Private Office Market Report 2026

Private O昀케ce Market Report 2026 E VO LVI N G M OTIVATI O N S I N CROS S - BO R D ER H O M E PU RCHAS ES

I N CO LL ABO R ATI O N WITH

F R O N T C OV E R A N D T H I S PAG E : A R E S TO R E D M E D I E VA L T U S CA N V I L L A I N B A R B E R I N O TAVA R N E L L E , I TA LY

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Welcome from the Group CEO For the world’s most affluent, real estate has become a deliberate, strategic element of long-term wealth preservation. As global capital moves with unprecedented speed and geopolitical uncertainty deepens, ultra-high-networth individuals and family offices increasingly view residence not merely as a place of belonging, but as an active instrument of portfolio architecture. In this evolving landscape, premium and luxury real estate serves not only as a tangible store of value but also as an enabler of lifestyle mobility, jurisdictional advantage, and cross-border resilience. As a result, a record-breaking number of millionaires is set to relocate internationally in 2026. The residence strategies of the world’s ultra-wealthy also increasingly express their lifestyle priorities, prompting a broader reflection on what luxury living truly means. In this context, purpose and well-being have emerged as defining measures of a modern, elevated lifestyle. I see this trend confirmed repeatedly in the many conversations I have with our advisors and clients across the globe.

At Engel & Völkers – and especially within our Engel & Völkers Private Office – we cater to the refined expectations and distinctive lifestyle ambitions of a truly discerning global clientele. With a legacy of excellence and a deep understanding of complex, multi-market real estate portfolios, we continuously elevate our expertise to deliver unparalleled service and exceptional results for our ultrahigh-net-worth clients.

Jawed Barna — Group CEO Engel & Völkers

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A Note from Private O昀케ce In late October 2025, I was delighted to host our annual Private Office Fall Summit in the stunning Algarve region of Portugal. As is always the case at these events, top real estate advisors from around the world came with deep insights and a passion for sharing them among their esteemed Engel & Völkers peers. They also demonstrated their commitment to continuous learning by engaging with experts from organisations like Henley & Partners and Knightsbridge Circle, focusing on current trends impacting the ultra-high-networth segment. Perspectives from these valuable service firms are also featured in this report.

Having led Private Office globally for the past five years, I remain profoundly impressed not just by the high volume of business this group conducts, but by the exceptional degree of care, curiosity and collaboration that drives their success. This report is designed to share their collective expertise with a broader audience. I hope that you find their insights informative, and that you will not hesitate to contact Engel & Völkers Private Office advisors if they can be of service to you in the future.

Stuart Siegel — President & CEO Engel & Völkers Americas Global Head of Private Office

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01 Introduction Lifestyle as a key motivator for global investment and migration trends

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02 Engel & Völkers A leader in luxury real estate Engel & Völkers Private Office

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03 Henley & Partners Residence and citizenship planning experts

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04 Methodology Questionnaire design Notes on definitions

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05 Findings International buyer enquiries by country Insights and analysis

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06 In-depth Country Focus Insights from across the globe

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07 Conclusions Final words

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08 Directory Your Engel & Völkers Private Office Advisors

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01. Introduction LI FEST Y LE AS A K E Y M OTIVATO R FO R G LO BAL I NVESTM ENT AN D M I G R ATI O N TR EN DS

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The world’s most affluent are rethinking what it means to live well. The pandemic shifted priorities with lasting effect. Time at home became time to reflect on space, health, community and access to nature. Today, these lifestyle values sit at the heart of purchasing decisions.

High-net-worth families choose to relocate for a range of reasons, including:

• Safety and security • Financial concerns • Taxes • Retirement • Work and business opportunities • Lifestyle factors, including climate and scenery • Schooling and education opportunities • Healthcare • Standard of living The Engel & Völkers Private Office survey suggests that decisions are no longer solely about wealth preservation or tax efficiency, but about living with purpose, security and joy. Governments are responding. Dubai’s “2040 Urban Master Plan” will double green space, reduce car dependence, promote walkable communities, cycling, and public transport. Shaded walkways and community hubs are being woven into major redevelopments, turning the city into a showcase of lifestyle-driven urban design.

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Remote work has accelerated this shift with affluent buyers able to move beyond dense urban cores, seeking space, clean air, serenity and homes that support these new rhythms of life. Luxury real estate is no longer defined purely by location but by the promise of a life well lived.

Home and lifestyle priorities that emerged during the pandemic have evolved and intensified.

Efforts in Dubai are not an isolated trend. Across the world, governments are investing in outdoor living by expanding parks, restoring waterfronts and integrating nature into urban growth. Expectations have risen. People want access to green space, cleaner air and the ability to live well without compromise. These forces are reshaping where wealth flows, influencing not just individual property choices but the very fabric of cities, towns and global markets.

Engel & Völkers is therefore pleased to present this Global Wealth Migration and Lifestyle Real Estate Report, produced in collaboration with Henley & Partners. Drawing on exclusive insights from the Engel & Völkers Private Office network and enriched with data from The Henley Private Wealth Migration Report 2025 as well as details regarding key residence programs, this report explores the intersection of global wealth migration and luxury real estate demand, with a particular focus on the lifestyle factors shaping buyer and seller motivations worldwide.

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02. Engel & Völkers B R AN D OVERVI E W

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Engel & Völkers is a globally recognised leader in luxury real estate, specialising in the brokerage of high-end residential and commercial properties as well as luxury yachts and exclusive lifestyle services.

Driven by the core values of competence, exclusivity and passion since 1977, Engel & Völkers has prioritized the unique aspirations of both private and institutional clients, continually evolving its service portfolio in order to deliver excellence in every aspect of real estate. Consisting of both company-owned operations and a franchise network, the brand continuously expands its global presence. More than 16,500 professionals operating under the Engel & Völkers brand in more than 35 countries constantly drive the company’s evolution while maintaining a consistent focus on the needs and interests of their discerning clients and partners. Committed to exceptional service and performance while leveraging cutting-edge digital solutions, Engel & Völkers is rede昀椀ning the standards for property brokerage, setting a benchmark for innovation and excellence in the real estate industry worldwide.

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From the outset, Engel & Völkers Private O昀케ce was guided by a clear vision: to rede昀椀ne real estate service for the world’s most discerning clients.

The designation was founded in 2007 by Christian Völkers to deliver con昀椀dential, highly tailored real estate services for those with exceptional properties worldwide.

The Private O昀케ce network supports the sale and acquisition of prestigious properties for high-net-worth clients with dedicated advisory and discreet and powerful marketing solutions. Today, Private O昀케ce has evolved into a collaborative global network represented by over 300 advisors in 21 countries.

For nearly 20 years, Engel &Völkers Private O昀케ce advisors have focused on guiding clients toward their ambitions, whether acquiring a penthouse, selling a vineyard, or crafting an exclusive lifestyle experience centered around home. Leveraging the full resources of Engel & Völkers, alongside their own expertise and relationships, Private O昀케ce advisors ensure that every transaction is handled discreetly, seamlessly and to the highest standards. With local knowledge, global connections and access to the inaccessible, Engel & Völkers Private O昀케ce advisors will support clients in achieving their dreams, exceeding expectations every time.

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03. Henley & Partners TH E FI R M O F G LO BAL CITIZEN S

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Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area.

The 昀椀rm’s highly quali昀椀ed professionals work together as one team in over 70 o昀케ces worldwide. Henley & Partners also runs the world’s leading government advisory practice for wealth migration, which has raised more than USD 15 billion in foreign direct investment.

The Global Leader in Residence and Citizenship Planning Individuals of talent and means need not limit their lives and business interests to one country. Residence programs provide high-net-worth individuals with the option to relocate and the right to live, work, study and receive healthcare in their new countries of residence.

Being able to change residence to a suitable country or have multiple residences is an increasingly important aspect of international planning for private clients. Henley & Partners o昀昀ers expert advice on residence programs in some of the world’s top destinations in terms of business environment, quality of life and the possibility of acquiring citizenship.

Each program o昀昀ers a range of attractive investment options, from real estate to business start-ups, which are designed to cater to your family’s unique requirements.

As the sector pioneer, Henley & Partners is best placed to guide you and your family on your residence and/or citizenship journey.

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The seven countries featured in Chapter 6 of this report all rank among the world’s top ten destinations for net millionaire migration in昀氀ows, according to the provisional wealth 昀氀ows data in The Henley Private Wealth Migration Report 2025.

Each o昀昀ers an attractive residence program that enables high-net-worth individuals to relocate and secure the right to live, conduct business, study and access premium education and healthcare in their new country of residence. The summaries below outline these programs, which are helping draw signi昀椀cant global wealth. For information on these and other options, please visit henleyglobal.com.

United Arab Emirates Residence by Investment UAE Residence by Investment provides foreign investors, entrepreneurs and talented individuals with long-term residence in a global business hub. Through the UAE Golden Visa, applicants gain access to world-class infrastructure, a favorable tax regime and a secure lifestyle for their families.

United States of America EB-5 Immigrant Investor Program The US EB-5 visa program requires a minimum investment of USD 800,000 for investors to gain residence in one of the world’s most sought-after destinations, with citizenship eligibility after five years of legal residence.

Italy Residence by Investment Program The Italy Residence by Investment Program is designed for foreign investors committed to making a significant contribution to the country’s economy. Investment is from EUR 250,000 and grants Italian residence along with visa-free access to Europe’s Schengen Area. No permanent stay is required.

Switzerland Residence Program Switzerland is renowned for its leading financial and innovation sectors. Successful applicants obtain residence status by contributing net taxes ranging from CHF 250,000 to over CHF 1 million per year depending on the applicant and the canton of residence.

Portugal Golden Residence Permit Program An excellent option for families and entrepreneurs, this program can be accessed for a minimum contribution of EUR 250,000. Successful applicants gain visa-free travel in Europe’s Schengen Area and the right to live, work and study in Portugal.

Greece Golden Visa Program Athens is a major European business center, and Greece is one of the world’s top leisure destinations.

Successful applicants can acquire a Greek residence permit for a minimum specialized real estate investment of EUR 250,000.

Canada Start-Up Visa Program Regularly voted as one of the best countries to live in, Canada offers investors a high standard of living.

Successful applicants can acquire residence status by creating an innovative, scaling start-up business.

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04. Methodology Over August 2025, the global Engel & Völkers Private O昀케ce network was surveyed about “Evolving Motivations in Cross-Border Home Purchases.”

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Questionnaire Design The questionnaire was designed to capture views of global real estate advisors regarding the motivations of international buyers in the luxury property market and identify how lifestyle factors are impacting the patterns of purchase. Given the expertise and experience of the global Engel & Völkers Private O昀케ce advisor network, this survey provides the opportunity for comprehensive and unique insight into trends and drivers in the international property market.

The questionnaire was designed to collect predominantly quantitative results, asking respondents to provide evaluation of the market and motivations on speci昀椀ed sentiment scales. These responses were collected alongside qualitative insights in the form of three “Final Thoughts” questions, which allowed advisors to provide additional insight in an unstructured manner.

The questionnaire included 20 questions divided into 5 sections to capture information regarding:

• Advisor Information • Buyer Motivations • Property Preferences • Seller Motivations • Final Thoughts

Distribution of responses by years of experience 80 11.3 % 71 60 44.4 %

18.8 %

3-5 Years (44.4 %) 6-10 Years (25.6 %)

40 41

10-15 Years (18.8 %) 15+ Years (11.3 %)

30

20 18

25.6 %

0 3-5 Years

6-10 Years

10-15 Years

15+ Years

Details on Data Collection, Respondents and Analysis The questionnaire was sent to Private O昀케ce advisors to be completed electronically, with responses collected over approximately 4 weeks from August 12 - September 8, 2025. All responses were included in the analysis.

