International and listed property
Look beyond your own country.
Yield, growth, currency risk, foreign-ownership rules, finance for non-residents, treaties, structures and costs, in one format, so six cities compare on equal terms.
Market profiles
| Market | Net yield | Price growth | Buying costs | Holding structures | Foreign ownership | Finance for non-residents | Tax treaty |
|---|---|---|---|---|---|---|---|
| New YorkUnited States | 3.1% | 3.4% | 4.6% | LLC, trust or personal name | No restrictions; condos preferred over co-ops | Foreign-national loans to 65% of value | Treaty network; FIRPTA withholding on sale |
| LondonUnited Kingdom | 3.4% | 2.1% | 9.8% | Personal name or company | No restrictions; 2% non-resident stamp duty surcharge | Expat and non-resident lenders to 60–75% | UK–US treaty |
| LisbonPortugal | 4.6% | 5.2% | 7.5% | Personal name or company | No restrictions | Non-resident loans to 70% | Portugal–US treaty |
| DubaiUnited Arab Emirates | 6.4% | 6.8% | 6.0% | Personal name or free-zone company | Freehold zones only | Non-resident loans to 50–60% | No US treaty |
| SydneyAustralia | 3.0% | 4.1% | 9.0% | Personal name, company or trust | New dwellings only, with approval; foreign buyer surcharges | Limited for non-residents | Australia–US treaty |
| TokyoJapan | 4.2% | 3.8% | 7.0% | Personal name or KK company | No restrictions | Few lenders for non-residents | Japan–US treaty |
Indicative yields, growth and costs for prime residential, October 2026, for illustration. Members see every return in local currency and in USD, with a currency-hedging toggle.
Direct against listed
A $2 million East End rental, or the same money in REITs?
The Amagansett Dune Cottage, bought with a 25% deposit, against the same $606,600 in a basket of residential REITs, over ten years.
| Direct: Amagansett | Listed: REIT basket | |
|---|---|---|
| Yield | 3.6% net, before the mortgage | 3.5% dividend |
| Ten-year return a year | 7.8% | 7.4% |
| Liquidity | Months to sell; 6.5% to exit | Same day |
| Fees | Management 10% of rent, upkeep 8% | 0.12% a year |
| Leverage | 75% mortgage, yours | Inside the trusts, about 30% of assets |
| Use of it | Your own weeks out of season | None |
Illustrative: equal-weighted, dividends reinvested, before tax. Past and modelled returns are not a guide to future returns. Basket: Equity Residential, AvalonBay Communities, Essex Property Trust, UDR, Camden Property Trust, Invitation Homes.