Top Countries for Retirement Revealed + The Great Wealth Transfer

Summary

Real Estate Without Borders: Episode Summary

Episode Title: Top Countries for Retirement Revealed + The Great Wealth Transfer
Release Date: February 24, 2025
Host: Real Estate Without Borders

---

Introduction

In this compelling episode of Real Estate Without Borders, the hosts delve into the impending wealth transfer driven by the Baby Boomer generation and explore the top countries poised to become prime retirement destinations in 2024. The discussion is anchored around the significant real estate implications of Baby Boomers relocating internationally, seeking optimal environments for their golden years.

---

The Looming Wealth Transfer

The episode opens with a stark revelation about the largest wealth transfer in history. Baby Boomers are set to pass down an astonishing $84 trillion over the next two decades, with much of this wealth moving across international borders.

[00:00] Host A: "The greatest wealth transfer in human history is looming. Over the next two decades, Baby boomers... they're going to pass down an estimated $84 trillion."

Currently, Baby Boomers control approximately 44% of all real estate wealth in America, equating to around $17.7 trillion in real estate assets. As this generation ages, their decisions to downsize or relocate will significantly influence both domestic and global real estate markets.

[05:03] Host A: "This is probably the most important thing taking place in real estate in the world right now is what the Baby Boomers are going to do."

---

Top Retirement Destinations in 2024

The episode features a detailed analysis of the Top 25 Countries for Retirement in 2024, sourced from Natix's comprehensive Global Retirement Index. This ranking evaluates countries based on healthcare, quality of life, material well-being, and retirement finances.

1. Norway

Norway tops the list due to its robust healthcare system, high quality of life, economic stability, and political safety. Despite its high cost of living, Norway offers retirees peace of mind with its exceptional medical services.

[09:54] Host A: "Norway is widely regarded as an excellent place to retire due to a combination of economic, social, environmental and healthcare factors."

Challenges: High cost of real estate and cold climate.

2. Switzerland

Switzerland secures the second spot, maintaining high rankings across various categories. However, its real estate market is notably expensive, making it accessible primarily to wealthy retirees.

[11:23] Host B: "I thought Switzerland was the place to be financially."

Challenges: Unaffordable real estate prices for the average individual.

3. Iceland

Known for its stunning natural beauty and safety, Iceland offers a high quality of life. However, the harsh winters and high cost of living pose significant challenges.

[15:15] Host A: "Why would the average American retire in Iceland?"

Challenges: High living costs, limited daylight during winters, language barriers.

4. Ireland

Ireland ranks high in retirement finances thanks to its strong government indebtedness and favorable tax policies. Its vibrant culture and robust healthcare system make it an attractive destination.

[11:46] Host B: "Ireland's top ranking can be attributed to a significant jump in the government indebtedness sector along with strong performances in tax pressure, governance..."

Challenges: High real estate prices.

5. Luxembourg

A small yet affluent country, Luxembourg offers a high standard of living and robust healthcare. Its real estate market is premium, catering primarily to affluent retirees.

[17:03] Host B: "Luxembourg is the only one in the world today governed by a grand duke or a grand duchess."

Challenges: Extremely high property costs.

6. Australia

Australia stands out due to its superannuation pension fund system, offering financial stability for retirees. Its sunny climate and high quality of life attract many.

[07:03] Host B: "Australia's superannuation pension fund system... it's currently 3.5 trillion, the fifth largest in the world."

Challenges: High real estate prices and distance from other regions.

7. New Zealand

Similar to Australia, New Zealand offers a peaceful environment and excellent healthcare, though it shares the challenge of high living costs.

8. Germany

Germany's strong economy and healthcare system make it a viable option, though urban areas like Munich and Frankfurt are expensive.

9. Denmark & Austria

Both countries are praised for their quality of life and robust social systems, albeit with high real estate costs.

10. Canada

Canada offers a balanced mix of affordability and quality of life, especially outside major urban centers.

11. Finland & Sweden

Known for their excellent healthcare and beautiful landscapes, these countries also present high living costs and cold climates.

12. Slovenia

Slovenia emerges as an affordable European destination with lower living costs and stunning natural beauty.

[25:05] Host B: "Significantly lower cost compared to the U.S. according to Numbeo, consumer prices in the U.S. are about 20% higher and rent is roughly 117% higher."

Challenges: Sudden price inflation post-COVID and language barriers.

13. United Kingdom & Israel

The UK faces economic challenges similar to Germany, while Israel offers a rich culture and strong healthcare but at a high cost.

14. Czech Republic, Belgium, & South Korea

These countries provide varied benefits, from lower living costs to efficient healthcare systems. South Korea, in particular, offers low living costs outside Seoul but grapples with an aging population.

15. Malta, France, Japan, & Estonia

Malta attracts with its Mediterranean climate and English proficiency, France with its lifestyle, Japan with its unique culture, and Estonia as an emerging market, though language and high property prices are hurdles.

[34:35] Host B: "In Estonia, the official primary language spoken is Estonian and Estonian is a Finnic language..."