60% 26

The questionnaire collected 160 responses from Engel & Völkers Private O昀케ce advisors with over 60% of respondents having more than a decade of experience, demonstrating strength in the global network’s long-term view of luxury real estate markets. Responding advisors had experience across global luxury property markets, with a concentration in North America and Europe.

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Notes on De昀椀nitions Buyer Profile - what type of buyer are they?

• Primary home • Secondary home • Investment • Generation / Age profile Buyer Motivation - why are they buying in that location / region?

• Upsizing • Downsizing • Lifestyle improvement • Family or education needs • Prestige / social signaling • Security, stability or climate resilience • Work relocation • Citizenship or residency-linked purchases • Tax benefits Lifestyle improvements - specific buyer motivations linked to lifestyle improvements (not split by feature or location)

• Outdoor Living • Wellness and Health • Community Amenities • Flexible space • Culture and Experience Property Types - what category of property is it?

• Apartments / condos / townhomes • Properties with garden / grounds / yard space • New construction / new development • Historic or character homes • In town homes • Rural homes • Waterfront homes • Mountain homes • Country estates or ranches Property Features - what features does the property have?

• Outdoor Living (gardens, terraces, direct beach/ski access/trails) • Wellness and Health (spa rooms, home gyms, climate) • Digital and Tech (smart home automation, solar, broadband, EV charging) • Privacy and Security (gated access, surveillance, private drives) • Social and Leisure (games rooms, wine cellars, cinemas, sports courts, guesthouses) • Flexible space (home office, adaptable layouts, entertaining, guest accommodations) • Energy Efficiency and Sustainability • Culture & Experience (theatres, galleries, restaurants, music venues, museums, bars).

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05. Findings Analysis of reported ultra-high-net-worth purchaser motivations and preferences.

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General Market Trends According to respondents, globally, luxury real estate markets (top 10% of property values) have primarily stayed the same or increased in price in the 12 months leading up to August 2025.

Change in luxury real estate prices over past 12 months - no of responses 80

60

61

40

44 36

20 17 5

0

Stayed the Same

Decreased

Decreased Signi昀椀cantly

Increased

Increased Signi昀椀cantly

In the 12-month period from August 2024 to August 2025, Engel & Völkers Private O昀케ce advisors consistently identi昀椀ed Spain and Italy as places where property prices were rising while France, Germany and Canada experienced softer pricing. Prices have not necessarily increased in line with property size, but rather due to a range of important lifestyle factors such as a premium location and associated amenities.

Sentiment on change in luxury prices by country Andorra

4

South Africa

4

UAE

4 3.23

Spain Portugal

3

Switzerland

3 2.76

Italy

2.67

Greece 2.5

Mexico 2.18

USA Belgium

2

Mauritius

2

Liechtenstein

2

Austria

2

France

1.88

Canada

1.8 1.33

Germany 0

-.5

1

1.5

2

2.5

3

Average Sentiment 0 = Decreased Significantly

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2 = Stayed the Same

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4 = Increased Significantly

3.5

4

4%

Italy, while not free of estate duties, does have a limited 昀氀at tax of 4% making the market attractive for high-net-worth individuals who are looking to migrate. Italy’s long-held social attitude, “la dolce vita” or the sweet life, emphasises a slower-paced and more community focused lifestyle which aligns with the preferences of individuals looking to purchase luxury property abroad.

In Italy, an increase in property prices was echoed by the highest reported net increase in international buyer enquiries.

The level of price increases observed in Italy was matched only by Spain, which o昀昀ers a similar Mediterranean feel and relaxed approach to life. At the same time, advisors in Spain noted a much lower increase in international buyer enquiries.

A population increase and attractive investment opportunities have boosted real estate demand within the country.

Additionally, new immigration policies announced in November 2024 and e昀昀ective in May 2025 have likely improved sentiment around in-bound migration levels and supported the Spanish property market.

Net change in international buyer enquiries over past 12 months 8

Italy France

4

UAE

4

Spain

2

Greece

2 2

Switzerland South Africa

1

Mauritius

1

Andorra

1

Germany Liechtenstein Belgium Portugal Mexico Austria -3

USA -5

Canada -5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

Number of responses (net increase)

While prices in France have softened, the global advisors surveyed still identi昀椀ed France as a market with increased enquiries from international buyers. While the market in Canada is becoming more balanced thanks to recently implemented government incentives and programs, the decrease in international buyers is likely driven by the extension of certain foreign buyer restrictions through January 2027.

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Headline Finding: Moves Motivated by Lifestyle 160 global advisors provided their perspective on the one thing that stands out as different to them in their market now compared to 12 months ago. Quality and Life were the most frequent pairing of words, indicating that buyers are making decisions less focused on the potential market outcomes for their property choices and more focused on how they want to live. This aligns with the specific buyer motivations observed by advisors, where “lifestyle improvement” was the highest reported motivation.

Net change in buyer motivations over the past 12 months

105

Lifestyle Improvement 64

Downsizing

Security/Stability Climate Resilience

60

46

Family/Education Needs 30

Work Relocation

Prestige/Social Signaling

25

Tax Bene昀椀ts

21

Citizenship/Residencylinked Purchased

16

3

Upsizing

0

5

10

15

20

25

30

35

40

45

50

50

60

65

70

75

80

85

90

95

100

105

Number of responses (net increase)

Interestingly, “lifestyle improvement” was followed by “downsizing”, as the second most common motivation. The sort of properties which currently meet the demand for lifestyle improvement may be smaller.

This indicates that some buyer segments are willing to trade property size in order to achieve a more lifestyle orientated goal. It also aligns with a reported desire for simpli昀椀cation, drawing buyers to e昀케ciently designed homes that allow them to focus on activities and experiences more than home maintenance.

“The biggest di昀昀erence I’m seeing compared to 12 months ago is the shift in buyer motivation. More and more buyers are leaving the city and looking to our area for a lifestyle change. In this market, lifestyle means privacy, views and seamless indoor/ outdoor living. Whether it’s a lakefront home, a modern estate in a country club community or an equestrian ranch, true luxury is about how a property allows you to live freely and beautifully.”

Jaime Krupnick | Private O昀케ce Advisor Westlake Village, California, U.S. | +1 (310) 749-0703 | jaime.krupnick@engelvoelkers.com

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Lifestyle Improvement Themes

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Lifestyle Improvement Themes In understanding lifestyle improvement themes, we sought to understand two key questions about buyers motivated by lifestyle improvement:

• What does “Quality of Life” mean to buyers?

• What do buyers look for in terms of lifestyle improvement when purchasing luxury real estate?

“Waterfront living isn’t just about the view. It’s about access to another world, a world that represents freedom from the obligations that preoccupy us on land. But to get there, you need a boat! This is where real estate and yachting advisors connect. Does a new property 昀椀t your yacht, or is a new craft needed to 昀椀t the property?”

Justin Cohen | Engel & Völkers Yachting Americas

Outdoor Pursuits Private Office advisors highlighted that access and proximity to outdoor spaces was the most often cited theme that made their markets attractive to buyers pursuing lifestyle improvements. As seen in the word cloud on the previous page, this is linked to a desire to pursue outdoor activities such as golf and skiing, but it can also be linked with wanting easy access to waterfront or mountain locations or even certain climates. Buyers are focused on making their outdoor living dreams a reality, prioritizing the features and scale of surrounding outdoor space over the size of a floorplan.

“What de昀椀nes luxury in my market is lifestyle – access to recreation, fresh mountain air, a view of nature and recreation for all ability levels and generations. A lakefront home that is close to hiking trails, amenities and top ski areas, and has a pier or buoy to keep the boat, checks every box.”

Carmen Carr | Private O昀케ce Advisor Truckee, California, U.S. | +1 (530) 448-1643 | carmen.carr@engelvoelkers.com

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Other Key Lifestyle Themes While outdoor living was far and away the most important theme in lifestyle improvements, downsizing and stability and climate resilience, also ranked high in responses. Linking to this, the emphasis on strong walkable communities with good schools and pleasant climates was also important. Cultural enrichment, fine dining and easy travel were also noted to be key influencing factors for luxury real estate buyers.

“We’ve witnessed a continued shift toward wellness as a lifestyle. Spa-inspired wellness rooms have become major selling points, re昀氀ecting today’s growing focus on longevity, recovery and overall well-being. What's most notable in the market now is the rise of clubs, memberships and the desire for social belonging. People are craving meaningful connections with others who share their passions—whether through car clubs, wine clubs, golf clubs or ski clubs. These communities foster networking, shared experiences and a sense of belonging. This movement toward connection and curated social wellness has become the new de昀椀nition of luxury.”

Macus Wood | Private O昀케ce Advisor Park City, Utah, U.S. | +1 (435) 714-9033 | marcus.wood@engelvoelkers.com

Top 20 bigram responses: Word combinations found in response to: What aspects of your market most appeal to buyers focussed on lifestyle improvement?

5

Outdoor, Activities 4

Outdoor, Living

4

Outdoor, Recreation Security, Stability

3

Beach, Golf

3

Golf, Courses

3

Fine, Dining

3

Focused, Improvement

3 3

Sense, Community Climate, Security

2

Easy, Travel

2

Proximity, Sea

2

Ocean, Mountains

2

Activities, Access

2

Access, Outdoors

2

Golden, Visa

2

Central, Location

2

Time, Family

2

Year, Round

2 2

Country,Club 0

1

2

3

4

5

Number of responses (net increase)

“Over the last 12-18 months, we have had many U.S. clients purchasing properties in Tuscany, attracted by the quality of life. Many have chosen properties with vineyards and/or olive groves and, in general, properties with strong links to local culture and traditions. I have learned from my clients that true luxury is beauty.”

Annalisa Caparelli | Private O昀케ce Advisor Siena, Italy | +39 338 256 31 68 | annalisa.caparelli@engelvoelkers.com

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Supporting Findings: Property Features Buyers are prioritising property features that align with lifestyle improvement and security needs in purchasing decisions.

50%

Over 50% of total responses from global advisors listed outdoor living as the most important feature of luxury real estate properties for clients. This increased to almost 70% in European markets, highlighting the region as a key target area for meeting the outdoor demands of buyers.

“We have an increasingly growing client group that is relocating here thanks to the amazing climate, security, connectivity and schooling (19 international schools in Mallorca). These clients are still active from a business, recreation and social perspective, and really enjoy the focus on outdoor living and the international and sophisticated, whilst laid back, atmosphere of the island. The Balearic Government’s wealth tax exemption of 3M € and no inheritance tax has also fueled this movement.”

Hans Lenz | Private O昀케ce Advisor Portals, Mallorca, Spain | +34 637 594409 | hans.lenz@engelvoelkers.com

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46%

Privacy and safety, while signi昀椀cantly behind outdoor living, was the second most important feature for buyers. This aligns with what was observed by our global advisors, with 46% of respondents observing an increase in security, stability and climate resilience as a buyer motivation.

Global - Most important property feature by % of total responses Outdoor Living (54.8 %) Privacy & Safety (15.5%)

4.5 %

Culture & Experience (8.4 %)

7.1 %

Flexible Space (7.1 %) Community Amenities (4.5%)

8.4 %

Wellness & Health (3.2 %) 54.8 % 15.5 %

Energy E昀케ciency & Sustainability (3.2 %) Digital & Tech (1.9 %) Social & Leisure (1.3 %)

Europe - Most important property feature by % of total responses

8.5 % Outdoor Living (69.5 %) Privacy & Safety (15.3%) Energy E昀케ciency & Sustainability (8.5 %)

15.3 %

Flexible Space (3.4 %) Culture & Experience (1.7 %) Wellness & Health (1.7 %) 69.5 %

Another noteworthy difference highlighted in the European vs. Global responses was the importance of energy efficiency and sustainability which ranked third in Europe and seventh globally. At the same time, questions about recent changes in the demand and price impact of various property features revealed that efficiency and sustainability are increasingly valuable to buyers in all markets (see charts on page 40).

