Where do Swedish buyers purchase abroad?
The global footprint of the Swedish diaspora is expanding. In 2022, almost 700,000 Swedes live abroad, up from 660,000 in 2015, a rise of 6%.
5 minutes to read
The US, Spain and the UK are the top three destinations according to a recent survey by not-for-profit organisation Swedes in the World.
Switzerland, Italy and the US have witnessed the largest increase in numbers between 2015 and 2022, with Switzerland experiencing a 60% rise in Swedish expatriates.
Drivers
With the Krona up 6% against the euro* since September 2023 it is helping to boost the purchasing power of Swedes looking abroad.
What’s more the Swedish passport is confirmed as the second most powerful globally providing Swedish residents with access to 193 countries worldwide without a visa.
Second homes
Below we handpick five key markets where Knight Frank is seeing Swedish buyer enquiries and search volumes strengthen.
1. Marbella, Spain
Marbella, and particularly the area of Nueva Andalucia, located behind Puerto Banús, remains highly popular with Swedish buyers.
Home to The Swedish School of Marbella which accommodates 200 pupils, the area is estimated to be home to around 2,500 Swedes with its climate, lifestyle and golf courses a key draw.
Data from the Spanish College of Notaries confirms the love affair many Swedes have with the country. Across Spain, the number of purchases by overseas Swedish buyers increased 27% between 2019 (pre-pandemic) and 2022, whilst sales to Swedes already resident in Spain increased 16% over the same period.
2. Richmond-upon-Thames, UK
With 3,427 ultra-high-net-worth individuals residing in Sweden, those with US$30 million-plus in assets including their primary residence, it’s perhaps not surprising that some of the most popular locations for Swedes correspond to some of the UK’s most expensive postcodes.
Richmond-upon-Thames where the average price sits around £778,350* according to the Land Registry tops the local authorities where the Swedish language is most commonly spoken according to UK Census data. The area is also home to The Swedish School with the Sixth Form located at the National Archives overlooking the River Thames, and nearby is a branch of the popular outlet Totally Swedish.
The high value prime central locations of Kensington and Chelsea as well as Westminster complete the top three London Boroughs for Swedish speakers.
Outside of London, the highest concentration of Swedish speakers is found primarily in urban areas with Brighton and Hove and Birmingham leading the rankings, the one suburban location that creeps into the top five is Elmbridge in Surrey where average prices at £695,400, are 134% higher than UK average of around £296,812 according to the Land Registry.
Top UK Local Authorities where Swedish language most commonly spoken
Ranking London Boroughs Non-London Local Authorities
1 Richmond-upon-Thames Brighton and Hove
2 Kensington and Chelsea Birmingham
3 Westminster Cambridge
4 Wandsworth Elmbridge
5 Hackney Manchester
Source: UK Census 2021
3. Verbier, Switzerland
The Swiss resort has been a favourite haunt of Swedish buyers for years, with many targeting the area close to the Rue du Medran and the Rue de Ransou close to La Tinte where the main lift is located in Verbier.
As highly proficient skiers Swedes often target ski in/ski out homes without needing to be close to the main pistes.
Swedes have a large stake in several hotels and restaurants in the resort. Most buyers are Generation X (43 to 59 years old) but the resort is also appealing to young families attracted by the resort’s two schools, The Verbier International School and Copperfield International School.
Although Swedes have the largest market share of the Nordic and northern European residents, Norwegians, Danes and the Dutch are increasingly active too.
4. French Riviera, France
Parts of the French Riviera and Provence have thriving Swedish communities, many are drawn to the lifestyle on offer and warmer climes.
Cannes, Cap d’Antibes and Mougins are popular destinations for Swedish buyers looking for a part- or full-time base on the French Riviera. For those seeking a permanent home proximity to The Mougins International School in Nice Sophia-Antipolis is a key draw.
The 2,700-member Swedish Golf Club located in Cagnes-sur-Mer, is testament to the strength of the Swedish community in the area. Working together with the Swedish Consulate in Nice, the Swedish Chamber of Commerce, the Golf Club’s base at Villa Ingeborg provides a home-from-home for Swedes in the area.
However, it’s not all about the coast, Swedes also target the more natural and rugged landscape of Uzes and the Gard department further north in Provence, where prices are slightly more competitive.
5. New York
Around 110,000 Swedes call New York State home according to the US Census Bureau with a large proportion based in Lower or Downtown Manhattan, an areas that stretches South of 14th Street, and includes Greenwich Village, Tribeca, Chinatown, and the vibrant Financial District.
The area is also home to iconic developments such as 56 Leonard Street by Herzog and de Meuron with the renowned Anish Kapoor Bean Sculpture and 200 11th Avenue designed by architect Annabelle Selldorf.
Battery Park, Lower Manhattan’s most southerly tip, plays host to the Swedish Midsummer Celebration in mid-late June each year, whilst closer to Central Park in Midtown sits Scandinavia House at 58 Park Avenue which acts as a key cultural centre.
With over 35 flights per week between Stockholm and John F. Kennedy International Airport according to Skyscanner, the city is within easy reach for Swedish second homeowners.
What Swedish buyers need to consider when buying abroad:
1) Unlike in Sweden where estate agents are licensed and oversee the bulk of the transaction process, the services of a notary will be required in most other European countries.
2) Sweden’s property market is highly transparent, and buyers are used to being provided with more technical information when buying/selling, instead thorough due diligence on the property before buying abroad and the use of a reputable agent.
To learn more about the markets highlighted do get in touch with Jason Mansfield
*As at 6 February 2024
** As at November 2023