---

Real Estate Implications

The hosts discuss how Baby Boomers' substantial real estate holdings will influence international markets. As Boomers relocate, both property values and rental yields in these top retirement destinations are expected to fluctuate.

[34:11] Host B: "Israel, Switzerland, Czech Republic, Hong Kong... these countries where your house prices are high, a lot of people want to buy the real estate. They don't perform well as investments."

High property prices in top-ranked countries may deter average retirees but attract affluent investors seeking stability and quality.

---

Challenges in International Retirement Relocation

While the allure of high-quality healthcare, safety, and stunning environments attracts retirees to these countries, several challenges persist:

• Cost of Living: Many top destinations have prohibitively high living and real estate costs.
• Climate: Harsh winters and limited daylight in countries like Iceland and Norway may deter some.
• Language Barriers: Countries like Estonia require language acquisition, posing a significant hurdle.
• Economic Stability: Countries facing economic downturns or demographic shifts, such as South Korea and Japan, present sustainability concerns.

[31:33] Host B: "If you can afford to go and choose a country based on where you want to retire, you probably healthcare you can afford to pay for."

---

Conclusion

The episode underscores the significant impact of Baby Boomers' wealth transfer on international real estate markets. As this generation seeks optimal retirement destinations, both domestic and global real estate landscapes will undergo substantial changes. The hosts emphasize the importance of understanding these trends for investors and retirees alike.

[35:32] Host B: "I learned a lot, man. I learned... I think we covered some really cool things. I think it's just here to provide value. We're value givers here on this podcast, and that's what we did today."

[35:09] Host A: "My major takeaway is a bunch of countries that nobody can afford as it stands, are attractive to old people who have a bunch of money."

---

Notable Quotes

• [00:00] Host A: "The greatest wealth transfer in human history is looming. Over the next two decades, Baby boomers... passing down an estimated $84 trillion."

• [05:03] Host A: "This is probably the most important thing taking place in real estate in the world right now is what the Baby Boomers are going to do."

• [09:54] Host A: "Norway is widely regarded as an excellent place to retire due to a combination of economic, social, environmental and healthcare factors."

• [11:23] Host B: "I thought Switzerland was the place to be financially."

• [15:15] Host A: "Why would the average American retire in Iceland?"

• [25:05] Host B: "Significantly lower cost compared to the U.S. according to Numbeo, consumer prices in the U.S. are about 20% higher and rent is roughly 117% higher."

• [34:35] Host B: "In Estonia, the official primary language spoken is Estonian and Estonian is a Finnic language..."

• [35:09] Host A: "My major takeaway is a bunch of countries that nobody can afford as it stands, are attractive to old people who have a bunch of money."

• [35:32] Host B: "I learned a lot, man. I learned... I think we covered some really cool things. I think it's just here to provide value. We're value givers here on this podcast, and that's what we did today."

---

This episode provides invaluable insights into the intersection of generational wealth transfer and international real estate investment, making it essential listening for investors and retirees navigating the evolving global property landscape.

Transcript

[A]

The greatest wealth transfer in human history is looming. Over the next two decades, Baby boomers, as much as everyone loves them and is sad to hear this, they're going to pass away and pass down an estimated $84 trillion. A trillion in wealth to younger generations. Yeah, trillion with a T. But here's what most people aren't talking about. Most of these boomers aren't just passing down their wealth. They're actively relocating it across borders, seeking the best places to spend their golden years. Welcome back to Real Estate Without Borders, where we cover property markets around the world for real estate investors around the world. Today, we're diving into something that affects everyone. Whether you're planning your own retirement or helping your parents plan theirs, or wondering how this massive transfer of wealth might flow in the next coming years. We're going to look at the top 25 countries for retirement in 2024. And trust me, some of these might surprise you. Actually, all of them pretty much surprised me. So before we jump into the rankings, hit the subscribe button and the notification bell to stay updated on the biggest trends shaping our financial future as it relates to real estate. So, Dave, kick me off here with why this is so important.

[B]

I think we should talk about how fire that intro was. That was incredible. 10 out of 10. Well thought out, well executed too. And you're on the move and you executed an intro like that. So 10 out of 10 for you on that one. All right, let's talk about why this is so important. So let's break this down. So baby boomers currently control about 70% of all disposable income in the United States. That's trillion with a T. That's so.

[A]

Depressing for every other generation.

[B]

That's crazy. Insane. And as they enter their retirement age, we're seeing like a massive shift in how and where this wealth is being deployed. So whether it's seeking better healthcare systems, which we touch on this, tax advantages, or just a higher quality of life, retirees are increasingly looking beyond their home countries. And today we're going to show you exactly where the smart money might be heading. So let's dive into these rankings, which come from Natix's comprehensive. I think I nailed that one man global retirement index. They've analyzed all 44 countries across four crucial categories that could make or break your retirement experience. Only so lonely.

[A]

Isn't that funny? What a savage title. The title is only the lonely individuals increasingly feel like they're on their own for retirement security. If you're watching this on YouTube, you're seeing that, I guess on Spotify, there's video too, but yeah, it's.