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Observed changes in demand by property feature over past 12 months

103

Outdoor Living

82

Privacy & Safety

75

Flexible Space

Energy E昀케ciency & Sustainability

63

Digital & Tech

62

49

Wellness & Health

Culture & Experience

38

Community Amenities

37

34

Social & Leisure

0

5

10

20

15

25

30

35

40

45

50

50

60

65

70

75

80

85

90

95

100

Number of responses (net increase)

These observed changes in demand for property features have been mirrored in how these features are in昀氀uencing pricing. Outdoor living and privacy and safety both lead in reported changes in demand and changes in price over the last 12 months. In a notable exception, the relatively high demand ranking for 昀氀exible space is not matched on the list of features driving price increases, while wellness and health (home gyms, spas etc.) which ranks lower in demand, is impacting pricing more meaningfully.

Observed increases in pricing by property feature over past 12 months

88

Outdoor Living

60

Privacy & Safety

53

Wellness & Health

Energy E昀케ciency & Sustainability

48

46

Digital & Tech

43

Flexible Space

Community Amenities

32

Social & Leisure

31

28

Culture & Experience

0

4

8

12

16

20

24

28

32

36

40

44

48

52

Number of responses (net increase)

40

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56

60

64

68

72

76

80

84

88

Supporting Findings: Property Types Post-pandemic societal changes have pushed a desire for outdoor living and flexible spaces (including gardens, terraces, direct beach and ski access and trails).

Now beyond the dramatic events of 2020-2022, the influences of global restrictions on lifestyle, travel and outside interests continues to leave a lasting impression. Being confined to their homes without being able to access all the benefits of living in their cities, towns or resort communities has led buyers to rethink priorities. Post pandemic, we continue to encounter an ever more insecure world, with notable concerns around economic security, disruptive technology and geopolitical tensions. In this context, seeking property types that provide individuals and families with their own secure, private land is naturally increasing.

“Clients are much clearer on what they want. A post-pandemic world has sharpened buyers' focus on 昀椀nding the ideal primary residence, vacation home or investment property. Wellness, home automation, 昀氀ex spaces and location, location, location all make the grade. In my market, luxury is de昀椀ned by the ultimate combination of indoor/ outdoor living with proximity to the lake and outdoor lifestyle.”

Richard Deacon | Private O昀케ce Advisor

Okanagan, B.C., Canada | +1 250-801-8831 | richard.deacon@engelvoelkers.com

Of the property types evaluated, three property types had noticeable increases in demand over the 12 months to September 2025:

• Properties with garden/yard space • Waterfront homes • New construction The increase in demand for these homes aligns with outdoor living being the leading lifestyle improvement theme observed by global advisors. Waterfront homes provide easy access to the beach and watersports, but are more often situated within coastal or lakeside communities offering essential amenities. Interestingly country estates and rural homes observed a decline in demand, despite their obvious connection to the outdoors. While in the U.S. the decline in demand for rural properties was far lower than indicated globally, this suggests that buyers generally are looking for a balance between access to remote open space and community focused lifestyles.

Interest in new developments aligns with an interest in flexible, high-quality and efficiently designed living spaces. New construction can enable buyers to get involved at the design stage, allowing for more space customisation. Additionally homes built post-pandemic have been developed in light of the widespread work from home and flexible working movement and during the ongoing rise of trends like multi-generational homes. This desire for flexible, purpose-built space is likely why historic/character homes have seen the largest decline in interest. These homes often have planning restrictions with regards to alterations making them unsuited for post-pandemic priorities.

Despite downsizing being a leading buyer motivation, apartments, condos, townhouses and in-town urban homes all decreased in popularity. Given that all of these property types are associated with city living, this trend provides further evidence that access to outdoor space is the primary driver behind home purchases in the luxury property market.

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Observed increased in demand by property type over past 12 months

Properties with Garden/Yard Space

58

Waterfront Homes

44

29

New Construction

-5

Mountain Homes Apartments/Condos/ Townhomes

-9

In-town/Urban Homes

-11

Country Estates/ Ranches

-12

-30

Rural Homes Historic/Character Homes

-54

-54

-48

-42

-36

-24

-18

-12

-6

0

6

12

18

24

30

36

42

48

54

Number of responses (net increase)

When considering what type of buyers are most likely to prioritise lifestyle factors when purchasing luxury properties, we see that these factors are a leading consideration for Gen X (Age 45-60). This group makes up the more experienced working population and earlier retirees, a group that is more likely to have reached a personal and professional stage in life that allows them to take full advantage of lifestyle and recreation amenities.

Generations most likely to prioritise lifestyle attributes in their purchase decisions

358

Gen X

301

Millennials

287

Boomers +

94

Gen Z

0

50

100

150

200

250

300

350

400

Net priority ranking by number of responses

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43

Supporting Findings: Features vs. Floorplans Buyers value lifestyle improvement over space.

Separate, but still linked to the pursuit of lifestyle improvements, is the shift towards downsizing. This was the second most common buyer and seller motivation identified by advisors globally, indicating that this is a key driving factor in property exchange. Taken together with the desire for lifestyle improvements, this suggests a convergence of two trends reflected in our detailed results. First that buyers are willing to focus their budgets on exterior features and surroundings more than building size. In tandem with that, we’re seeing that many buyers prefer the simplification represented by smaller spaces that are high-quality and thoughtfully designed, as these homes allow more time for out-of-home pursuits.

Change in seller motivations over past 12 months Lifestyle Improvement

93

Downsizing

76

Family/Education Needs

53

Security/Stability Climate Resilience

53

52

Retirement Investment/Wealth Diversi昀椀cation

48

43

Work Relocation

30

Tax Environment Prestige/Social Signaling

28

Citizenship/Residencylinked Purchased

19

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

85

90

Number of responses (net increase)

However, when we examine regional and country to country di昀昀erences we see that downsizing is less of a priority in Europe when compared to other countries. Respondents assessing property markets outside of Europe (USA, UAE, South Africa, Mexico, Mauritius and Canada) highlighted the increase in downsizing and subsequent decrease in upsizing as buyer motivations, with downsizing actually the leading seller motivation in this group of markets.

“Buyers are being much more speci昀椀c about what they're looking for. It's not just show me everything at a certain price point or with a certain number of bedrooms; they’re looking for speci昀椀c amenities or locations. I 昀椀nd that you can tell the age of a development by how long the list of amenities is. It used to be that maybe you had a gym.

Now you have a gym, a driving range, cold storage, a dog washing station and more.”

Fran Shapiro | Private O昀케ce Advisor New York City, New York, U.S. | +1 347-556-4409 | fran.shapiro@engelvoelkers.com

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Outside Europe - Change in buyer motivations over past 12 months 120

109

Number of responses

100

80 75

75 60

56

54 46

40

45

24

20 15

39

34

24

21 11

42

18

10

4

0

Lifestyle Improvement

Downsizing

Security/Stability Climate Resilience

Family/Education Needs

Work Relocation

Increase

Prestige/Social Signaling

Tax Bene昀椀ts

Upsizing

Citizenship/Residencylinked Purchased

Decrease

Comparatively the European property market (Andorra, Austria, Belgium, France, Germany, Greece, Italy, Liechtenstein, Portugal, Spain, Switzerland) paints a di昀昀erent picture. Lifestyle improvements remain the leading buyer motivation by a signi昀椀cant margin, but achieving this is less tied to property size. When asked what motivations were increasing among buyers, upsizing and downsizing were both thought to be increasing. This may in part be in昀氀uenced by di昀昀erences in property supply, with Europe’s historic areas in particular o昀昀ering more limited property footprints.

Europe - Change in buyer motivations over past 12 months 50

42 40

Number of responses

37 30

24

24

23

20

22

20

20

18 12

10

10

4 0

3

1 Lifestyle Improvement

Security/Stability Climate Resilience

Family/Education Needs

4

5 7

8 Prestige/Social Signaling

Increase

Upsizing

Citizenship/ Residencylinked Purchased

Work Relocation

Tax Bene昀椀ts

Downsizing

Decrease

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45

46

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06. In-depth Country Focus The in-depth country focus features seven of the top ten countries for net millionaire migration in昀氀ows according to provisional wealth 昀氀ows data published in The Henley Private Wealth Migration Report 2025. Each of these seven countries o昀昀er residence pathways that play an important role in attracting globally mobile wealth.

Select country insights also provided by Knightsbirdge Circle. Knightsbridge Circle sets the standard for luxury lifestyle management, providing its members with a fully bespoke service model. It works with a carefully selected roster of ultra-high-net-worth members around the world, providing them with a highly personalised service and access to the most coveted brands, experiences and destinations.

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47

UAE I N - D EP TH CO U NTRY FO CU S

48

Summary The UAE’s growing cultural capital on the world stage has made the market attractive for luxury real estate investment. Across the emirates lifestyles are associated with innovation and luxury, o昀昀ering a昀툀uent buyers access not only to a business and tax-friendly environment but to world-class education, healthcare and cultural cachet. The UAE is particularly attractive for foreign buyers seeking better wealth and asset protection as well as secure residency visa options. While buyers in the UAE are looking for lifestyle improvements, they were more motivated by access to community amenities and wellness and health aspects as opposed to outdoor living. This is at least in part explained by the highly-built up urban environments of Dubai and Abu Dhabi. That having been said, waterfront properties and homes with outside space remained in high demand as has been observed across the rest of the world.

“Right now there’s a shortage in villas and townhouses in Dubai and that’s only going to have one e昀昀ect, to drive up pricing. The United Kingdom has always had a strong a昀케liation with Dubai, but where the biggest shift has occurred in the last few years is Europeans; from Germany, France and Spain.”

Daniel Hadi, CEO Engel & Völkers Middle East daniel.hadi@engelvoelkers.com

More from Daniel Hadi

Facing page: Beachfront apartment in the One at Palm Jumeirah, Dubai, UAE.

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49

Data from The Henley Private Wealth Migration Report 2025 UAE Millionaire Migration - #1 in 2025 Provisional Net In昀氀ows Ranking N O. OF MI L L I O N AI RE S (DECEM BE R 2 02 4 )

N O . O F C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

130,500

325

28

MIL L ION AIRE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

98%

+9,800

$63.0

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey Advisors highlighted that clients in the UAE valued security, residency, lifestyle improvements and tax bene昀椀ts, as well as moving for work related reasons.

Community amenities and wellness and health features are top lifestyle improvement themes for buyers in the UAE. This is a natural result of the property pro昀椀les in Dubai, with more than 87% of sales in Q3 2025 comprised of apartments, and with the level of luxury sales steadily rising (Q2 and Q3 in 2025 were the highest quarters to date), thanks to an ever-increasing number of luxury developments.

Quarterly Luxury Sales Trend

Transactions by Property Type

AED 10m+

Q3 2025

5.6 %

2388

2500

7.4 %

2

2

Sales Units

2000

1500

1344 1144

1000 722 500

1347

1272 1022

1096

1321

1388

720

87.0 %

-1

-1

0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025

Apartments (87.0 %) Townhouses (7.4 %) Villas (5.6 %)

Source: Property Monitor

50

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Source: Property Monitor

Luxury Lifestyle Concierge Insight Perceptions around safety and security are a key factor and Knightsbridge Circle is observing growing interest amongst members for the UAE given Abu Dhabi in particular is consistently ranked as the safest city in the world, followed closely by Dubai. Owing to its world-class healthcare system, Golden Visa program that was recently made more open, a fast-growing real estate market and use of English common law, the UAE remains a very attractive proposition.

The focus on wellnes observed in Dubai purchasers aligns well with what the market has to o昀昀er in terms of high quality hospitals, spas and home gyms, as well as the overall pleasant climate. The prioritisation of communities extends from individual buyers to the government, with Abu Dhabi’s “Liveability Strategy” focusing on building walkable, car-free neighbourhoods connected to parks, schools and places of worship.

