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Americans Head to Europe for the Good Life on the Cheap – The New York Times – 20.03.23

Home sales to Americans have increased significantly, giving them a chance to enjoy a lifestyle they could not afford in major U.S. cities, but the influx risks upsetting local residents. By Ronda Kaysen.

Mr. Mitas and his wife, Megan, moved to Portugal from Florida in 2019, renting a four-bedroom apartment for 2,500 euros (or about $2,700) a month in Campo de Ourique, a quiet neighborhood with small shops and restaurants.

Last year, they bought a 19th-century house in Lapa, a historic neighborhood perched high above the river, with embassies and 18th-century palaces and mansions with tiled facades, that they will renovate into their “forever home,” said Ms. Mitas, 31.

Mr. Mitas, 40, a mortgage broker, travels back to Florida frequently for work, but their life is in Lisbon where their two small children are in pre-K and day care.

The family fits right in. Here in the Portuguese capital, English speakers are seemingly everywhere. On the day Mr. Mitas took his daughter to the park, two women sat on a nearby bench, strollers at their feet, as they chatted in English.

The previous afternoon, Rita Silva, a researcher at Habita!, a housing rights organization, leaned forward intently on a tattered red sofa, her elbows on her knees, surrounded by bookshelves and hand-painted banners inside the group’s storefront headquarters in the trendy Intendente neighborhood.

She was preparing to meet with Lisbon residents facing eviction. Even Habita! is feeling the squeeze: The group’s landlord will not renew its lease, which expires next year. Lisbon “stopped being affordable for the people who live and work in this country,” Ms. Silva said.

Americans, unable to afford the kinds of homes they want in the kinds of domestic cities where they want to live, like San Francisco and New York, are moving to Southern Europe in significant numbers. Drawn to the region by its mild climate and low cost of living, made even more affordable by a strong dollar, many Americans gush about trading a car-dependent lifestyle for the chance to live in a vibrant, European city on the cheap.

What is cheap for these Americans is brutally expensive for southern Europeans, whose average wages are substantially lower than Americans’. Locals are competing for housing against wealthy foreigners in markets already distorted by Airbnbs and corporate real estate investment.

The result is a generation failing to launch, with more than 90 percent of southern Europeans under 35 still living at home, rates that eclipse their American counterparts. Those who have apartments face evictions and unpredictable rent increases in cities with weak rental protections, like Lisbon, Barcelona and Athens.

“It’s soul-breaking,” said Alkis Kafetzis, 40, a project coordinator at Eteron Institute for Research and Social Change in Athens, which studies housing inequities.

The surge in foreign investment is no accident. Portugal, Spain and Greece have courted deep-pocketed foreigners and corporations, hoping to attract talent, bolster their economies and spur development. Portugal and Spain recently introduced digital nomad visas that allow remote workers to live in the country for an extended period of time, echoing a similar visa in Greece.

In Spain, home sales to Americans jumped by 88 percent from the first half of 2019 to the first half of 2022. Americans were among those willing to spend the most per square meter, bested only by the Danes in how much they paid in the first half of 2022, according to Spanish government data.

By 2022, nearly 10,000 American citizens were living in Portugal, up a stunning 239 percent from 2017, according to data provided by the Portuguese government.

The Americans who are setting roots here are embracing a life where the weather is pleasant, the lunches are long and they can get by with translation apps and a handful of phrases.

Americans say that even if they attempt to stumble through a conversation, locals quickly switch to English since the language is so prevalent in European cities. But their children arrive home from school bilingual, giving parents like Mr. and Ms. Mitas access to tiny translators to help them navigate the tricky moments when Google Translate isn’t sufficient.

“Their main concern is lifestyle migration. They really, truly want to live here and have a more cosmopolitan lifestyle,” said Luis Mendes, an urban geographer at the University of Lisbon.

For the full 13 page article in pdf with several more images, please click here:

Americans Head to Europe for the Good Life on the Cheap - New York Times - 25.03.23
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Ronda Kaysen is a real estate reporter, based in New York. She is the co-author of “The New York Times Right at Home: How to Buy, Decorate, Organize and Maintain Your Space.” @rondakaysen

A version of this article appears in print on March 19, 2023, Section RE, Page 1 of the New York edition with the headline: Looking for the American Dream in Europe. Order Reprints | Today’s Paper | Subscribe

Ben Mitas sipped Vinho Verde from a stemmed wineglass while he watched his daughter play on a swing one afternoon in January. He had bought the wine from a quiosque, the ubiquitous park kiosks, a luxury of living in Lisbon.

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