[B]

I like that. Catchy. It got me.

[A]

Yeah, for sure. So boomers currently own like. But this shows about real estate, so we're not going to go too much into the stocks of it and stuff like that. But boomers currently own about 44% of all real estate wealth in America. So that's why it's relevant. Right. This accounts for again with the trillion, $17.7 trillion in real estate assets. And as this generation looks to downsize or pull capital out of those assets or relocate for retirement, we're likely to see significant movement in both domestic and international real estate markets as a result. Now, I found this article kind of really further thinking about that real estate wealth from Yahoo. Finance. Can you just read the heading of that one for me, Dave, and a couple of key takeaways from it and I'll pull it up for the video.

[B]

I gotcha. So baby boomers sit on a mountain of real estate wealth. Is it safe to count or. Sorry, is it safe to count it toward retirement savings? So, okay, baby boomers own the largest portion of housing value nationwide. Data from the Federal Reserve shows that total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, with boomers claiming6.5 trillion. So 42% of the share. At the same time, homeowners equity totaled 31.86 trillion. So with housing being so important, should this value be considered part of your retirement savings? Crazy.

[A]

Yeah. So the article talks basically about a couple of different home equity considerations. The ongoing costs, right. Property taxes, insurance and maintenance affects retirement savings. So we're seeing people move to lower cost areas to help access their equity while maintaining homeownership with significant cost of living variations between cities around the US but also outside of the US which is kind of where we're going to get to this list here. A lot of people considering moving to the rental option, especially as the US Is becoming more and more of a rental market. And a lot of people are using their home equity as a financial tool on its own, which is kind of fascinating as well.

[B]

Interesting.

[A]

This is probably I felt for a long time that this was the most important thing taking place in real estate in the world right now is what the baby boomers are going to do. And it's not to say that that's some profound statement, it's just that they have all of the wealth and so they can pretty much decide the outcome of the market.

[B]

I saw a Post on Twitter. Twitter that I'm trying to find right now. And it was like the ways to own real estate for our generation. It was like make over X amount, half rich parents.

[A]

Yeah, pretty much crazy. I don't think there's another way to do it. You're right.

[B]

Insane.

[A]

Maybe if you buy. Bought really, really early. Okay, so let's get into this report here. Should we read the top. The top countries first? Do you want to just scroll down the article and give me a list? Okay, so give me the list here of the top countries that it says, what are the best countries for retirement? And this is a visual capitalist. Basically. They made an infographic from this report by Texas.

[B]

It's basing it off of health, quality of life, material well being and finances in retirement. I had never in a million years thought I'd see this one. Number one, I wasn't thinking Norway would take top spot on this, especially because of the.

[A]

I feel like weather is like a big thing. Like if you're right, if you're like a retiring boomer, you want like the nice weather.

[B]

Well, before I get ahead of myself, do you want me to list them off here?

[A]

Yeah, let's do it.

[B]

All right, so starting number one, Norway, followed by Switzerland, Iceland, Ireland, Luxembourg, Netherlands, Australia. Why does Australia have a Australian scores so well in retirement finances due to its supernuation pension fund.

[A]

Superannuation pension fund system. Yeah.

[B]

Jeez. What does that mean, man?

[A]

I have no idea. But it's currently 3.5 trillion, the fifth largest in the world. It's highlighted ones of that type.

[B]

If you're, if you're watching this, it's highlighted. That's why I called them out there. I had no idea. So Australia, New Zealand, Germany, Denmark, Austria, Canada, Finland, Sweden, Slovenia, the uk, Israel, Czech Republic, Belgium, US South Korea, Malta, France, Japan, and Estonia.

[A]

I, I feel like there's like maybe, maybe five of these are affordable. I guess boomers don't give a. Because they're all. Yeah, they made all their money super asset rich. Look at these. They got trillions just being rich right here.

[B]

They're in the trillions.

[A]

We bought a house for 50 bucks back in the 70s.

[B]

I've got so many things that I want to share on here with, with the Twitter. Me and you. Me and Fosh only talk in Twitter.

[A]

We don't really text share tweets and then like somebody will just like it. That's it. Yeah, I agree.

[B]

And just. I got to find out. I got to find out some more here.

[A]

But yeah, send me a Couple and so, and, and I guess we'll just look at like okay, so I have no idea by the way, like what, what could you buy? There's only a handful of cities that I'm super familiar with here. I think health care is obviously going to be a big one based on what I'm seeing for most of these but like Switzerland I, I'm quite familiar with the property market because I'm a Swiss citizen.

[B]

But are you?

[A]

Yeah, yeah but Norway like what can you buy a house for in Norway? Right.