Top lifestyle improvement themes

Community Amenities

8

Wellness & Health

8

7

Outdoor Living

Culture & Experience

4

2

3

Flexible Space

0

1

2

3

4

5

6

7

8

Number of responses (net ranking score)

“We've seen a big increase in branded developments especially in the luxury sector.

The Dorchester, the Four Seasons, Six Senses - all kinds of high-end brands are coming in and launching developments of both apartments and villas. So you have your concierge and your valet, yachts and Rolls Royces transportation, in addition to all of the very high-quality 昀椀nishings. These residences also come with very, very high-end spa facilities like infrared rooms and snow rooms and wellness centres.”

Pauline Leale | Private O昀케ce Advisor Dubai, UAE | +971 50 450 3615 | pauline.leale@engelvoelkers.com

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USA I N - D EP TH CO U NTRY FO CU S

52

Summary The patterns observed by Private O昀케ce advisors in the U.S. luxury property market are largely re昀氀ective of what has been observed globally. Lifestyle motivations, namely outdoor living and downsizing, are key motivating factors for buyers and sellers in the country. The high level of wealth in America, with more than 6 million people with over 1 million USD in liquid wealth, translates into a very robust high-end real estate segment. In the last 12 months, there has been a notable increase in investment migration out of the market. This is driven by a variety of factors, from the increasing adoption of a “live anywhere” mindset, to speci昀椀c lifestyle pursuits or business interests, to political motivations.

“Across the U.S., advisors are seeing a widening divergence between the broader market and the luxury segment. While buyers under $1.5 million remain pressured by elevated prices, higher rates and weakened sentiment, ultra-high-net-worth clients continue to seek lifestyle-driven, long-term investments. Activity is strongest around exceptional, well-priced trophy assets, including multigenerational properties coming to market for the 昀椀rst time in decades as family needs evolve. This has created notable momentum for a class of rare opportunities in the $10M+ range.”

Stuart Siegel, President & CEO Engel & Völkers Americas stuart.siegel@engelvoelkers.com

More from Stuart Siegel

Facing page: Ski-in/Ski-out estate, Park City, Utah.

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53

Data from The Henley Private Wealth Migration Report 2025 USA Millionaire Migration - #2 in 2025 Provisional Net In昀氀ows Ranking N O. OF M I L L I O N AI RES (DECEMBE R 2 02 4 )

N O . O F C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

6,041,600

10,835

867

MIL L ION AIRE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

78%

+7,500

$43.7

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey In line with the global market patterns, in the 12-months to August 2025, lifestyle improvements and downsizing were observed to have an outsized impact on buyer motivations in the U.S. As also seen globally, Gen X buyers were seen as the most likely to rank lifestyle improvements the highest. The citizenship and upsizing motivations for U.S. buyers have waned.

Net change in buyer moitivations over the past 12 months

Lifestyle Improvement

44

36

Downsizing Family/Education Needs

14

Security/Stability/ Climate Resilience

12

Prestige/Social Signaling

11

Tax Bene昀椀ts

10

Work Relocation

8

Citizen/Residencylinked Purchases

-8

Upsizing

-11 -20

-10

0

10

20

Number of responses (net increase)

54

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30

40

50

Observed changes in demand by property feature over past 12 months Outdoor Living

41

Privacy & Safety

31

30

Flexible Space

24

Wellness & Health

Community Amenities

23

20

Digital & Tech

Culture & Experience

19

17

Social & Leisure

Energy E昀케ciency & Sustainability

13

0

5

10

15

20

25

35

30

40

45

Number of responses (net increase)

“The top 1% is much wealthier than they were a handful of years ago and that continues to guide our market. More people around the world feel we’re a safe place to park money, but we also have Gen Z buyers entering the market earlier than any other generation ever has. Ten years ago ultra-high-net-worth families owned 3.5 homes, today that number has almost doubled.”

Paul Benson | Private O昀케ce Advisor Park City, Utah, U.S. | +1 435-640-7441 | paul.benson@engelvoelkers.com

Observed increased in demand by property type over past 12 months New Construction

31

Waterfront Homes

13

Properties with Garden/Yard Space

9

Mountain Homes

9 -1

In-town/Urban Homes

-3

Country Estates /Ranches -9

Rural Homes Apartments/Condos/ Townhomes

-18

Historic/Character Homes

-33

-40

-30

-20

-10

0

10

20

30

40

Number of responses (net increase)

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55

Italy I N - D EP TH CO U NTRY FO CU S

56

Summary Italy has observed some of the largest net increases in luxury property prices in the markets we surveyed. Italy has also seen sign昀椀cant positive migration of high-net-worth individuals in the past year. Buyers attracted to Italy are focused on lifestyle improvements, residency and tax bene昀椀ts. Italy’s historic culture, steeped in renaissance and luxury, attracts buyers who are interested in high-end cultural experiences. Alongside this, the Italy Residence by Investment Program has signalled to global buyers that Italy is open to foreign investment in its economy. Unlike the global picture, downsizing does not feature as a buyer or seller motivation in the market, with upsizing being a driving factor in Italy’s real estate market.

“For years growth in Italy was regional, but structural change has led to broader growth in the real estate market due to both national and now international demand. From a 昀椀scal perspective, international buyers have increased from 11% to 19% of the market due to our attractive tax structures and residency opportunities showing signi昀椀cant growth in the number of millionaires relocating to Italy. For Engel & Völkers, these international clients represent 35% of our market, around 20% of which are from the U.S.” Muhannad Al Salhi, CEO Engel & Völkers Italy muhannad.alsalhi@engelvoelkers.com

More from Muhannad Al Salhi

Facing page: Castle of the Four Towers, Santa Regina, Italy.

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57

Data from The Henley Private Wealth Migration Report 2025 Italy Millionaire Migration - #3 in 2025 Provisional Net In昀氀ows Ranking N O. OF MI L L I O N AI RE S (DECEM BE R 2 02 4 )

N O . O F C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

318,200

460

48

MILLION AI RE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

20%

+3,600

$20.7

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey Italy has experienced a diversi昀椀cation in buyer pro昀椀les. While buyers in Italy are looking for lifestyle improvements, they are also motivated by the country’s residency and tax conditions. This combination of lifestyle factors and a favourable wealth environment is fairly unique to Italy and has driven up demand, supporting the increase in luxury property prices.

Buyers in Italy are more interested in upsizing than downsizing, with over 70% of most frequent buyer motivations accounted for between lifestyle improvement and upsizing. These motivations are also observed in sellers, perhaps re昀氀ecting a di昀昀erence in luxury property pro昀椀les or in the perceived correlation between smaller property size and lifestyle simpli昀椀cantion seen in other countries.

Net change in buyer pro昀椀les over the past 12 months 7

Primary Home Purchase

Holiday or Secondary Home Purchases

5

Investment or Wealth

13

Diversi昀椀cation

0

1

2

3

4

5

6

7

8

9

10

11

12

13

Number of responses (net increase)

Luxury Lifestyle Concierge Insight Tax is a signi昀椀cant factor across Italy due to the favourable conditions and subsequent high quality of life. For this reason, in Italy, Knightsbridge Circle has seen Milan become a particular hotspot in real estate investment with members using the city as a base for closer proximity to other European markets and travel to nearby destinations including the Alps and other key European cities.

58

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Buyers in Italy are more interested in upsizing than downsizing, with over 70% of most frequent buyer motivations accounted for within lifestyle improvement and upsizing. These motivations are also re昀氀ected in sellers, suggesting that in Italy property size does not have to be sacri昀椀ced in order to achieve lifestyle goals.

Net change in buyer moitivations over the past 12 months Lifestyle Improvement

16

Citizenship/Residency Linked Purchases

12

Tax Bene昀椀ts

11

Family/Education Needs

9

Security/Stability/

9

Climate Resilience 6

Prestige/Social Signaling Upsizing

6

Work Relocation

5

Downsizing

0

2

4

6

8

10

12

14

16

Number of responses (net increase)

“Very often lately we see buyers from the United States, from England, from Canada, that are trying to relocate and change their lifestyle. When they come to our area, people really are looking for what they see in the movies. It's our job to help them discover our country and support them in starting this new great experience. People are looking to embrace the peacefulness of this small village where life is a little like how it used to be, but at the same time o昀昀ering the services and amenities that they received where they lived.”

Nicola Gregoretti | Private O昀케ce Advisor Siena, Italy | +39 3291877357 | nicola.gregoretti@engelvoelkers.com

Most frequent buyer motivation

Lifestyle Improvement (38.1 %) Upsizing (33.3 %) 38.1 %

14.3 %

Family/Education Needs (14.3 %) Downsizing (4.8%) Work Relocation (4.8 %) Security/Stability/Climate Resilience (4.8 %)

33.3 %

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59

Switzerland I N - D EP TH CO U NTRY FO CU S

60

Summary Switzerland remains a leading destination for migrating wealthy individuals attracted to the market’s political stability, low economic risk and wealth friendly environment. The country’s position within the Alps also provides access to the key aspects of outdoor living prioritised by buyers globally such as skiing and mountain and waterfront locations. Buyers also move to Switzerland with work opportunities in mind, which has supported a preference for purchasing primary residences rather than holiday or investment properties.

“The real estate markets in the D-A-CH region remain highly dynamic. High-quality properties are experiencing strong demand, particularly within the domestic market. In major cities and prime locations, there is additional interest from international buyers.

Currently, many 昀椀rst-time buyers are increasingly drawn to high-quality properties in metropolitan suburbs, and this heightened demand is contributing to a signi昀椀cant increase in prices in those areas.”

Till-Fabian Zalewski, CEO Engel & Völkers Germany, Austria, Switzerland (D-A-CH) till-famian.zalewski@engelvoelkers.com

More from Till-Fabian Zalewski

Facing page: Mountainside villa, St. Moritz, Switzerland.

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61

Data from The Henley Private Wealth Migration Report 2025 Switzerland Millionaire Migration - #4 in 2025 Provisional Net In昀氀ows Ranking N O. OF MI L L I O N AI RE S (DECEM BE R 2 02 4 )

N O . O F C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

384,900

657

40

MIL L ION AIRE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

28%

+3,000

$16.8

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey Advisors in Switzerland noted that buyers in the 12-months to August 2025 were equally motivated by lifestyle improvements, work relocation and upsizing when it came to purchasing luxury properties. These purchases were primarily focused in the primary home category, although the smaller sample size of respondents limited the overall picture of buyer pro昀椀les in the market. In terms of lifestyle improvement themes, 昀氀exible space ranked just behind outdoor living, which aligns with a primary home buyer audience.

Top lifestyle improvement themes 12

Outdoor Living

11

Flexible Space

Wellness & Health

10

Culture & Experience

8

Community Amenities

4

0

1

2

3

4

5

6

7

8

9

10

11

12

Number of responses (net ranking score)

Luxury Lifestyle Concierge Insight For Knightsbridge Circle members, education is another strong in昀氀uencer and it has become a key piece of investment strategy factored in alongside migration and future planning. We are seeing families planning ahead in order to ensure future generations have stronghold access to a world-class education and career security in Switzerland and the US particularly, by investing in and creating family residences there.

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“Over the preceding quarters we have observed changes in Switzerland's market dynamics. Through creating our own market reports by analysing internal and external market transactions, we have discovered that the percentage of new developments is increasing steadily. Two or three years ago, 20% to 30% of total sales volumes were attributed to the new development sector; in the area of Lake Zurich, this has increased to nearly 50%. This has been re昀氀ected in Engel & Volkers own transaction volumes, demonstrating we remain 昀椀rmly on top of market dynamics.”

