The European Union lifted restrictions on non-essential travel for US citizens last week, which could drive up interest in Europe’s prime property markets.
Currently 46% of US adults are fully vaccinated, which Knight Frank said could result in Americans being more active players in the European prime property markets than usual in 2021.
Destinations favoured amongst US residents tend to include Paris, Rome and Barcelona.
Stacey Watson, head of Knight Frank’s US desk, said: “We have numerous US buyers keen to undertake viewings in Italy, France and Portugal who have had to put life on hold for the last 15 months, this move signals a green light for many. Our US buyers are focused, well-informed and keen to make up for lost time.”
Individual countries can introduce stricter restrictions, but most are likely to toe the line.
All US residents can travel to the EU – both vaccinated and non-vaccinated, with most countries accepting a PCR test confirming no active coronavirus infection in the case of the latter.
Oxford Economics research found that US residents accrued savings of over US$1.8 trillion in the first year of the pandemic.
Many have undertaken home improvements, relocated or purchased second homes, but others wanting an overseas retreat have had to bide their time.
Google searches for “Europe lifts travel restrictions” by US-based web users increased 750% in the week to 22 June 2021 and according to US-travel App, Hopper, July 4th is shaping up to be the biggest travel weekend since the start of the pandemic.
Meanwhile, shares in American Airlines, Delta and United Airlines were up around 1% each in pre-market trading on Friday.