Hottest foreign second home markets for 2007

Here's where Americans will be turning to this year for second homes abroad.
By Les Christie, CNNMoney.com staff writer
January 20 2007: 9:53 AM EST

NEW YORK (CNNMoney.com) -- Americans have never taken much to living abroad, at least not to the same degree the British have. Some 5.5 million Brits, about 10 percent of that nation's total population, now live as expatriates, with 200,000 more every year.
The massive Brit presence in the heart of Tuscany's wine region has given it the nickname Chianti-shire.
Languedoc, France, with its walled, medieval cities, is an up-and-coming vacation home destination.
For Americans, though, most other countries were too far away to tempt us. Some Yanks did buy second homes in Canada, Mexico and the Caribbean, but the majority were content to shop within the nation's borders.
That's changing.
Today foreign lands are drawing more Americans than ever. According to State Department estimates, some 6.6 million Americans live abroad, a larger number than the Brits claim, but, at 2.2 percent, still a smaller percentage of the U.S.'s total 300 million population.
There are many reasons for the big build up. More Americans work for multi-national companies, which often take them for long stints overseas. And foreign vacation travel is booming as well. This means a lot more exposure to other countries and cultures.

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International real estate investors seek greater risk in U.S.

WASHINGTON – Jan. 24, 2007 – Global real estate investors say their U.S. real estate investment strategies for 2007 and beyond will include properties traditionally considered to have higher risk according to the results of the 15th Annual AFIRE Survey released by the Association of Foreign Investors in Real Estate (www.AFIRE.org). Survey respondents say that “value-added” real estate is expected to comprise 25 percent of their portfolio in 2007, up from 19 percent in 2006. The survey reflects the buying preferences of members of the association who collectively own $601 billion of real estate globally, including $184 billion in the U.S.
“The findings reflect investors’ desire to invest in U.S. real estate despite macro uncertainties and competition from U.S. institutional investors,” added FranAois Ortalo-Magne, Robert E. Wangard Chair in Real Estate, The Center for Real Estate, University of Wisconsin-Madison. “Consequently, they are showing a greater willingness to consider diversification strategies into secondary markets, outside of the core property types, and with creative financing and ownership structures.”

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