Niki Thomet | Private O昀케ce Advisor Zurich, Switzerland | +41 44 533 12 10 | niki.thomet@engelvoelkers.com

Most frequent buyer motivation

33.3 %

33.3 % Lifestyle Improvement (33.3 %) Work relocation (33.3 %) Upsizing (33.3 %)

33.3 %

“What de昀椀nes luxury in the tax haven canton of Zug is a spacious, stand alone property with great lake/mountain views, close to infrastructure, fairly modern, with a spa, wine cellar and a garage with multiple spaces. Buyers also want terraces and outside spaces where you can look at the lake and have a barbecue with friends. They also need a nice garden—not too much work though– but well fenced in and o昀昀ering a lot of privacy.

Clients are mainly coming from Europe, many from Scandinavia, especially Norway and from adjacent countries like Austria, Italy, France and Germany.”

Anja Beck | Private O昀케ce Advisor

Zug, Switzerland | 0041 79 47 000 12 | anja.beck@engelvoelkers.com

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Portugal I N - D EP TH CO U NTRY FO CU S

64

Summary While observations about Portugal’s luxury real estate market are from a limited number of respondents, they provide valuable insight into what buyers and sellers are looking for in the market. Buyers in Portugal, as in other European markets, are focused on upsizing and residency/citizenship opportunities. This aligns with Portugal’s positive view on wealth migration into the market, as a mechanism to support entrepreneurship and economic growth. Where lifestyle motivations were a factor, outdoor living remains a key driver.

“The luxury residential market continues to show very strong demand, especially for second residencies and high-end properties. The limited supply of product is putting upward pressure on prices, and we are seeing growing interest from European markets that traditionally had not been so active. This combination of limited supply and more diversi昀椀ed international buyers keeps the sector in a positive dynamic, shaping a market full of opportunities and with signi昀椀cant potential for those who want to invest in a safe market.”

Juan-Galo Macià, CEO Engel & Völkers Iberia and South America juan-galo.macia@engelvoelkers.com

More from Juan Galo Maciá

Facing page: Villa in Quinta do Lago, Algarve, Portugal.

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Data from The Henley Private Wealth Migration Report 2025 Portugal Millionaire Migration - #7 in 2025 Provisional Net In昀氀ows Ranking N O. OF M I L L I O N AI RES (DECEMBE R 2 02 4 )

N O . O F C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

56,100

107

7

MIL L ION AIRE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

38%

+1,400

$8.1

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey In terms of lifestyle improvement, not surprisingly outdoor living was the key theme and the top property feature on buyers’ lists. Privacy and security was also a top feature while community amenities and culture o昀昀erings ranked lower. This is likely in昀氀uenced by the fact that the majority of survey respondents were based in Portugal’s coastal resort communities.

Top category themes for property features

10

Outdoor Living

6

Privacy & Safety

Wellness & Health

4

Digital & Tech

4

Energy E昀케ciency &

2

Sustainability

2

Social & Leisure

Community Amenities

1

Flexible Space

1

0

1

2

3

4

5

6

7

Net Importance Ranking by Number of Responses

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8

9

10

“Luxury real estate in Comporta is not measured by ostentation, but authenticity and connection with nature. The real value lies in our privileged location, close to pristine beaches and surrounded by rice 昀椀elds, pine forests and preserved dunes, all with Lisbon close by. Luxury properties feature spacious lots o昀昀ering privacy and tranquility, and discreet architecture with natural materials that blends well with the environment.

Scarcity of supply and urban planning restrictions reinforce exclusivity and support future price appreciation.”

Vitor Paiva | Private O昀케ce Advisor Comporta, Portugal | +351 919 980 041 | vitor.paiva@engelvoelkers.com

Top lifestyle improvement themes

9

Outdoor Living

Flexible Space

7

Wellness & Health

7

Community Amenities

5

Culture & Experience

2

0

1

2

3

4

5

6

7

8

9

Number of responses (net ranking score)

“Quinta do Lago appeals to lifestyle-driven buyers with its blend of privacy, security and world-class amenities — from golf and 昀椀ne dining to beaches and the Ria Formosa nature reserve. The year-round climate and wellness facilities make it ideal for an active, healthy lifestyle in a sophisticated setting.”

Vasco Fernandes | Private O昀케ce Advisor Quinta do Lago, Portugal | +351 919 369 900 | vasco.fernandes@engelvoelkers.com

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Greece I N - D EP TH CO U NTRY FO CU S

68

Summary Despite the a small number of respondents, we can see that motivations in the luxury property market in Greece re昀氀ect those of the broader global picture, with priorities placed on lifestyle improvement and downsizing with a preference for outdoor space and privacy and safety. Despite opportunities in Greece to obtain residence through investment, citizenship/ residency is not a leading motivation among buyers in the survey data. Greece supports lifestyle related motivations through competitive property prices across a wide variety of landscapes from Athens to the Aegean islands. Unlike other markets, Private O昀케ce advisors in Greece indicated that prestige has also been a key motivating factor in luxury property purchases.

“Greece is a market de昀椀ned by con昀椀dence. Maturing through stability, international demand and higher-quality developments, it has become one of Europe’s most desirable second-home destinations. Resilient demand and well-informed buyers show that Greece rewards expertise and long-term perspective, attracting discerning clients from around the world.”

Georg Petras, CEO Engel & Völkers Greece georg.petras@engelvoelkers.com

More from Georg Petras

Facing page: Villa overlooking the Aegean, near Athens, Greece.

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Data from The Henley Private Wealth Migration Report 2025 Greece Millionaire Migration - #8 in 2025 Provisional Net In昀氀ows Ranking N O. OF M I L L I O N AI RE S (DECEMBER 2 02 4 )

N O . OF C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

52,500

115

12

MILLION AI RE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

24%

+1,200

$7.7

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey In line with global luxury property motivations, buyers in Greece are looking for lifestyle improvements and to downsize.

When considering property features most important to buyers in Greece, privacy and safety and outdoor living ranked in the top two, mirroring the wider global appetite for these property features.

Most frequent buyer motivation in last 12 months

33.3 % Lifestyle Improvement (66.7 %) Downsizing (33.3 %)

66.7 %

“In the Athens Riviera, people are looking for luxury second homes and Golden Visas.

Luxury at the moment is new-built penthouses with A+ sea views and A+ e昀케ciency in the build. It is beautiful terraces with outside area, a swimming pool, and you can just see the whole view.”

George Ioannou | Private O昀케ce Advisor Athens, Greece | +30 693 691 2248 | george.ioannou@engelvoelkers.com

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Top feature category themes 13

Privacy & Safety

Outdoor Living

Outdoor Living

10

7

Flexible Space Energy E昀케ciency & Sustainability

6

Culture & Experience

3

Wellness & Health

2

Social & Leisure

2

0

2

4

6

8

10

12

14

Net importance ranking by number of responses

“Over the past 12 months there has been a clear shift toward lifestyle driven purchases, not only among Greek buyers but also from international clients seeking stability, security and long-term residence in Athens’ most prestigious neighborhoods. Psychiko and Filothei in particular are attracting families who prioritise quality of life, proximity to international schools and elegant, low-density surroundings. We are also seeing a few carefully planned new development projects emerge, a rare occurrence in these established areas.”

Tatiana Athanassouli | Private O昀케ce Advisor Athens, Greece | +30 697 285 2609 | tatiana.athanassouli@engelvoelkers.com

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Canada I N - D EP TH CO U NTRY FO CU S

72

Summary Survey respondents focused on Canada’s luxury real estate market noted that it has seen a reduction in pricing and international buyer enquiries in the past year, with buyer pro昀椀les of all types experiencing a net decrease. While downsizing is a major global trend, Canada diverges: luxury purchasers still prioritize space, access to education and multigenerational living, as Baby Boomers transfer wealth without yet giving up larger homes. U.S. buyers remain Canada’s dominant pipeline for international buyers with double-digit response levels, while Germany, France and China trail in the single digits. In addition to factors ranging from supply challenges to interest rate 昀氀uctuations, Canada’s outlook on the high-end market was likely driven by broader issues including the impact of trade uncertainty and the need to navigate certain restrictions on foreign buyers in cities and larger towns, but not in rural areas, now in place through 2027.

“Prices have remained stable in Canada, but it is very much an opportunistic market, somewhere in between a balanced and a buyer's market. It's stable considering the world’s state. The key to transactions right now is the people who need to buy or sell; downsizers coming from larger homes, or those seeking multi-generational properties.

We're seeing the most success there. The market that is moving will always be moving.

That is the trick to real estate – advising on the trades.”

Andrew Carros | Private O昀케ce Advisor Vancouver, B.C., Canada | +1 604-787-2882 | andrew.carros@engelvoelkers.com

“Throughout 2025, Canada’s housing market has demonstrated resilience. Prices in the mainstream market continued to rise as inventory has tightened, underscoring persistent supply pressure across major metros. This is due in part to recent mortgage rate relief, lowering ownership costs which have eased from their 2023 peak. In the luxury segment, high-net-worth clients remain active, focusing on quality, location and long-term value, which continues to drive transactions at the top of the primary market in particular.”

Stuart Siegel, President & CEO Engel & Völkers Americas stuart.siegel@engelvoelkers.com

Facing page: Coastal retreat, Kingsburg, Nova Scotia.

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Data from The Henley Private Wealth Migration Report 2025 Canada Millionaire Migration - #9 in 2025 Provisional Net In昀氀ows Ranking N O. OF M I L L I O N AI RE S (DECEMBER 2 02 4 )

N O . OF C E NT I -MI L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

NO . O F B I L L I O NA I R E S ( D E C E MB E R 2 0 2 4 )

378,600

505

54

MILLION AI RE G ROWT H % (2014 TO 2 02 4 )

N E T M I L L I O N A I R E M I G R AT I O N I N F LOW S ( 2 0 2 5 P R OV I S I O NA L )

ESTIMATED TOTAL INVESTABLE WEALTH OF MIGRATING M IL L IONAIRES (USD BN)

26%

+1,000

$5.7

All statistics in USD terms.

Millionaires refers to individuals with liquid investable wealth of USD 1 million or more.

Millionaire 昀椀gures rounded to nearest 100. Millionaire migration 昀椀gures rounded to nearest 50.

Private O昀케ce Survey Unsurprisingly, the U.S. led in enquiries from outside the local market in Canada. In overseas enquiries, Germany was well ahead of the UK, despite the historic and cultural links between the two countries.

Country representing the most residential enquiries outside of local market (combined answers) 27

United States 11

Germany France

8

China

8 7

United Kingdom 6

Canada Switzerland

4

Mexico

4 3

Iran 2

Saudi Arabia United Arab Emirates

1

Lebanon

1

Mauritius

1

Finland

1

India

1

Netherlands

1

Taiwan

1

Israel

1

Singapore

1

Costa Rica

1 0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Number of responses

74

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15

16

17

18

19

20

21

22

23

24

25

26

27

According to the survey results, Canada saw a net decrease in all buyer pro昀椀les over the 12 months to August 2025, in particular this impacted holiday/second homes and investment properties more than the purchase of primary residences.

This aligns with the drop in higher-end foreign purchasers, especially those coming from the U.S. The survey respondents largely came from the eastern and westernmost provinces, which suggests the impact of a drop in luxury second homes would be more pronounced in our results.

“The luxury market in Halifax isn’t just the biggest or newest house; it’s a blend of heritage, waterfront, design, walkability, privacy, e昀케ciency and services depending on the buyer’s life stage and motivation. On the Halifax Peninsula, luxury buyers continue to pay a premium for a prestigious South End address. It’s the city’s cultural and academic core, close to universities and hospitals, all while still being close to the waterfront, green spaces and nature trails.”

Meghan Laing | Private O昀케ce Advisor Halifax, Nova Scotia, Canada | +1 902 830 1377 | meghan.laing@engelvoelkers.com

In Canada demand for waterfront properties has seen the biggest increase over the 12 months leading to August 2025. This was followed by properties with meaningful garden/yard space. Taken together this highlights how Canada is following the global trend in purchases motivated by access to outdoor spaces, both private and public.