[B]

Well I'm looking at, I'm looking at like the why Norway is number one because I need some like I needed some hard facts and I went to obviously the most reliable source I could which is if you didn't know Grok 3 is now out and available. So if you have X, Twitter, whatever you have access to Grok 3 which I think Elon said is the best AI for getting there, it's pretty great. So. Norway is widely regarded as an excellent place to retire due to a combination of economic, social, environmental and healthcare factors. Here are some of the top highlights as to why Top ranked retirement security Norway consists or constantly ranks at the top of the NAT table Taxis NIS Global Retirement Index earning a score of 81% in 2022 securing the number one spot in the future. This ranking is based on factors like healthc care, quality of life, material well being and retirement finances reflecting its strong support for retirees. What's like the average age in Norway? We talk like is it a. Now I gotta google this too man.

[A]

So many questions.

[B]

So many questions. Okay, hold on. Calculating. What's this? What are you showing? What is this chart?

[A]

This is the report.

[B]

So it's up.

[A]

So this is the health index. So you've got. So if you go look at the health index. So this is a sub index here. Norway's fourth on the health index. So you've got Luxembourg, Sweden, Switzerland, Norway.

[B]

Ireland, I'm assuming they have free healthcare. Let's see. Robust healthcare system. Norway spends approximately 8.1% of its GDP on healthcare, one of the highest rates worldwide. It's universal healthcare system provides retirees with access to top quality medical services, often free or low cost. At once an annual cap around 250 USD is met. Wow. Offering peace of mind for aging individuals. And just in case you're wondering, the average age of the population of Norway is approximately 41.3 years. A gradual rise from 2014 from 39. There you go, there you go. I wonder what the. Like the restaurants Wants to shut down pretty early there then maybe. I mean you should go there, dude. It sounds kind of up our alley.

[A]

I'm into it. I like being in bed by like.

[B]

9Pm I'm a big 9pm guy. That's everyone. Quiet.

[A]

Norway didn't even rank on the finances in retirement sub index. Ireland actually is number one in the finances and retirement sub index.

[B]

Interesting.

[A]

Yeah. Jumped up five places to take the top spot in the finances. That's based on age, dependency bank non performing loans, inflation, interest rates, tax pressure, government indebtedness and governance.

[B]

Huh.

[A]

And it says Ireland's top ranking can be attributed to a significant jump in the government indebtedness sector along with strong performances in the tax pressure, 6th governance, 12th and old age dependency. 13th indicators. Switzerland is knocked off the top after its interest rate score continues to decline. Though its consistent scoring across the board helps the country keep second position.

[B]

Yeah, I thought, I thought Switzerland was the place to be financially.

[A]

Well, this is the funny part, right? Like speaking as someone who knows a lot about Switzerland and spent.

[B]

Tell me because I know nothing about Switzerland.

[A]

Yeah. So it's just super unaffordable. Right. Like it would be great for boomers who have a lot of money. But it's like, let's look at a house for sale. Like let's just look at a normal house for sale in Switzerland. I'll pull it up.

[B]

Pull it up. Yeah.

[A]

I'm going to sell property for. For sale in Switzerland on realtor.com. so they have it says 50,000 Swiss francs up to.

[B]

Which is what? 450 Swiss francs.

[A]

Yeah. CHF is their current currency.

[B]

Oh, buddy. Swiss chalet, Swiss francs. Frank's Red hot.

[A]

But CHF is. CH is Confederation Helvetica. That's why it's. You see CH everywhere.

[B]

Let's see, that'd be about US$517,000.

[A]

Yeah, there you go. So for like a 400,000 Swiss franc. So this is in Bern.

[B]

Is that a good spot? You a big Bern fan?

[A]

I mean, look, there aren't, there aren't really bad spots in Switzerland, to be honest with you. It's like it's the most first world place on earth, frankly. But like, I mean this might be like the only one. Yeah, it's like pretty rough. It's like super urban. But it is like a freehold property. I think they got like, question.

[B]

They got any like nice condos there?

[A]

Yeah, this house was built in 1785. There you go. Talk about a century home.

[B]

Yeah. You got Laneway house Permits back there? No, probably.

[A]

Why not? I don't know.

[B]

That's crazy.

[A]

Yeah. But. Yeah. So 400k Swiss francs. I don't know why it's converting it to Australian dollars, but it is.

[B]

It's confused at your ipn. My guy. Yeah. Where is Dan? All right, so Norway. We got a few facts on Switzerland, Ireland, Iceland.

[A]

Can you do this?

[B]

Pull up some stuff on Iceland here because. Sure. I. I don't. I know zero about Iceland even geographically. I'm currently Google mapsing it. I picture a home like in the middle of the green with just waterfalls everywhere for like maybe like 75K. And you just got a bunch of.

[A]

Buddy, look at this thing. I think that's pretty much exactly this. Dude, I'm just listing exactly what you're looking at.

[B]

I swear to God, look at that. I'll share my screen right now in.

[A]

Iceland, 72 million isk.

[B]

Free. What is it? Sorry, say it again.

[A]

72 million isk to USD is 523,000 USD. So pretty good comp actually to that one that we were just looking at. Okay, look at this. Well, I mean like value wise to the one that we were just looking at. 500k USD. Right?

[B]

That's right.

