The senior real estate industry has expanded across the globe, as retirees more often retire on foreign soil.
The trend of relocating overseas is tied to both lifestyle preferences and financial needs. By moving abroad, some retirees can stretch their savings to allow for a higher standard of living than they could manage at home.
Senior real estate destinations
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According to a Realtor.org article, the below destinations are the most established hot spots for senior real estate.
Mexico: One of the most popular senior real estate destinations for Americans, primarily because it allows for lower cost of living. Investors developed Puerto Vallarta, Cancun and Los Cabos into premier resort and second-home areas, Realtor.org reported.
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The Caribbean: This area draws more affluent retirees to its island-paradise setting. Top retirement spots include the U.S. and British Virgin Islands, St. Maarten, Martinique and Aruba.
Costa Rica: Whether you want tropical beaches or cool mount forests, you can find moderate year-round temperatures. Property, initially inexpensive, is on the rise with the nation’s popularity as a retirement destination.
The US: Seniors are still choosing the US. Florida and Arizona attract not only US retirees, but Canadians, Brits and other Europeans.
The Mediterranean: Mediterranean nations have long been a draw for Europeans. Southern France, Italy, Greece and Cyprus offer warm temperate climates with upscale beach resorts.
Senior real estate transactions crossing borders has not gone unnoticed. The senior real estate industry has grown around the marketing of foreign, low-cost retirement destinations.
Teri Barton is a senior real estate specialist in Pasadena. Read more articles on the topic of senior real estate, retirement and downsizing at BoomersNBeyond.com