Observed increased in demand by property type over past 12 months

13

Waterfront Homes Properties with Garden/Yard Space

5

-1 In-town/Urban Homes -4 Country Estates /Ranches -4

-1

Mountain Homes -8

Rural Homes -16

Apartments/Condos/ Townhomes -17

New Construction Historic/Character Homes

-20

-20 -19 -18 -17 -16 -15 -14 -13 -12 -11

-10 -9

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9

10

11

12

13

Number of responses (net increase)

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75

07. Conclusions FI NAL WO R DS

Lifestyle improvement, particularly the prioritisation of outdoor features over interior scale, has become a key driver for luxury property purchasers around the world.

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A growing focus on lifestyle improvement has coincided with a global trend towards property downsizing, suggesting that the life a person can live in a property outweighs the size of the property itself. Broadly, lifestyle improvements have been associated with enhanced access to the outdoors with buyers looking for properties with garden/yard space and waterfront locations. Regional di昀昀erences in the data suggest that buyers looking for these lifestyle improvements in Europe are able to do so without sacri昀椀cing space, or perhaps have lower expectations around space to begin with. In addition, a desire for outdoor living spaces and recreation, and an appetite for 昀氀exible living have also been trends, likely fueling international interest in new construction properties. While work, tax and investment motivations will always be important factors driving the global movements and real estate purchases of ultra-high-net-worth individuals, Private O昀케ce advisors observed that the lifestyle experience o昀昀ered by a home has become a far more signi昀椀cant part of the equation.

In a world of growing risks, uncertainty and technology driven change, ultimately seeking to live well now is driving our home-buying decisions.

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Directory of Engel & Völkers Private O昀케ce Advisors Advisors are listed by country, then alphabetically by shop, and then by first name. Contributors to the report in each country are listed first.

ANDORRA Thomas Kampfraat Andorra +376 334 555 thomas.kampfraat@engelvoelkers.com

Anita Springate-Renaud

Montréal +1 514-605-6755 rochelle.cantor@engelvoelkers.com

Toronto Central +1 416-659-3925

Donna Harding

James McGregor

anita.springate-renaud@engelvoelkers.com

AU S T R I A

Nova Scotia Halifax +1 902-223-1000 donna.harding@engelvoelkers.com

Toronto Central Owen Sound +1 226-974-2144 james.mcgregor@engelvoelkers.com

Andrea Schlager

Margaret Craig

Giuseppe Flammia

Meghan Laing

André Parisien

Peter Kolisnyk

Maude Gaudreault

Richard Deacon

Michel Naud

John King

Steven Lafave

Vienna +43 699 196 113 39 andrea.schlager@engelvoelkers.com

Florian Höll

Innsbruck +43 664 30 44 004 Florian.Hoell@engelvoelkers.com

Mark Hüsges

Salzburg +43 (0) 662-20 90 06 mark.huesges@engelvoelkers.com

Sven Müller

Kitzbühel +43 664 52 82 575 sven.mueller@engelvoelkers.com

B E LG I U M Youri Hazette

Antwerp South +32 (0)472-46-88-65 youri.hazette@engelvoelkers.com

Nova Scotia Halifax +1 902-233-0227 margaret.craig@engelvoelkers.com

Nova Scotia Halifax +1 902 830 1377 meghan.laing@engelvoelkers.com

Oakville +1 905-815-3521 peter.kolisnyk@engelvoelkers.com

Okanagan +1 250-801-8831 richard.deacon@engelvoelkers.com

Toronto Central Yorkville +1 416 925 3541 giuseppe.flammia@engelvoelkers.com

Tremblant +1 819-425-4905 andre.parisien@engelvoelkers.com

Tremblant +1 819-681-9621 maude.gaudreault@engelvoelkers.com

Tremblant +1 819-429-0674 Michel.Naud@engelvoelkers.com

Ottawa +1 613-558-2801 john.king@engelvoelkers.com

Tremblant +1 819-808-1000 steven.lafave@engelvoelkers.com

Max Grondin

Amy Leong

CA N A DA

Ottawa +1 613-324-2553 max.grondin@engelvoelkers.com

Vancouver +1 (778) 871-1000 amy.leong@engelvoelkers.com

Jeremy Brooks

Nancy O'Dea

Andrew Carros

Barrie +1 705-220-3830 jeremy.brooks@engelvoelkers.com

Ottawa +1 613-422-8688 nancy.odea@engelvoelkers.com

Vancouver +1 604-787-2882 andrew.carros@engelvoelkers.com

Marlene MacDonald

Jen Stewart

Marco Dehghani

Calgary +1 403-923-7355 marlene.macDonald@engelvoelkers.com

Ottawa Westboro +1 613-422-8688 jen.stewart@engelvoelkers.com

Vancouver +1 778-668-1909 marco.dehghani@engelvoelkers.com

Erik Clevering

Sarah Hunter

Shawn Anderson

Courtenay +1 778-989-1579 erik.clevering@engelvoelkers.com

Ottawa Westboro +1 613-889-0171 sarah.hunter@engelvoelkers.com

Vancouver +1 778-229-6461 shawn.anderson@engelvoelkers.com

Debby Doktorczyk

Jeremy Spilkin

Dennis Mehravar

Montréal +1 514-502-5597 debby.doktorczyk@engelvoelkers.com

Outaouais +1 613-858-2322 jeremy.spilkin@engelvoelkers.com

Waterloo Region +1 519-498-1229 dennis.mehravar@engelvoelkers.com

Patrice Groleau

Matt Smith

Maggi Thornhill

Montréal +1 514 928 2120 patrice.groleau@engelvoelkers.com

78

Rochelle Cantor

Parry Sound +1 647-929-7674 matt.smith@engelvoelkers.com

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Whistler +1 604-905-8199 Maggi.Thornhill@engelvoelkers.com

Abel O'Brennan

Hussein Zeineddine

Courtenay +1 (250) 203-1377 abel.obrennan@engelvoelkers.com

Ottawa +1 613-408-4082 hussein.zeineddine@engelvoelkers.com

Taylor Brown

Vancouver +1 604-362-0350 taylor.brown@engelvoelkers.com

Brian Dutch

Chris Lacharity

Ottawa South +1 613-240-8609 chris.lacharity@engelvoelkers.com

Chris Barrington-Foote

Montréal +1 514-386-2902 brian.dutch@engelvoelkers.com

Cedrick Benoit

Daria Kark

Jim LeBlanc

Montréal +1 514-718-1166 cedrick.benoit@engelvoelkers.com

Ottawa Westboro +1 613-422-8688 daria.kark@engelvoelkers.com

Victoria +1 250-812-7212 james.leblanc@engelvoelkers.com

Emmanuelle Beaudet

Victoria +1 250-881-3668 chris.barringtonfoote@engelvoelkers.com

Anne Turcotte

Québec +1 418-575-3621 anne.turcotte@engelvoelkers.com

Scott Piercy

Montreal +1 (514) 237-7933 emmanuelle.beaudet@engelvoelkers.com

Kévin Perreault

Christine Brennan

Lewis Ratcliff

Montréal +1 514-774-5932 kevin.perreault@engelvoelkers.com

Toronto Central Collingwood +1 345-326-0084 christine.brennan@engelvoelkers.com

Victoria Westshore +1 778-679-8431 lewis.ratcliff@engelvoelkers.com

Vincent Gaudreau-Bussière

Max Hahne

Jamie MacDougall

Montréal +1 514-816-3231 vincent.gaudreau-bussiere@engelvoelkers.com

Toronto Central Collingwood + 1 705-441-5800 max.hahne@engelvoelkers.com

West Vancouver +1 604 992 2282 jamie.macdougall@engelvoelkers.com

Félix Jasmin

Sean Hummell

Tremblant +1 819-429-7326 sean.hummell@engelvoelkers.com

Jeff Fitzpatrick

West Vancouver +1 604-612-6120 jeff.fitzpatrick@engelvoelkers.com

Martin Rouleau

Ally Ballam

Max Thornhill

William Gong

Greg Carros

FRANCE

Montréal Outremont +1 514-886-6620 felix.jasmin@engelvoelkers.com

Montréal Westmount +1 514-933-9998 martin.rouleau@engelvoelkers.com

Montréal Westmount +1 514-600-6693 william.gong@engelvoelkers.com

Susan Diamond

Nova Scotia Chester +1 902-877-8997 susan.diamond@engelvoelkers.com

Nancy Bailey

Oakville +1 905-371-4234 nancy.bailey@engelvoelkers.com

Jeremy Kalenuik

Ocean Park +1 604-612-7511 jeremy.kalenuik@engelvoelkers.com

Nuvola Capitanio

Ocean Park +1 604-721-5805 nuvola.capitanio@engelvoelkers.com

Deb Cherry Ottawa +1 613-422-8688 deb.cherry@engelvoelkers.com

Vancouver +1 (604) 290-4829 ally.ballam@engelvoelkers.com

Vancouver +1 604-603-5730 greg.carros@engelvoelkers.com

Gregg Baker

Vancouver +1 604-649-1259 gregg.baker@engelvoelkers.com

Leo Wilk

Vancouver +1 604-729-5203 leo.wilk@engelvoelkers.com

Mike Rampf

Vancouver +1 604-616-0115 mike.rampf@engelvoelkers.com

Nina Margiottiello

Vancouver +1 604-763-8898 nina.margiottiello@engelvoelkers.com

Peter Raab

Vancouver +1 604-644-3333 peter.raab@engelvoelkers.com

Victoria +1 250-686-7789 scott.piercy@engelvoelkers.com

Whistler +1 604-938-2105 max.thornhill@engelvoelkers.com

Anne Sauvignon Paris +33 (0) 7 56 89 28 18 anne.sauvignon@engelvoelkers.com

Béatrice Bernard Paris +33 (0) 6 03 84 09 69 beatrice.bernard@engelvoelkers.com

Charlotte Alfonsi Paris +33 7 82 28 08 00 charlotte.alfonsi@engelvoelkers.com

Charlotte Bertolozzi

Saint Tropez +33(0) 646 257 260 charlotte.bertolozzi@engelvoelkers.com

Sonya Clarke

Saint-Jean-Cap-Ferrat +33 6 38 79 64 76 sonya.clarke@engelvoelkers.com

Karen Schoemaker Paris +33 6 87 82 39 64 karen.schoemaker@engelvoelkers.com

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79

Felix Michels

Düsseldorf +49 152 54658534 felix.michels@engelvoelkers.com

Athanasios Asimis

Paris +33 647620905 petya.bokova@engelvoelkers.com

Eva Zajícová

Stefanie Hollerbaum

I TA LY

Petya Bokova

Saint-Jean-Cap-Ferrat +33 7 70 77 07 57 eva.zajicova@engelvoelkers.com

GERMANY Kathleen von Alvensleben Berlin +49 172 8888034 kathleen.vonalvensleben@engelvoelkers.com

Elena Roth Berlin +49 171 1435051 elena.roth@engelvoelkers.com

Jochen W. Enders

Düsseldorf +49 171 4757438 jochen.enders@engelvoelkers.com

David Schmitt

Frankfurt +49 163 6193206 david.schmitt@engelvoelkers.com

Björn Meins

Hamburg HafenCity +49 176 66 862377 bjoern.meins@engelvoelkers.com

Christian Diepold

Am Tegernsee +49 170 1619656 christian.diepold@engelvoelkers.com

Frank Strei Baden-Baden +49 7221 970 860 frank.strei@engelvoelkers.com

Caroline Lindner-Endres Berlin +49 - 175 - 22 49382 caroline.lindner-endres@engelvoelkers.com

