Research conducted by Knight Frank confirms an increasing number of expats are set to purchase property ‘back home’ as the impact of Covid-19 unfolds. Sixty-four per cent of agents polled said the lockdown had influenced expats’ decision to buy a property in their home country, which has led to a significant uptick in residential enquiries since the start of the Covid-19 pandemic.
The survey, carried out amongst Knight Frank’s global network of prime brokers, to understand more about the attitudes of expats around the world highlighted, however, that only 29% of expats are considering a permanent move. Fourteen per cent are buying property purely as a second home but the majority (57%) are seeking a 50/50 home, one which will provide them with a base back home and one that they might consider returning to permanently in the long-term.
“Time in lockdown has underlined the importance of family for many and focussed their minds on the type of lifestyle they want to lead,” according to Victoria Garrett, Knight Frank’s head of residential in Asia-Pacific. “For expats with older parents back home or children heading to boarding school abroad – and the prospect of a potential eight or 12-hour flight to reach them – the Covid-19 pandemic has meant that many are rethinking their long-term plans.”
Our survey found that being close to family members was cited by expats as the main reason for their property search, followed by a new job offer, whilst a better healthcare system back home ranked third. Their children’s educational needs came in fourth place.