Wealthy Democrats flee Trump, invest in London luxuries
Following Donald Trump's election victory, wealthy Democrats from the United States are looking to invest in luxury real estate in London. Real estate agents have observed a rising interest in purchasing homes in the United Kingdom, as clients from the U.S. aim to create "safety nets" for themselves.
8:11 AM EST, November 10, 2024
Affluent Democrats in America are actively seeking high-end properties in London after the recent presidential election. Donald Trump's win has sparked heightened interest among wealthy Americans who are eager to buy real estate in the UK and - according to real estate agents - establish a "safety net" for themselves. They disagree with the president-elect's rhetoric, reports Britain's "The Telegraph".
London as a safe haven
Becky Fatemi from Sotheby’s International Realty reported receiving five phone calls from wealthy Americans within just two days, who, she claims, are eager to relocate immediately following the election results.
"That’s people saying, ‘he’s here, and he’s here for the next four years, and I don’t want to be, so these are the dates that we’re flying over’. All of those five are coming here within the next week," Fatemi shared with "The Telegraph."
The British newspaper highlights a case of a family that flew to London the day after the election results were announced, seeking a rental property at $90,000 a month. The parents are also looking for schools for their three children, who will start in January.
"Trump is the last straw"
Marco Previero from R3Location confirms that London is now perceived as a safe haven, seen as more aligned with Democratic values. "London has always been seen as a safe haven, but really even more so now with a more stable government that leans to the Left," Previero stated, as quoted by the newspaper.
Will Watson from The Buying Solution is assisting several families aiming to purchase homes in London for over $13 million due to the political situation in the U.S.
Trump is the straw that breaks the camel’s back. Americans are saying, ‘do you know what? I just couldn’t live under another one of his terms' - said Watson, as cited by "The Telegraph".
The demand for luxury rental properties is high because clients want to relocate quickly, and the stamp duty fees for foreigners are substantial. The tax for purchasing a second home for $13 million amounts to over $2.3 million, reports the newspaper.