Claudia Müller Berlin +49 174 616 2772 claudia.mueller@engelvoelkers.com

Christine Flemming

Hamburg Alster +49 (0)152 346 26 088 christine.flemming@engelvoelkers.com

Lasse Sohrweide

Hamburg Alster +49 (0)157 524 288 69 lasse.sohrweide@engelvoelkers.com

Sophia Knop

Hamburg Alster +49 (0) 176 30617449 sophia.knop@engelvoelkers.com

Stefanie Odia

Hamburg Blankenese +49 173 5460209 stefanie.odia@engelvoelkers.com

Sue Bonhoeffer

Hamburg Projects +491632803730 sue.bonhoeffer@engelvoelkers.com

Sven Schäfer

Konstanz +49 173 3140294 sven.schaefer@engelvoelkers.com

Heike Ewald

Munich +49 152 28941922 heike.ewald@engelvoelkers.com

Nicola Borghoff

Munich +49 152 51360628 nicola.borghoff@engelvoelkers.com

Tanja Knauer Stuttgart +49 176 24369718 tanja.knauer@engelvoelkers.com

Alessandro Matarozzo

Asti-Monferrato +39-348 87 61 231 alessandro.matarozzo@engelvoelkers.com

Thomas Zornow

Asti-Monferrato +39 344 0642531 thomas.zornow@engelvoelkers.com

Elfi Untergassmair

Bozen +39 331 2231996 elfi.untergassmair@engelvoelkers.com

Antonio Carnazza Catania +39 347 3883443 antonio.carnazza@engelvoelkers.com

Daniel Bösch

Desenzano del Garda +39 335 471436 daniel.boesch@engelvoelkers.com

Flavia Dutto Lago Maggiore +39 340 2199140 flavia.dutto@engelvoelkers.com

Giorgia Fiora Lago Maggiore +39 349 770 2564 giorgia.fiora@engelvoelkers.com

Markus Spiess Meran +39 338 506 90 71 markus.spiess@engelvoelkers.com

Augustine Evrard Milano +39 345 4955572 augustine.evrard@engelvoelkers.com

Roberto Magaglio

G R E EC E

Milano +39 335 6081390 roberto.magaglio@engelvoelkers.com

Andreas Raftopoulos

George Ioannou

Samantha Matteuci

Jessica Paul

Berlin Development +49 173 7973540 andreas.raftopoulos@engelvoelkers.com

Athens +30 693 691 2248 george.ioannou@engelvoelkers.com

Monza +39 348 8064664 samantha.matteucci@engelvoelkers.com

Rania Papadatou

Athens +30 6944684794 rania.papadatou@engelvoelkers.com

Daniela Ciboddo

Berlin +49 - (0)171 - 123 1000 jessica.paul@engelvoelkers.com

Undine Bornheim

Tatiana Athanassouli

Alberto Linari

Cologne +49 171 4028953 undine.bornheim@engelvoelkers.com

80

Frankfurt +49 179 6901458 stefanie.hollerbaum@engelvoelkers.com

Athens +30 6931 245 278 athanasios.asimis@engelvoelkers.com

Athens +30 697 285 2609 tatiana.athanassouli@engelvoelkers.com

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Porto Cervo +39 346 7159073 daniela.ciboddo@engelvoelkers.com

Porto Fino +39 0185 215270 alberto.linari@engelvoelkers.com

Francesca Sperandeo

Rome +39 328 1391597 francesca.sperandeo@engelvoelkers.com

Wendy Den Blanken

Rome +39 3290828232 wendy.denblanken@engelvoelkers.com

Vittoria Sforza Cesarini

L I EC H T E N S T E I N Heinz Senn

Liechtenstein +41 81 523 70 70 heinz.senn@engelvoelkers.com

LU X E M B O U RG Annalena Stützel

Rome +39 338 5063464 vittoria.sforzacesarini@engelvoelkers.com

Luxembourg +352 621 424 506 annalena.stuetzel@engelvoelkers.com

Andrea Fiorenzani

M AU R I T I U S

Siena +39 3924098111 andrea.fiorenzani@engelvoelkers.com

Annalisa Caparelli Siena +39 338 256 31 68 annalisa.caparelli@engelvoelkers.com

Nicola Gregoretti Siena +39 3291877357 nicola.gregoretti@engelvoelkers.com

Michele Taverna

Valle d'Aosta +39 328 029 7962 michele.taverna@engelvoelkers.com

Emiliano Conti

Venice +39-348 823 85 07 emiliano.conti@engelvoelkers.com

Roberto Montefiori Bologna +39 3291637969 roberto.montefiori@engelvoelkers.com

Yasemin Baysal

Comer See +39 33 91817743 yasemin.baysal@engelvoelkers.com

Alberto Lo Porto

Rome +39 06 4554 8120 alberto.loporto@engelvoelkers.com

Mauro Lozza Varese +39 335 8489883 mauro.lozza@engelvoelkers.com

Elena Santiago Ruiz

Venice +39 041 267 52 22 elena.santiago@engelvoelkers.com

Giacomo Argenio

Venice +39 340 2744485 giacomo.argenio@engelvoelkers.com

Francisco Barbosa

Porto Foz +351 914 532 557 francisco.barbosa@engelvoelkers.com

S O U T H A F R I CA Paul Turner

Cape Town +27 84 9865924 paul.turner@engelvoelkers.com

S PA I N Beatriz Hidalgo Cisneros

Judi Ribeiro

Barcelona +34 682 362 760

Mauritius +230 5839 7998 judi.ribeiro@engelvoelkers.com

Philip Analitis

beatriz.hidalgodecisneros@engelvoelkers.com

MEXICO

Barcelona +34 695 711794 philip.analitis@engelvoelkers.com

Holly Houston Ortiz

Uta Reineke

San Miguel +52.415.149.0139 holly.houstonortiz@engelvoelkers.com

Wesley Gleason San Miguel +52 415-114-1422 wesley.gleason@engelvoelkers.com

Vanessa Fukunaga Los Cabos (011-52) 624-105-8100 vanessa.fukunaga@engelvoelkers.com

NETHERLANDS Wieger Van der Linden

Amsterdam Centrum + 31 (0) 6 46 74 21 00 wieger.vanderlinden@engelvoelkers.com

Ibiza + 34 600 708 253 uta.reineke@engelvoelkers.com

Esther Martinez Madrid +34 669 753845 esther.martinez@engelvoelkers.com

Alfredo Migueles Marbella +34 952-074 050 alfredo.migueles@engelvoelkers.com

Julie König Marbella +34 695 349 41 julie.konig@engelvoelkers.com

Katia Bein

PORTUGAL

Marbella +34 647 887 003 katia.bein@engelvoelkers.com

Vitor Paiva

Thomas Ajtony

Comporta +351 919 980 041 vitor.paiva@engelvoelkers.com

Marbella +34 696 086905 thomas.ajtony@engelvoelkers.com

Vasco Fernandes

Hans Lenz

Quinta do Lago +351 919 369 900 vasco.fernandes@engelvoelkers.com

Portals +34 637 594409 hans.lenz@engelvoelkers.com

Charlotte Buchholtz

Karen Lauhus

Cascais +351 913 450 964 charlotte.buchholtz@engelvoelkers.com

Santa Ponsa +34 644 008556 karen.lauhus@engelvoelkers.com

Noemie Dasilva

Helga Van Deijzen

Portimão +351 932 236 391 noemie.dasilva@engelvoelkers.com

Santanyí +34 607 18 24 71 helga.vandeijzen@engelvoelkers.com

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81

Nils Haase

Zimmerberg Thalwil +41 44 533 12 10 niki.thomet@engelvoelkers.com

Carolynne Millington

Anja Beck

Son Vida and Palma Surroundings +34 629 623 910 carolynne.millington@engelvoelkers.com

Zug 0041 79 47 000 12 anja.beck@engelvoelkers.com

Renate Zischka

Davy Hess

Artá +34-971-82-93-39 renate.zischka@engelvoelkers.com

Basel +41 76 3963333 davy.hess@engelvoelkers.com

Anna Flotats

Philipp Stucki

Barcelona +34 649 036564 anna.flotats@engelvoelkers.com

Mari Carmen Navarro

Barcelona +34 93 524 01 10 maricarmen.navarro@engelvoelkers.com

Sonia Espadale

Barcelona +34 67 9423318 sonia.espadale@engelvoelkers.com

Frauenfeld +41 78 843 23 44 philipp.stucki@engelvoelkers.com

Costas Dambassinas

Geneva +4179 437 4070 costas.dambassinas@engelvoelkers.com

Peter Frigo Zug +41 79 4321727 peter.frigo@engelvoelkers.com

Lisa Mikhailova

Yannick Holliger

Madrid +34 917 93 88 57 lisa.mikhailova@engelvoelkers.com

Zug +41 79 5554747 yannick.holliger@engelvoelkers.com

Oriol Roca

Axel Kühn

Madrid +34 609 433 965 oriol.roca@engelvoelkers.com

Zürich Paradeplatz +41 43 888 11 22 axel.kuehn@engelvoelkers.com

Christina Deutsch

Kerstin Kühn

Mallorca Central and South +34 610 01 26 90 christina.deutsch@engelvoelkers.com

Bettina Freitag

Mallorca North +34 645 95 33 69 bettina.freitag@engelvoelkers.com

Linda Turesson Marbella +34 711 00 19 16 linda.turesson@engelvoelkers.com

Elena Tocino Sotogrande +34 611 084 533 elena.tocino@engelvoelkers.com

Sonia Gimeno Cortell

València +34 620945733 sonia.gimenocortell@engelvoelkers.com

Zürich Paradeplatz +41 79 6199229 kerstin.kuehn@engelvoelkers.com

Lars Keller

Zürichberg +41 79 635 37 73 lars.keller@engelvoelkers.com

Nidha Baig Dubai +971 50 350 9442 nidha.baig@engelvoelkers.com

UNITED KINGDOM Alexander von Watzdorf London +44 7950 838330 alex.watzdorf@engelvoelkers.com

U R U G UAY Sandra Sofio Punta del Este +598 913 92610 sandra.sofio@engelvoelkers.com

U SA Melissa Temple

Aspen +1 970-948-8261 melissa.temple@engelvoelkers.com

Stefan Peirson

Aspen +1 970-379-0070 stefan.peirson@engelvoelkers.com

Kelly Anderson

Atlanta North Fulton +1 404-664-2479 kelly.anderson@engelvoelkers.com

Bridgette Hager

Austin Westlake +1 512-917-3924 bridgette.hager@engelvoelkers.com

Steve Kepler Belleair +1 727-647-6696 steve.kepler@engelvoelkers.com

Natalie Nolte

U N I T E D A R A B E M I R AT E S

Bend +1 541-508-9581 natalie.nolte@engelvoelkers.com

Pauline Leale

Shawna Morales

Dubai +971 50 450 3615 pauline.leale@engelvoelkers.com

Ahmed Elsayed Dubai +971 55 441 0966 ahmed.elsayed@engelvoelkers.com

Fadi Alsalem

SWI T Z E R L A N D

Dubai +971 54 486 6165 fadi.alsalem@engelvoelkers.com

Maximilian Stamm

Mohammed Fares

St. Moritz +41 79 5544776 maximilian.stamm@engelvoelkers.com

82

Niki Thomet

Santanyí +34 696 51 19 52 nils.haase@engelvoelkers.com

Dubai +971 558 89 4534 mohammed.fares@engelvoelkers.com

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Billings +1 406-850-3065 shawna.morales@engelvoelkers.com

