Owning a vacation home is not the same as establishing a multi-local lifestyle—don’t confuse the two. A vacation home is a consumption asset: used for just 15 days a year, 96% vacant, and generating negative carry. Multi-local living, however, is not a real estate portfolio—it’s a geographic options basket. When you crave the sea, move to Nice. When you crave espresso, move to Milan. When you love Christmas markets, move to Germany. This is no longer a “vacation home”—it’s life arbitrage. One ties up idle capital. The other optimizes quality of life. One has an opportunity cost. The other has an option premium. Same building. Different balance sheet.
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