[A]

That's cool. Dude. Sick place to retire. If you like.

[B]

I was just thinking farming. Imagine just living downtown Toronto, downtown New York, downtown LA for soccer.

[A]

Pitch here. Dude.

[B]

Come on, buddy. I'm in.

[A]

Together.

[B]

I was gonna say, how do we open up something in Iceland here? Why would people. Why would the average American. Why would the average American retire in Iceland? Okay, I'm pulling up some facts on.

[A]

Why the segment of the episode Dave asked questions. Why would an American retire in Iceland?

[B]

Let me tell you. Exceptional quality of life ranks. Obviously we knew that already. Stunning natural beauty. Obviously knew that. Safety and stability. Iceland is one of the safest countries in the world with low crime rates because no one can reach you. And political stability, universal healthcare, obviously. So I'm guessing like these top ranked all have in common kind of the same stuff. Obviously.

[A]

Strong pension, super duper first world places. I think, I think that's kind of the point.

[B]

English proficiency, rich culture, community. Cool, huh?

[A]

That's super scandi.

[B]

Yeah, yeah, yeah, that's. That's a cool house. Challenges do exist. The cost of living is high, 31.97% more than us per Numbeo data. Though rent is 19.10 lower due to reliance on imports and high taxes. A retired couple needs at least 2376 monthly to prove financial independence for residency. They also have Harsh winters with limited daylight. That sounds like a nightmare.

[A]

Big day.

[B]

I'm a. I'm a big light guy.

[A]

Huge.

[B]

I only operate well. I only do good in the light time. Daytime. Not a big nighttime guy.

[A]

Pretty fair.

[B]

Okay, hold on, hold on, hold on. Americans need harsh winters. Limited daylight might deter some immigration and restrictive. Americans. Americans need a residence permit via family ties or financial independence. And four years of continuous living for permanent residency. Interesting. Crazy. Okay. Just learned a whole bunch. I hope you guys did too. Because I didn't know a single thing about Iceland until this very second. I honestly had it in my head. Pretty accurate though. I wasn't far off. Next. Luxembourg.

[A]

Yeah.

[B]

I don't know Luxembourg. You got to know some stuff about Luxembourg, I'm assuming.

[A]

No, I don't. It's in Europe.

[B]

We're about to learn.

[A]

It's super, super old.

[B]

Super old.

[A]

I think it's a monarchy. Believe.

[B]

A monarchy. What is Luxembourg? A monarchy.

[A]

But their website says Discover Luxembourg, a small multicultural company in the heart of Europe that is open to the world. You can travel to the capital city.

[B]

Huh. It's a. Luxembourg is a grand. I'm gonna say this wrong, but I'm gonna say it anyways. Official status. Luxembourg is a grand Douchey D. Dutchy. I swear to God.

[A]

Luxembourg.

[B]

Okay. Okay. I don't know what that means. It's actually the only one in the world.

[A]

Can't be.

[B]

Yeah.

[A]

Can't be. Douchey.

[B]

It's gotta be douchey.

[A]

Toronto. The grandest douchey Toronto or Miami has a.

[B]

That's good stuff. It's actually the only one in the world today governed by a grand duke or a grand duchess. The current monarch is Grand Duke Henry. Wow. That's wild.

[A]

Looks super first world, though. I'll tell you that much.

[B]

Crazy.

[A]

Look at that. That's sick.

[B]

Wow. Let's pull up a house. Average house in Luxembourg. It's very important stuff. We can't go in depth with all these ones like this. But I'm just super curious. Okay. Advertised price for a house is 1.3 million euros. Can't be right.

[A]

Yeah. Yeah, it makes sense. Dude.

[B]

Wow.

[A]

Like I'm looking at some right now here. 786 pounds.

[B]

Average is like six.

[A]

Somebody off this house.

[B]

Crazy. Prices have been falling. Obviously. Same globally.

[A]

This one's pretty gay.

[B]

Let's see this.

[A]

Nice and yellow. That's £800.

[B]

Is that off the back of a cliff?

[A]

Yeah. It looks like it's pretty steep off the back there. Eh? You got a walkout basement?

[B]

No. Pool.

[A]

Fallout basement.

[B]

Fallout basement.

[A]

Open the gallery.

[B]

Yeah. Wow. And this is how much?

[A]

It's 823,000 GDP mountains.

[B]

8:30.

[A]

What's that to USD? But yeah, I think it's close to 1 to 1 million USD.

[B]

Wow.

[A]

For some interesting. We haven't found one that's like I would call affordable for, you know.

[B]

But that makes sense. Again, that honestly makes sense for what we're talking about.

[A]

Well, yeah, it's like. Oh, yeah. Like all of these places are amazing to live. It's like, who's surprised? They are freaking insanely expensive to do so.

[B]

Exactly. Then you got Australia, which. I've actually never been to Australia. I'd love to check it out.

[A]

But anyways, yeah, Ben, it's. It's pretty cool. It's like. It's like Canada, but with way better weather. And all the animals are trying to kill you.

