LA SCÈNE DES LOGES | Paris
PRICED FROM: $776,123 – based on exchange rate and availability
Listed by Knight Frank
In the prestigious duplex penthouse, the terraces offer a unique view of the Parisian rooftops and the Ile aux Cygnes, whilst the Eiffel Tower can be seen from every room. Situated in a recently renovated building on the Seine waterfront, this development building consists 47 units in total with 1-5 bedrooms, single, duplex and loft apartments.
As the U.S. Dollar Surges, American Buyers Splurge on European Homes
Favorable exchange rates and steady property prices have led to big interest in markets like London, Paris and Tuscany
Real-estate prices in Paris rose less than 5% between the first quarters of 2021 and 2022, allowing American second-home buyers to get the most out of the soaring dollar.
According to The Wall Street Journal, “Taking advantage of the most favorable exchange rates in a generation, and reeling from exploding prices at home, buyers are disregarding other sources of instability—including the threat of coronavirus flare-ups, rising interest rates, travel disruptions, and the war in Ukraine—to sink their dollars into European residential real estate, with savings on luxury properties, compared with last year, reaching into seven figures.
Kate Everett-Allen, head of international residential research at London’s Knight Frank, identifies six European markets where American interest is now the most notable: London, Paris, Provence, Tuscany, northern Italy’s Lake Como and Lisbon.
With the exception of Lisbon—where prices rose 11.5% between the first quarter of 2021 and the first quarter of 2022—price gains in local currencies are modest to nonexistent in these markets. According to the most recent Knight Frank Global Residential Index, prices in greater London and Paris rose less than 5% between the first quarter of 2021 and the first quarter of 2022, while prices in Florence, Tuscany’s capital, dropped 1.6% during the same period.
THE PEMBRIDGE | London
PRICED FROM: $913,966 – based on exchange rate and availability
Listed by Knight Frank
The Pembridge is a collection of both period and contemporary apartments within a sensitively designed and flawlessly finished new development, set in the heart of Notting Hill.
Ulrich Leuchtmann, head of foreign exchange and commodities research at Germany’s Commerzbank, says “The euro is weaker than it’s ever been.” He credits America’s status as a net energy exporter and the Federal Reserve’s monetary policies with helping to strengthen the U.S. currency, and he puts part of the blame for the euro’s weakness on instabilities generated by the war in Ukraine.
Dollar-based buyers can expect the bargains to last. He is forecasting a short-term continuation of current exchange rates, with the euro staying just below the dollar through the end of the year.
The dollar is also soaring against the British pound, allowing London, Europe’s most expensive capital, to become even more attractive to a range of American buyers….
MARINA DI SCARLINO RESORT | Tuscany
PRICED FROM: $686,571 – based on exchange rate and availability
Listed by Knight Frank
Nestled amidst the green heart of Tuscany in the Maremma region, Marina di Scarlino Resort is a sophisticated residential-style property featuring 36 stylish apartments with wide panoramic terraces and views over the Tuscan Archipelago and the Island of Elba.
Marina di Scarlino Resort is a member of Preferred Residences, a global collection of sophisticated residential accommodations that represent the highest level of living with luxury. Preferred Residences is part of Preferred Hotels & Resorts, the world’s largest independent hotel brand that represents more than 700 distinctive hotels, resorts, residences and unique hotel groups across 80 countries.
Even Americans with more modest budgets are taking notice. Robin Adkins, a Nashville-area business owner, has “fallen in love with Capri,” the Italian island off the coast of Naples. She says she has been thinking about buying for some time, and the new exchange rate means she has increased her budget from around €450,000 up to €500,000, which now converts to $500,000—enough for a starter apartment in high-altitude Anacapri, the island’s exclusive western community, known for its historic villas and hairpin-curve roads. The dollar’s strength has “definitely affected my search,” she says.
In the Lisbon area, Americans have established a conspicuous presence among buyers in Cascais and Estoril, the plush resort-like suburbs west of the city. Rafael Ascenso, founder and CEO of Porta da Frente, a Lisbon-area Christie’s affiliate, says that Americans now make up a larger portion of his agency’s clientele than any nationality other than native Portuguese and expatriate Brazilians, who have long made up the majority of buyers in the area.”
Cited from The Wall Street Journal
Images, J. S. A. F. P. G. (2022, September 2). As the U.S. dollar surges, American buyers splurge on European Homes. The Wall Street Journal. Retrieved September 6, 2022, from https://www.wsj.com/articles/as-the-u-s-dollar-surges-american-buyers-splurge-on-european-homes-11661975836
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