As Americans continue to digest Donald Trump’s defeat of Hillary Clinton Tuesday, commentators worldwide have speculated that some residents are looking to move to another country or at least invest some of their money elsewhere.
Here, we take a look at three cities in countries that have been garnering the most attention since the election.
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Prior to the election, there had already been an uptick in interest in London homes from American buyers looking for a good investment opportunity, thanks to the pound falling around 16% against the dollar, prime central brokers in the city say. Trump’s victory did nothing to dampen this trend.
Naomi Heaton, chief executive of London Central Portfolio, a property investment fund, reported a 300% increase in website hits from the U.S. Wednesday compared to the previous day and speculated that Americans could be considering London’s property market as a safe haven for their money despite uncertainty surrounding the Brexit.
“Whilst it takes longer to purchase property than to deploy capital into other safe havens, such as gold and the Yen, both of which have seen significant increases, we anticipate a similar retrenchment into prime central London property,” she said.
Ms. Heaton added that although it is still very early days, she believes that other international investors will also be turning to London against a backdrop of “potentially inward looking policies.”
“Middle Eastern investors, in particular, are already less comfortable investing in the USA and will increasingly look to London, where attitudes are more welcoming,” she said.
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In the run-up to the election, some Americans, including several celebrities, pledged to move to Canada if Mr. Trump were elected. While it is far too early to know if any will actually follow through on their promise, some Americans have certainly been exploring the option.
Canada’s immigration website crashed repeatedly as election results unfolded, while Google searches for “moving to Canada” climbed. Additionally, some brokers in Canada told Mansion Global that they had already received calls despite the emigration process possibly taking around two years.
Brokers believe that if this does happen, Toronto and Vancouver are likely to be the most popular destinations. Toronto is likely to see more American transplants due to its financial services sector combined with the fact that Vancouver’s provincial government introduced a 15% tax on foreign buyers in the summer to cool a housing market that was overheating thanks to strong demand from Chinese investors.
While Toronto’s housing market is gaining strength, it’s still cheaper than Vancouver. An influx of American buyers, however, could drive up sales and, in turn, house prices.
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While some Americans have talked about moving to neighboring Canada, it seems others are looking to move as far away from the U.S. as possible.
New Zealand officials told Reuters that the country had received 1,593 online registrations for residency and student visas from U.S. citizens between the beginning of November and the eve of the vote. This was 50% higher than a typical month in just seven days.
If any do go, they may want to avoid Auckland, the country’s most populous city (it’s home to one-third of New Zealand’s population). There, it may be tricky to step onto the property ladder as many fear a bubble is developing because of low interest rates, record immigration, and a shortage of homes for sale.
The average property price recently surpassed the crucial NZ$1 million (US$721,000) mark for the first time recently and is now more than 60% higher than their previous peak in 2007 before the global financial crisis struck, according to official figures.
For those seeking refuge in Wellington, the New Zealand capital, there might be similar issues in the not distant future as house prices are now rising at a faster pace than in Auckland.
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