[B]

Yeah, see, I don't do. I don't do well with snakes and bugs and stuff like that. It's not really my jam. That's why I got three cats. People think. I mean, you don't. I don't. You don't strike me as a cat guy, actually.

[A]

Not a cat guy. No.

[B]

I think if you gave it time, you'd like it. Honest.

[A]

They're okay. But they grow on you. And my one dog, like, thinks he's a cat. Like, he. He is like a lap dog and he hunts like creatures outside all the times.

[B]

Yeah, yeah, that's like. I mean, I live in the middle of the jungle in Mexico and my one cat. Yeah, he's got a lip that's all messed up because he keeps security teams. No, straight up. No, no. There's not a single. They eat geckos every day. Like, I'll catch them with geckos in their mouth all day. It's crazy, man. But they don't come in. Okay, then you got Australia, New Zealand, which I think are like the same thing. Am I wrong?

[A]

Yeah, both expensive.

[B]

Both expensive. They're both highlighted yellow, which is because it has that thing.

[A]

But no, it's because they're in Oceania. It's just. That's just the. They're color coded by which continent they're on, obviously.

[B]

Oceania. I didn't even know that was a thing, man. All right.

[A]

Yeah, that's like Australia, New Zealand, Fiji, maybe Indonesia. I think Indonesia is in Asia.

[B]

See, I learned something new. Then he got Germany. Isn't Germany going through some not so great time?

[A]

Your economy's getting smoked for sure. Urban areas in Germany are pretty expensive. So like, you've got, you know, like your Frankfurt. Like when we did the bubble index, we talked about this. Munich, Frankfurt, like, they're, they're bubbly cities. But if you go to like the rural areas, the same as Canada, I would say, right? Or the US like, as long as you don't want to live in a super urban area, you can usually find something for a pretty decent price.

[B]

Interesting. Denmark, Austria, Canada. Canada's on there. Finland, Sweden. I've actually spent some time in Finland and Sweden. Both amazing. Good people. Super beautiful places.

[A]

Just cold, right? Like, that's the only thing that I find surprising about boomers wanting to go there is like, I'm in. Down in California right now, Palm Springs, and it's like boomer heaven, right? And they're just in here just soaking up the sun, getting away from the winter up north. Like, all the plates are from, from like either northern US Or Canada. Right?

[B]

Yeah, I see. I picture. I picture you in Palm Springs. Okay. This is what I picture. Okay. You got like a 1998. 1990 Corvette. Okay. Two seater, buddy.

[A]

How'd you know I was a GM guy just like, just blasting Skinnered with my tank top on.

[B]

But you got the. The floral over top, you know, tank top. Yeah, but floral over top, cargo shorts just in case you got something to carry around. Some stuff for the kids, right?

[A]

Playing.

[B]

I can play for sure.

[A]

Playing the Eagles. Actually go see the Eagles tribute going through here soon.

[B]

So are you actually.

[A]

Oh, yeah. I love the Eagles, man.

[B]

I'm learning so much about you right now. Sorry, we got carried away there.

[A]

That's okay. That's good. Got to get to know the hosts.

[B]

You know, Dan. Dan's the red one. This episode, which is my favorite thing because.

[A]

Yeah. Just came here, laid in the. Fell asleep beside the pool for three hours yesterday after I got. Just.

[B]

Guys got this one on. Do not discomfort.

[A]

Dave tan on.

[B]

Oh, it's so good. It's my favorite. All right, back to lobster, guys.

[A]

Yeah. What are you gonna do?

[B]

We're tanning. You know, I was actually at the beach right before this. I was not to rub it in. I know it's cold.

[A]

This episode is brought to you by Red Lobster.

[B]

That's right. If we don't. Are they still a thing?

[A]

I don't know. They're gonna change the name, though, to Dave and Dan's.

[B]

DND's. Where are we here? I lost the episode. Okay, we're back. We're back. Finland. Sweden. I'm hungry too.

[A]

Slovenia. That sounds like there'd Be a more affordable Slovenia. Is that former ussr, is it? I think so. Flag looks, I've heard.

[B]

Let's.

[A]

I wanna.

[B]

Okay, what's the hell, let's go one more, One more.

[A]

It's never part of the ussr. It was part of Yugoslavia, which was influenced by the Soviet Union.

[B]

See this history stuff, man. What's, what's average house.

[A]

Give me an average house homeownership rate is 75%. So it's a little bit more capable.

[B]

75% homeownership rate.

[A]

It would be higher than the U.S. slovenia.

[B]

I'm pulling up some.

[A]

You know what's interesting about Slovenia. It's the only place in the world that has longer building permits than Canada.

[B]

In the world?

[A]

Yeah. Actually no, in the oecd. But everybody outside the OECD doesn't technically count because they don't have data to put into the oecd.

[B]

What's the oecd, man?

[A]

We went through this organization, Economic Cooperation to what? Yeah, we did this. Yeah, I remember. I listened to it.

[B]

For those.

[A]

This is called Dave Learns the oecd.

