For many, buying a vacation home often means having a place to get away from it all and relax. This may be a beach house right on the water or a cabin surrounded by lush trees and nature. This additional home may be located in the same state or in a totally different zip code in the United States. For the more adventurous, it may even be in an entirely different country, and once there, they may decide to stay.
According to WordPopulationReview.com, an estimated 8 million Americans were living abroad in 2024. While some people never come back, others spend a few weeks to a few years living in another country. Reasons for doing so vary greatly, and include seeking better or more exciting job opportunities, a lower cost of living, or because they're interested in new adventures. Others relocate for family, love, or educational needs.
The greatest number of expatriates (people who have moved from their native country to another country permanently or for an extended period of time) are in Mexico (799,248), seconded by Canada (273,226), with many other countries, such as the United Kingdom, France, and Germany, being highly desired.
"Spain has been very popular in recent years due to various lifestyles, whether looking for a metropolitan area such as Barcelona or the Mediterranean beaches of Mallorca," says Brad Wolf, managing partner of The Agency Hall & Hunter real estate office in Birmingham. In Spain, American citizens are the most common North American nationality, with about 41,000 residents.
Joan Hardy Brown, a Realtor® with The Agency Hall & Hunter office, recently assisted a couple who wanted to buy a home in Spain. They love to travel and enjoy the European lifestyle. "The wife has a medical degree, and she is practicing remotely in the United States," says Hardy Brown. "She also speaks Spanish."
Wolf says that people today want to live in a place they love rather than where they work. Instead of having to wait until retiring to make such a move, having the ability to work remotely has definitely provided more people with the opportunity to relocate anywhere in the world.
"When I graduated college, people lived where they worked, but it's a different approach nowadays," he says. "This younger generation isn't necessarily tied to a particular place, and many of them are focused more on lifestyle and perhaps where the best value is from an affordability standpoint. They also often prefer a certain climate."
Another reason for the popularity of buying overseas is the easier access to these destinations. "Joan and I have multiple friends that have sold their main residences, whether they were in Chicago, Boulder, or Denver, and they've moved to an area in Northern Michigan called Traverse City, which has an airport where they can get direct flights overseas. They're leaving those metropolitan areas and, again, living where they want because they don't have to be tied to those areas."
Hardy Brown experienced this with a client. A few years ago, she sold a couple a home locally, and recently, they came back to her to sell it again. "He retired from his job as a physician and accepted another position that was still medical-related. But they wanted to live in the same area that Brad was talking about, Traverse City. It was partly because they love the area, but it was also influenced by the fact that the airport allows him to travel extensively for this new job, and he's able to directly fly in and out of Traverse City."
Adds Wolf, "Between corporations adjusting and migrating towards remote abilities and airports expanding direct access to additional destinations, this has allowed people to live where they love and seek out a new lifestyle."
Especially with the low inventory and ubiquitous bidding wars of the last few years, expanding the search for a primary or vacation home can lead to more successful outcomes. It's also a great way to embrace not only a new lifestyle, but a whole different culture as well. Living abroad allows you to experience new traditions and customs, enjoy the beauty of centuries-old architecture, learn a different language, and try local cuisines in ways that short vacations simply can't match.
Of course, it's important to find an agent and agency that can help guide you in your search to make sure the pursuit of your overseas dream doesn't become a nightmare. While every real estate transaction can be complicated, it can become even more so when dealing with various laws around the world. Just as every state in the US has different rules and regulations when buying, selling, and owning "real property," so does each country, explains Wolf.
"Real estate typically is the largest financial investment one makes in one's lifetime, so the importance of representation from a local experienced real estate agent is crucial when investing in real estate property anywhere. Discussing this financial investment with a qualified financial / tax advisor prior to making a decision is also recommended to ensure your financial best interests are considered."
While some clients are making a permanent move overseas, the majority of The Agency's clients purchase these properties as second homes for their own personal use and don't have any interest in renting them. However, if they wanted to, The Agency Real Estate Network is able to assist.
"The Agency Real Estate network has local boutique brokerages around the world, focused on white glove service for those discerning clients looking to work with the most experienced real estate agents in the local markets around the world," says Wolf. "The Agency Hall & Hunter offers the ability to offer local expertise as well as a global reach among the 150+ offices around the globe."
This is a huge reason why Hall & Hunter, a 70-year-old boutique agency with a focus on luxury markets, partnered with The Agency a few years ago. Founded in Beverly Hills by CEO Mauricio Umansky and a group of partners, The Agency is now recognized as one of the fastest-growing premier brands in the world.
"We're still the local experts in town with a number of luxury properties, but what The Agency network brings is that global reach that allows us to seamlessly service clients who are moving out of state or out of the country," he says.
Wolf states that many people start their search for real estate in a different country by blindly reaching out to an agent online, but The Agency Hall & Hunter Relocation Division is able to offer assistance in finding the right professional located in their desired area around the globe. These local agents will be able to guide buyers with making the best decisions and finding what works for them in their newly adopted country.
Many factors go into making a decision to buy overseas. It's important to decide what your goals are, how much time you can spend in the country, whether you have school-aged children, and if you can financially maintain two homes.
To learn how you can find your own home abroad and become immersed in a whole new world, contact Joan Hardy Brown or her partner, Kim Lodge, at TheAgencyRe.com/Region/Michigan.
"They're leaving those metropolitan areas and, again, living where they want because they don't have to be tied to those areas."
Planning your next move abroad? Here are the top countries with the greatest number of expatriates in 2024 (according to World Population Review):
Country Total Expats
Mexico 799,248
Canada 273,226
United Kingdom 170,771
Puerto Rico 159,515
Germany 152,639
Australia 116,620
Israel 76,794
South Korea 68,050
France 61,668
Japan 58,340
Spain 57,112
Italy 54,011
Bangladesh 45,115
Peru 41,292
Switzerland 38,779
Philippines 37,857
New Zealand 35,989
Netherlands 35,242