European Lifestyle Report 2025

Top findings from the report include:

Europe re-emerges as a prime destination for global wealth

In the past year, inflation has fallen significantly across much of the continent, boosting real household incomes, while the European Central Bank has implemented eight interest rate cuts to date, positioning the eurozone as a lower-debt-cost region versus other advanced economies, including the UK and the US.

Of the markets tracked, Spain, Portugal, Ireland and Greece now lead the continent in GDP growth forecasts. Iberia also outperforms when it comes to price growth and transaction volumes.

Shifts in motivations

Knight Frank European Relocation Survey 2025 shows that the leading motivations for HNWIs considering either relocating to, or moving within Europe include business opportunities, financial stability, alongside tax incentives. By comparison, last year, tax was a less influential driver ranking third behind 1) security/privacy and 2) employment considerations. However, recent changes to tax regimes appear to have elevated its importance in the context of decision-making among HNWIs.

Cities are now the top choice for relocation, with coastal areas taking second place – reflecting a renewed interest in urban living. A marked contrast with the pandemic era’s preference for resorts and alpine retreats. Healthcare, international schools and transport links remain the most important priorities for those considering a move.

Visas, taxes and access

Half of all respondents are considering applying for a European visa within five years, with the Golden Visa (29.7%) proving the most appealing, especially for millennials. Tax rules are influential for 59%, particularly among UK residents and millennials. Income tax and property tax rank as the most critical relocation considerations, followed by capital gains and wealth taxes.

Lifestyle mobility

Wealth migration is increasingly shaped by a ‘try-before-you-buy’ renting approach. Over a four-year horizon, many buyers are opting for mid-life, mid-term relocations, focused on education, investment and lifestyle. Some 63% of respondents work remotely, averaging 61% of their workweek spent working from home. US, UK and Belgian respondents reported the highest levels of remote work. Additionally, Gen X has the largest share of remote workers compared to other age groups.

Digital infrastructure is now essential, 71% of respondents said availability of superfast fibre broadband would influence their location decision.

Kate Everett-Allen, Head of European Residential Research, commented: “The wealthy always had options – but never have they exercised them with such urgency and volume.  Debate rages as to the exact number that are voting with their feet, but we know the global tally of high-net-worth individuals (HNWIs) making a move across borders will exceed six figures this year. What we’re witnessing is more than just a demographic shift. It’s a reflection of a fundamental reshaping of the global wealth landscape – driven by geopolitical friction, a recalibration of tax regimes and a new era of heightened mobility.”

Mark Harvey, Head of International Residential & Associate Network, International Residential at Knight Frank, added: “Right now, the European prime market feels like it’s at a turning point. Buyers aren’t just chasing a postcard view or a famous postcode – they’re weighing climate realities, new regulations, lifestyle priorities and how easy it is to move around the globe. Prestige still matters, but it’s no longer the only currency.”