A staggering 92% of high-net-worth Americans actively looked at real estate overseas in 2022, according to survey data from the Coldwell Banker Global Luxury 2022 Trend Report, and 67% of those surveyed already own residential property outside the US.

Data from Wealth-X included in the report shows that the number of high-net-worth-individuals who purchased a home overseas in 2022 is estimated to be 14% higher than in 2021 and 29% higher than in 2019.

“We saw renewed interest among wealthy investors in international buying in 2022 in part because of built-up demand after not traveling for years,” said Michael Altneu, vice president of global luxury for Coldwell Banker Realty in Los Angeles. “Plus, US economic conditions were more challenging in 2022, so investors looked for strength abroad and wanted to expand their borders.”

Surging prices for homes in the US and the rising cost of living in 2022 also encouraged more affluent buyers to look for opportunities overseas, according to the Coldwell Banker survey.

Kelly Cutchin, country manager USA for Moneycorp Americas in Orlando, Florida, said: “Younger people today have more wealth than earlier generations because of inheritances and self-made fortunes, and they’re focused on diversifying their portfolios with international real estate.”