[B]

Again for those listeners that are at my education level and that didn't know they're just off who's in the oecd.

[A]

So this isn't for an average priced house in the capital, which, so this is like, you know, urban is €290,000 or 315,000 USD. So it's not that bad.

[B]

It says here.

[A]

Yeah, there's a New York Times article on it actually.

[B]

High quality. Here's the reasons why people would want to retire in Slovenia. Significantly lower cost compared to the U.S. according to Numbeo, consumer prices in the U.S. are about 20% higher and rent is roughly 117% higher. The capital, a one bedroom apartment in the city center in Slovenia costs around 718 monthly. Well outside the city center is about $557 monthly. If you're comparing that to like New York, they're saying the range is around like 3 to 3500 for an average condo rental in New York. Stunning natural beauty, high quality of life, very clean.

[A]

It looks like a lot of people started moving there during COVID though. Seen quite a bit of increase in price growth over the last. Well, basically since the beginning of COVID price growth was 3.36%. Went up to 17% year over year price growth in 2022.

[B]

Interesting.

[A]

Then it dropped when interest rates started. So 2023, real house prices, I guess their inflation was pretty high. Real house prices dropped about 1%. But nominal prices basically have still been growing 5, 6, 7%.

[B]

Interesting.

[A]

So, yeah, it's saying here.

[B]

Go ahead.

[A]

Yeah. In Ljubljana, Sylvania's capital, I skipped over that Price index for existing flats rose by 4.77% year over year, but fell slightly by half a percent in real terms, which means that their inflation was more than how much they were growing.

[B]

Interesting. Yeah, it's an uncovered gem. Unlike overcrowded retirement hotspots, Sylvania remains relatively under the radar, offering a quieter, less touristy, less expensive experience. Travel and leisure has highlighted. I'm not going to the city capital as a rising retirement destination. Interesting. Oh, they have ski resorts and everything and spa and the sea. This is. I get it. Slovenia I'm on board with so far. What's next? Uk?

[A]

What's next is I subscribe to this website because it's sick data. We're going to use it so much.

[B]

This is actually a really good website. Uk. The UK is not doing great either. Right. They're on the same kind of path as Germany.

[A]

I think a lot of European economies just like weren't really innovative and they're having a hard time competing against the US and like kind of the Western like knowledge economy and they're having a hard time competing against like the east in the manufacturing and et cetera. Right. So yeah, uk, most of Europe I think is having a pretty rough go right now, tell you the truth.

[B]

Then you got Israel, Czech Republic, Belgium, U.S. south Korea.

[A]

South Korea, yeah. South Korea is an interesting one. Why don't you pull up houses there?

[B]

Obviously I'm pulling up houses here, man. I got a million questions. South Korea. I'm going to first ask why would Americans retire in South Korea? And then I'll ask it another question. Cost of living. South Korea offers a lower cost of living compared to the US obviously, especially outside major cities like Seoul. According to Numbeo, consumer prices in the US are about 25 to 30% higher and rent is A, is roughly 50 to 70% higher. Busan and Daegu, a one bedroom apartment in the city center cost around 4 to $600 monthly compared to. Okay, that's rent. What's that gonna cost? I want to see this here. Hold on. Pulling up some data here for you. Average house price. You got it? You got some listings I can probably pull.

[A]

Give me a sec. You can pull it up.

[B]

Purchase price across South Korea is approximately 390 million South Korean won KRW, which.

[A]

Is approximately like they have the third highest house price by country in price per square meter.

[B]

I think they're based on that off like that's in Seoul center. Yeah, Seoul, Yeah.

[A]

So that's Seoul. So they're saying only Singapore. Only Singapore and Hong Kong are above them.

[B]

Interesting. So it gets like drastically cheaper outside Seoul. Just saying average is 281,000.

[A]

Yeah, Japan's like that as well. I mean I think a lot of these Asian countries are really going through these pretty severe demographic shifts. Japan's already experiencing the effects of an aging society with the world's oldest population. Statistically over 29% of Japanese citizens are 65 or older, which is a lot of pressure on pension systems and healthcare infrastructure. So it's not like it would be maybe an exceptional place for more boomers to go. But as a result there's so few young people and so there's not a lot of young people to buy all of these houses off of boomers. This will happen in the US and Canada eventually. We're just earlier. Right. We just have younger populations. Go to South Korea. They have the world's lowest fertility rate at 0.78 births per woman in 2022, which is far below the replacement rate of 2.1. And this is obviously a threat to the long term economic stability of their real estate market. Sustainability though, if you're a boomer who's just looking for a high quality place to retire, best bang for your buck, you might not care so much about the sustainability. That's probably your kid's problem.

[B]

That's right. I pulled up some stats on average hospital wait time in South Korea just for funsies.

[A]

It's actually saying that it's a good stat.