Robb Cohen Boston +1 917 597 0404 robb.cohen@engelvoelkers.com

Valerie Post Boston +1 617-908-4000 valerie.post@engelvoelkers.com

PollyAnna Snyder

Bozeman +1 406-600-2477 pollyanna.snyder@engelvoelkers.com

Alan Canas

Anne Fish

Paul Gavriani

Jennifer Ames

Ken Meierling

Robb Saar

Karen Arenson

Kristin Zuckerman

Sarah Gabbay

Inna Muravin

Marcel Dolak

Charli Bullard

Amber Butcher

Jean Merkelbach

Joy Baresel

Burlingame +1 (415) 298-8940 alan.canas@engelvoelkers.com

Chicago +1 773-908-3632 jennifer.ames@engelvoelkers.com

Chicago North Shore +1 773-501-6201 karen.arenson@engelvoelkers.com

Cleveland +1 440-521-4555 inna.muravin@engelvoelkers.com

Jackson Hole +1 307-413-1159 anne.fish@engelvoelkers.com

Jupiter +1 561-744-8488 ken.meierling@engelvoelkers.com

Kalispell +1 406-291-0778 kristin.zuckerman@engelvoelkers.com

Kirkland +1 425-466-5870 marcel.dolak@engelvoelkers.com

New York City +1 646-793-3910 paul.gavriani@engelvoelkers.com

New York City +1 646-757-2569 robb.saar@engelvoelkers.com

New York City +1 732-245-9776 sarah.gabbay@engelvoelkers.com

Oklahoma City +1 405-414-6215 charli.bullard@engelvoelkers.com

Dallas Southlake +1 214.770.2175 amber.butcher@engelvoelkers.com

Lake Tahoe +1 775-901-0704 jean.merkelbach@engelvoelkers.com

Oklahoma City +1 405-826-7465 joy.baresel@engelvoelkers.com

Roxann Taylor

Jette Youngblood

Marcus Wood

Dallas Southlake +1 817-416-2700 roxann.taylor@engelvoelkers.com

Logan +1 435-770-8840 jette.youngblood@engelvoelkers.com

Park City +1 435-714-9033 marcus.wood@engelvoelkers.com

Bryan Gerlach

Michael Wyckoff

Madeira Beach +1 727-642-6621 michael.wyckoff@engelvoelkers.com

Mark Sletten

Dana Point +1 949-241-9059 bryan.gerlach@engelvoelkers.com

Lenny Felberbaum

Sean Nielsen

Paul Benson

Jani Summers

Emily Schaffer

Sam Real

Mill Valley +1 415-302-6450 emily.schaffer@engelvoelkers.com

Portland Rose City +1 323-533-1277 sam.real@engelvoelkers.com

Mitch Burns

Lisa Smith

Kamee Shrope

Hilton Head +1 843 505 0470 mitch.burns@engelvoelkers.com

Mill Valley +1 415-328-9752 lisa.smith@engelvoelkers.com

Salt Lake City +1 801-628-1281 kamee.shrope@engelvoelkers.com

Elizabeth Worrall Daily

Lindsay Bacigalupo

Michelle Pender

Bruce Soli

Agi Smith

Sandra Miller

Jeff Kucic

Stefan Jezycki

Ryan Styles

Delray Beach +1 561-306-5440 lenny.felberbaum@engelvoelkers.com

Hamilton +1 406-375-5556 jani.summers@engelvoelkers.com

Honolulu Kahala +1 808-478-0080 elizabeth.worralldaily@engelvoelkers.com

Incline Village +1 775-771-5801 bruce.soli@engelvoelkers.com

Indianapolis +1 317-710-5500 jeff.kucic@engelvoelkers.com

Magnus Jennemyr

Islamorada +1 786-200-8857 magnus.jennemyr@engelvoelkers.com

Mercer Island +1 206-909-0622 sean.nielsen@engelvoelkers.com

Minneapolis +1 763-350-0022 lindsay.bacigalupo@engelvoelkers.com

Napa +1 707-363-9896 agi.smith@engelvoelkers.com

Napa +1 707-738-2945 stefan.jezycki@engelvoelkers.com

Fran Shapiro

New York City +1 347-556-4409 fran.shapiro@engelvoelkers.com

Park City +1 435-640-0930 mark.sletten@engelvoelkers.com

Park City +1 435-640-7441 paul.benson@engelvoelkers.com

San Francisco +1 415 283-6983 michelle.pender@engelvoelkers.com

Santa Monica +1 310-616-6213 sandra.miller@engelvoelkers.com

Santa Rosa +1 707-540-2000 ryan.styles@engelvoelkers.com

Ken Dara Sausalito +1 415-425-3626 ken.dara@engelvoelkers.com

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Jessica Kelly

Savannah +1 912-441-9101 jessica.kelly@engelvoelkers.com

Aspen +1 970-379-6353 erik.berg@engelvoelkers.com

Sarah Miller Bryan College Station +1 979-255-1904 sarah.miller@engelvoelkers.com

Blake St John

Harrison Sachs

Brad Crouch

Bob Nathan

Christa Huffstickler

Taso Tsakos

Scottsdale +1 (480) 444-9888 blake.stjohn@engelvoelkers.com

Scottsdale +1 480-695-6031 bob.nathan@engelvoelkers.com

Jenn Bryndal

St. Augustine +1 904-540-9419 jenn.bryndal@engelvoelkers.com

Pavi Micheli

St. Helena +1 707 7382219 pavi.micheli@engelvoelkers.com

Nicole Jones

Stevensville +1 406-239-1421 nicole.jones@engelvoelkers.com

Aspen +1 970-948-5042 harrison.sachs@engelvoelkers.com

Dallas Southlake +1 817-846-4789 brad.crouch@engelvoelkers.com

Atlanta +1 678-207-7803 christa.huffstickler@engelvoelkers.com

Danville +1 925-785-5419 taso.tsakos@engelvoelkers.com

Ken Covers

Leanna Fruin

Atlanta +1 404-664-8280 ken.covers@engelvoelkers.com

Delray Beach +1 561-445-1415 leanna.fruin@engelvoelkers.com

Lisa Robinson

Robert Tait

Atlanta +1 404-246-5333 lisa.robinson@engelvoelkers.com

Denver +1 303-888-0194 robert.tait@engelvoelkers.com

Tristain O'Donnell

Emilio DiSpirito

Atlanta +1 678-683-2849 tristain.odonnell@engelvoelkers.com

East Greenwich +1 401-359-2338 emilio.dispirito@engelvoelkers.com

Darlene Young

Tyler Russel

Francisco Garcia

Sun Valley +1 208-720-0741 darlene.young@engelvoelkers.com

Atlanta +1 404 510 2246 tyler.russell@engelvoelkers.com

Fort Lauderdale +1 561-722-8905 francisco.garcia@engelvoelkers.com

Reid Sanborn

Kathryn Scarborough

Niliana Garcia

Sun Valley +1 208-720-8244 reid.sanborn@engelvoelkers.com

Austin Westlake +1 512-970-1355 kathryn.scarborough@engelvoelkers.com

Carmen Carr

Michele Turnquist

Truckee +1 530-448-1643 carmen.carr@engelvoelkers.com

Curt Stinson

Tucson +1 520-954-5800 curt.stinson@engelvoelkers.com

Jenifer Shay

Austin Westlake +1 512-431-1121 michele.turnquist@engelvoelkers.com

Fort Lauderdale +1 561-222-3053 niliana.garcia@engelvoelkers.com

Sudha Schlesinger Healdsburg + 707 889 7778 sudha.schlesinger@engelvoelkers.com

Kristin Hallamek

Christina Nishiyama

Belleair +1 727-642-7985 kristin.hallamek@engelvoelkers.com

Honolulu Downtown +1 808-479-3915 christina.nishiyama@engelvoelkers.com

Stacy Ossorio

Joyce Tsubota

Vail +1 970-477-5300 jenifer.shay@engelvoelkers.com

Big Sky +1 406-539-8553 stacy.ossorio@engelvoelkers.com

Honolulu Downtown +1 808-358-8821 joyce.tsubota@engelvoelkers.com

Jaime Krupnick

Michael Ledwitz

Kay Mukaigawa

Westlake Village +1 310-749-0703 jaime.krupnick@engelvoelkers.com

Natalee Newell

Alamo Heights +1 210-215-1212 natalee.newell@engelvoelkers.com

Travis Gray

Annapolis +1 301-641-0809 travis.gray@engelvoelkers.com

84

Erik Berg

Boca Raton +1 561-235-3900 michael.ledwitz@engelvoelkers.com

Keith Shirley

Honolulu Downtown +1 808-479-9090 kay.mukaigawa@engelvoelkers.com

Sandra Marie Ravens

Boston +1 508-277-5873 Keith.Shirley@engelvoelkers.com

Incline Village +1 775-848-4618 sandy.ravens@engelvoelkers.com

Greg Smith

Andrew Ellett

Bozeman +1 406-599-8469 greg.smith@engelvoelkers.com

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Jackson Hole +1 307-690-6155 andrew.ellett@engelvoelkers.com

Devon Viehman

Noel Berk

Leisa Erickson

Angie Ripley

Vincent Falcone

Travis Jones

Jackson Hole +1 307-201-8800 devon.viehman@engelvoelkers.com

Kansas City - Leawood +1 816-665-4228 angie.ripley@engelvoelkers.com

New York City +1 212-371-4065 noel.berk@engelvoelkers.com

New York City +1 646-793-3910 vincent.falcone@engelvoelkers.com

St. Pete +1 239-789-7106 leisa.erickson@engelvoelkers.com

Sun Valley +1 208-721-8579 travis.jones@engelvoelkers.com

Lindsay Clark

Linda Baker

Nathan Riedel

Todd Disbrow

Andy Levine

Tyra Rudrud

Laguna Beach +1 949-627-3825 lindsay.clark@engelvoelkers.com

Lake Tahoe + 1 775-830-3735 todd.disbrow@engelvoelkers.com

Dave Salzman

Los Angeles South Bay +1 310-871-5314 dave.salzman@engelvoelkers.com

Cheri Reeves

McCall +1 208-630-4469 cheri.reeves@engelvoelkers.com

Dan Gottesman

Mercer Island +1 206-898-2505 dan.gottesman@engelvoelkers.com

North Georgia Mountains +1 706-455-0262 linda.baker@engelvoelkers.com

Park City +1 435-901-8190 andy.levine@engelvoelkers.com

Brian Williams

Park City +1 435-602-0217 brian.williams@engelvoelkers.com

Caroline Peel

San Anselmo +1 415 872-7729 caroline.peel@engelvoelkers.com

Blakely Hull

San Francisco +1 415 410-3455 blakely.hull@engelvoelkers.com

Truckee +1 530-448-9981 nathan.riedel@engelvoelkers.com

Vail +1 970 376 2258 tyra.rudrud@engelvoelkers.com

Dean Portizky Wellesley +1 781-248-6350 dean.poritzky@engelvoelkers.com

Carol Sollak Wellington +1 561-818-9476 carol.sollak@engelvoelkers.com

Travis Laas Wellington +1 561-906-7007 travis.laas@engelvoelkers.com

Sam Chapin

Masti Pahlbod

Gary Nesen

Danni Moore

Mercer Island +1 206-948-9153 sam.chapin@engelvoelkers.com

San Francisco +1 415-264-1296 masti.pahlbod@engelvoelkers.com

Westlake Village +1 818-929-1700 gary.nesen@engelvoelkers.com

Richard Mopper

Savannah +1 912-663-5500 richard.mopper@engelvoelkers.com

Nicole Van Parys

Missoula +1 520-954-5800 danni.moore@engelvoelkers.com

Dawn Maddux

Westlake Village +1 805-795-1880 nicole.vanparys@engelvoelkers.com

Dana Bloom

Scottsdale +1 480-600-6606 dana.bloom@engelvoelkers.com

Ryan Shimp

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Sandy Hansel

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Amy Jackson Smith

Erik Cavarra

Grace Clayton

Will Densberger

Elizabeth Mercedes Berk

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Nashville +1 615-305-1426 grace.clayton@engelvoelkers.com

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elizabeth.mercedesberk@engelvoelkers.com

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