Portugal is one of Americans' favourite new destination
For the first time Portugal is beating Italy, Spain and France as a favourite destination for moving to or retiring to Europe by Americans.
According to newly released analysis of Google Trends data from a research site about moving and living abroad, the interest in Portugal from Americans is at an all time high. Drawing parallels with real estate online searches for Portugal by Americans, Google Trends data similarly revealed that there has have been a spike in online searches for homes.
A report from mydolcecasa.com points out that online searches from the United States for “real estate in Portugal” are following a strong upward trend for the first time, rivalling Italy, France and Spain. Similarly a report from Bloomberg reflects that prohibitive housing prices, a strong dollar and political antagonism have contributed to a wave of Americans relocating to Europe and Portugal offers some of the most attractive housing prices in Western and Southern Europe.
Online searches for “Moving to Portugal” by Americans spike, outclassing hot favourites Italy, Spain and France.
“The rising cost of living has made it more expensive to live in any major US city than in European cities,” said Michael Witkowski, vice president of US-based expat consultancy ECA international. “Expensive home prices as well as a strong US dollar and political tensions are all contributing factors to the growing allure of Europe.”
The median price of a home in Portugal was $138 per square foot in Q1 2022, according to National Statistics Institute in Portugal (INE), having recorded a sharp 17.2 percent increase from a year prior, but well below the median price of a home in the United States of $202 per square foot, going by the data released by the U.S. National Association of Realtors.
However industry pundits opine that emigrants will be leaving as fast as they came if they are living on monies invested outside their pensions. “Cost of living in the Lisbon district is higher than the UK and the US” said Paul Davis an American expat living in Lisbon and now planning to return to his homeland.
In 1931, the term "American Dream" was coined by James Truslow Adams in saying that life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement" regardless of social class or circumstances of birth. This dream appears to be fading particularly with the current government in power. The new dream appears now to be Portugal but remains to be seen how long this new dream will last.
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