Chinese investors set new record buying USA real estate

Chinese investors set new record buying USA real estate”

A Times of India report published July 21 says that the pall of gloom owing to protectionist policies has not kept Indians residing in the USA from investing in real estate.

Canadian buyers bought the most property in Florida, Chinese buyers mostly chose California and Mexican buyers preferred Texas properties, according to the survey. This year's total of the purchase by the foreign buyers and recent immigrants marks a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high. While California, New Jersey, Texas, Massachusetts, and Kentucky were top destinations, more than two in five Indian buyers purchased properties to use a primary residence in these states where they most likely found jobs. However, a surge of investments from other nationalities resulted in Indians slipping to fifth position in 2016-17.

Growing interest from Canadian buyers comes from the high price of real estate in Canada, especially in Toronto and Vancouver, according to NAR Chief Economist Lawrence Yun.

The 2017 Profile of International Activity in US Residential Real Estate provided the data from April 2016 to March 2017 and said that foreign buyers purchased $153.0 billion of residential property during the 12 month period.

Foreign buyers had to brush off USA political turmoil in order to make their purchases.

All in all, foreign buyers along with recent migrants brought a record $150.3 billion to the United States real estate market, marking a 49 percent year-over-year increase the association reports.

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Foreign buyers paid an average of $302,290, a 9 per cent increase from the median sales price in the 2016 survey and above the sales price of all existing homes sold during the same period which was at $235,792.

Florida, California and Texas remained the top destinations for foreigners, accounting for almost half of all foreign sales.

Lawrence Yun, NAR chief economist, said in a news release published online "The political an economic uncertainty both here and overseas did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year".

This made Indians fifth largest investors in real estate in the US.

"Although non-resident foreign purchases climbed over the past year, it appears much of the activity occurred during the second half of 2016", said Yun. "Some of the acceleration in foreign purchases over the past year appears to come from the combination of more affordable property choices in the US and foreigners deciding to buy now knowing that any further weakening of their local currency against the dollar will make buying more expensive in the future".

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