire for room to roam and low interest rates, followed by a market correction, and now, a time in which so many political, financial, and lifestyle-driven factors are poised to determine what lays ahead.

Throughout Europe, pending possible elections may influence the cost and ease of foreign investment, while the continuation of the Golden Visa program for some countries is hotly debated and at the center of conversation. These factors are top-of-mind for the United Kingdom, Portugal, and Greece.

In Greece, the monetary threshold to secure a five-year residency visa will rise on August 1, 2023 from €250,000 to €500,000. While there is certainty for Greece, the final decision on the fate of the Golden Visa in Portugal remains in flux. For now, it is anticipated to continue.

Despite some buyers pausing, the prices for prime properties and vacation rentals across the board in Europe are trending upward, with Americans still very active in markets like Spain. In fact, it’s been reported that there has been a 25% increase of American buyers in Spain from 2019 to 2022.

Emerging hot spots throughout Europe are the beneficiaries of commercial shifts. Málaga, for example, continues to grow its sizable tech sector, with Google, Bombardier, Siemens, and Oracle calling the city home.

In a recent Berkshire Hathaway HomeServices network-wide event, the leaders of our global companies spoke to these topics and more, and shared their expert forecasts as we move into the second half of the year.

These trends from Greece, Portugal, Spain, and the United Kingdom are detailed here in our second-annual European Summer report.

I hope you enjoy this report and have a wonderful and prosperous summer.

Christy Budnick CEO

Berkshire Hathaway HomeServices