Cross-border buying appears to be accelerating worldwide. The rising influx of nomadic billionaires and millionaires—lured by the promise of “golden visas,” lifestyle, and wealth preservation through geographic diversification—has triggered a 50.8% surge in international luxury real estate inquiries this year, according to leading global luxury marketplace JamesEdition. While global interest in safe havens like New Zealand has spiked, the United States and Italy remain top destinations for international capital.
To map out exactly where this money is flowing and what types of properties are being pursued, I brought together the global perspectives of two expert sources we consulted for The Mid-Year Report 2026: Eric Finnas Dahlstrom, CEO of global luxury marketplace JamesEdition, and Winston Chesterfield, founder of London-based Barton Consulting.
JamesEdition's data shows global luxury real estate inquiries jumped 50.8% in the first five months of 2026. From your respective vantage points in Europe, what's driving that level of international appetite?
Eric Finnas Dahlstrom: Much of this surge, we hypothesize, is being driven by an influx of American buyers looking overseas. At the core, affluent buyers purchase for lifestyle and geographic diversification. Perhaps they are seeking a second or third home in Spain or Portugal, or a coastal U.S. market, or maybe adding a ski property in Aspen to their portfolio. Real estate remains an incredibly safe store of value, and affluent buyers, especially Americans at the moment, are reluctant to concentrate all their capital in a single market. They are looking overseas to diversify, so their wealth is spread across different currencies and jurisdictions.
Winston Chesterfield: Globally, there is more confidence in luxury real estate right now. It has become a haven for people concerned about growth or uncertain about the stock market. Lifestyle thinking is very much a part of their investment calculus as well. What we are seeing instead is a strong focus on secondary homes as long-term, buy-and-hold investments. Buyers are purchasing with a five-to-ten-year horizon, choosing properties they can actually enjoy while their wealth is safely preserved.
Interestingly, the U.S. saw inquiries double year-over-year, and New Zealand surged 122%. Which markets are gaining the most serious traction with high-net-worth buyers right now? What's driving those decisions?
Eric Finnas Dahlstrom: There seem to be two mindsets operating among global luxury buyers right now. They’re either looking at established 'anchor' markets like the U.S. or long-term bets in emerging 'frontier' destinations like New Zealand. The U.S. held the second-highest share of unique inquiries on JamesEdition, after Italy. California also led the index as the primary destination for non-U.S. buyers, drawing 6% more international demand than its size alone would predict, followed by New York and Florida. Milan has become a rising star due to its attractive tax situation. When you look at what’s behind New Zealand’s 122% surge, it seems to be driven by its remote island geography, political stability, natural landscape and value. In Mexico — and specifically the Riviera Maya area — buyers from Europe are realizing they can access incredible coastal luxury and scale at a fraction of the cost of traditional European coastal markets.
Meanwhile, some of the traditional, dominant prime residential financial hubs, such as London and certain parts of Paris, are fading a bit, with softer demand and lower real estate returns. The map of wealth is shifting, and buyers are looking toward new horizons to store their capital.
Winston Chesterfield: In the U.S., New York is taking a back seat to Miami, which tops the list of cities. But we are also seeing renewed interest in California. This is primarily lifestyle-driven, as the state has iconic allure, climate, and a highly developed, highly productive economy. It’s also a calculated investment move. These buyers are very well advised, and they know they are likely capturing California real estate near the bottom of its current cycle, positioning themselves for major upside as the market turns the corner. Another fascinating U.S. trend is the rise of secondary locations like Rhode Island. The market there is much larger and more active than we’ve ever seen. It has great value per square foot, proximity to major hubs like Boston and Manhattan, coastal proximity, and it’s highly livable year-round. Internationally, we are also seeing temporary or seasonal migrations to Portugal, Greece, and New Zealand.
What do you think separates the markets that attract serious capital from those that don't?
Winston Chesterfield: Ultimately, high-net-worth individuals want to be in highly developed industrial centers. It’s a key reason places like the Caribbean have often struggled to sustain long-term interest from high-net-worth individuals—the physical and digital infrastructure simply isn’t there for them. They want to be in places where they can still do business and remain productive while maintaining their lifestyle.
Eric Finnas Dahlstrom: Taxation has become a highly powerful lever driving international buying behavior. Governments are actively competing for this capital by offering safety, transparency, and modern digital infrastructure. They are essentially telling these buyers, 'Come here, we will protect you.' Take Dubai, which has successfully positioned itself as a safe, modern environment, or New Zealand, which serves as a popular safe haven and a destination for all of those ‘doomsday properties.’
Most of the world operates on residency-based taxation, but the United States is one of only two countries—the other being Eritrea—that taxes based on citizenship. For international buyers, investing in U.S. real estate is a highly attractive way to anchor capital in a stable, dollar-denominated market without necessarily exposing their global wealth to the broader U.S. tax system.
You mentioned Dubai. What's your read on the Middle East right now? Where do you see the region fitting into the global wealth map going forward?
Winston Chesterfield: There may be some destabilization of the Gulf and less inflow temporarily due to instability in the region, but there is still movement. With the UAE's tax incentives, many people think it could be the modern "Switzerland" for global wealth.
Looking at the next 12 to 24 months, which markets are you watching most closely — and are there any surprises on the horizon?
Winston: On my radar is Argentina. The country is moving toward a lower-tax, pro-business system, and the smart money is saying, 'Invest while you still can, before property prices surge and it's no longer a bargain.' Another sleeper market is Malaysia, which has the distinct potential to become the next Singapore.
Eric: I completely agree on Malaysia and the frontier markets I previously mentioned, like New Zealand, South Africa, Mexico, and Australia. Over time, these markets will gain value and maybe catch up to the traditional markets. What I'm watching most closely, though, is the pricing. Price thresholds just keep going up and up. In the U.S., for instance, the classic $100 million trophy-property ceiling is now probably closer to $200 million. My expectation is that if macroeconomic conditions remain volatile, luxury real estate will continue to heavily outperform the traditional housing market. But will it outperform itself? That's a question that remains to be seen.
It will be interesting to see how the global wealth map gets rewritten as we move forward. Winston, Eric—thanks for bringing some additional clarity to this.
For a deeper look at these shifting borders and capital flows, our full Mid-Year Report is available now.