[B]

Right. It's very efficient. So emergency wait times. South Korea's emergency departments are known for its efficiency compared to many Western cultures. But exact wait times vary. Obviously they're saying it's about 30 minutes to an hour for non critical cases even in busy urban hospitals. 2024 study on travel time to emergency care doesn't provide wait time directly, but notes that hospital bed availability improved since COVID 19 reducing delays for admission. Let's see, average wait time is about one to two hours even in major like Seoul.

[A]

See, so not an amazing. I mean that sounds kind of like Canada. I think the one thing when it comes to healthcare is a lot of the private healthcare countries are seeming to look a bit better especially for again this is assuming a wealthier class of people who can afford it. If you can afford to go and choose a country based on where you want to retire, you probably healthcare you can afford to pay for. Right?

[B]

I would assume Malta. What do you got? You got a chart pulled up there. I know. You want to talk about it?

[A]

No, no, I don't.

[B]

I'm good.

[A]

Malta I think is pretty nice though from a weather like from a weather perspective, is it not?

[B]

You know what Googling Malta, it's an island.

[A]

It's like, I think it's just, it's like south of Italy.

[B]

Slow paced living, you know, I think I can, I can associate with that right now. Affordability, let's see, Malta's coast cost. Sorry. Let's see. Affordable living. Malta's cost of living is lower than many US cities. Obviously a one bedroom apartment, around 900 to 1100 US dollars outside.

[A]

That'd be like living in like one of the Caribbean islands though, right? Like it'd probably be. Gotta have not. Not need to do much, you know, Got to be willing to not do much.

[B]

I don't know if that's Mediterranean.

[A]

Not the life for me, buddy.

[B]

Yeah, that's. They got golf courses out there, but this has over 300 sunny days annually.

[A]

There you go. It's like California too.

[B]

Palm Springs. F in the Corvette. The Eagles.

[A]

That's me, buddy. Eagles.

[B]

Did you know this English speaking base, as a former British colony, English is the official language alongside Maltese. Did you know that?

[A]

No. It makes sense though now you've mentioned that it was a British colony.

[B]

They also have a lot of like retirement visa options, just in case you're wondering. You're welcome. We gotta do, we gotta come up. I mean France, I kind of get it. Japan I kind of get it. But Estonia, I'm curious because I feel like there's a lot of places here that I'm, I wouldn't have expected, but Estonia, I don't know a single thing about Estonia. What language?

[A]

Interestingly like, you know, it's interesting. I'm looking at these countries, some of these countries. So like if you go back, if you look, go to globalpropertyguide.com they have these rental yields by country. It's pretty sick. This is a sick chart I'm going to show. Well, it's not a chart, it's just a table. But I'm going to make this into a chart and if you go to the top of the list and start looking at. I sorted this backwards by gross rental yield. So basically again your rental income divided by your property values and look who's all at the top here. Israel, Switzerland, Czech Republic, Hong Kong. I guess Hong Kong wasn't on the list, but there's Malta right there. For 4.08%. You've got Denmark at 4.18%, New Zealand, Japan, this whole list. Right. So again, right, these countries where your house prices are high, a lot of people want to buy the real estate. They don't perform well as investments.

[B]

Right, Interesting. That's kind of cool. I want to cover one quick thing. Did you know in Estonia the official primary language spoken is Estonian and Estonian is a Finnic. A Finnic language, part of the Uralic language family, closely related to Finnish and distantly to Hungarian.

[A]

I had no idea.

[B]

But now I know they also speak Russian and English.

[A]

There you go.

[B]

So you gotta learn, you learn Estonian if you're going to Estonia.

[A]

That's a, that's a pretty big headwind though, right? Like, especially for us folks that want to move like, and don't really know any other languages. Like most of my, like anyone I know from Europe, like they all speak like three or four languages and for them to learn like a new language, as long as it was marginally related, like you just mentioned, to the right place they came from, it wouldn't be that hard. But like, I don't, man, everyone, especially North America, everyone's just like, you know, no Google Translate here. Okay.

[B]

It's true. Cool.

[A]

Yeah, let's wrap it up there. Yeah, that was good. I think to me the key important part of this is, I mean, look, my major takeaway is a bunch of countries that nobody can afford as it stands, are attractive to old people who have a bunch of money. Right. Not necessarily surprising, but interesting to look at the whole list and probably is not something most people think about.

[B]

Right.

[A]

Going a little bit further, is it reasonable to expect that we'll start to see a lot of that boomer capital move into those countries as they start to look for new places to retire? Yeah, probably. And so could those markets benefit and could that be maybe something that could push them to be more sustainable in long term growth? Yeah, I think it would be reasonable to expect that. That's my 2 cents on today's app. What do you got?

[B]

Dude, I learned a lot, man. I learned. I went into this blind just looking at a chart of the top 25 countries or places to live. Sorry. And honestly learned way more than I, than I expected. I learned I had Google Maps up this whole time.

[A]

So I'm basically an expert just getting a geography lesson.

[B]

It was, there was a lot spinning around up here in this noodle, you know. But I think, I think we covered some really cool things. I think it's, you know, just here to provide value. We're value givers here on this podcast, and that's what we did today.

[A]

Cool.