Home News Chinese investors lead foreigners with $6.1 billion in purchased US real estate last year

Chinese investors lead foreigners with $6.1 billion in purchased US real estate last year

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Buyers from China, including those from Taiwan and Hong Kong, have acquired $ 6.1 billion in US real estate in the last 12 months. This is the highest amount in any other country.

According to the National Association of Real Estate Agents (NAR) Top states These purchases were in California and Florida.

With rising U.S. home prices, the average time spent on homes was just above $ 1,000,000More than half of buyers pay in all cash.

Canadian buyers bought the second largest US property for $ 5.5 billion, followed by buyers from India ($ 3.6 billion), Mexico ($ 2.9 billion) and Brazil ($ 1.6 billion).

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Overall, foreign buyers bought 98,600 US homes this year. Twenty-four percent of them were in Florida and 11 percent were in California. This is an 8.5% increase from the previous year, marking the end of the three-year decline in sales.

Sunshine State has been the number one destination for real estate investors for 14 consecutive years, claiming that 44% of foreign buyers bought real estate as villas, rentals, or both.

Chinese people are made up The largest foreign group of real estate Since 2013, US buyers have spent more than $ 188 billion over the last decade.

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In a press release, NAR Chief Economist Lawrence Yun predicted that “rising interest rates will reduce overall US home sales this year.” However, we cannot discourage foreign buyers who pay in full cash and are not affected by interest rate fluctuations.

Timing matches also lifting Pandemic-related restrictionsThis has led to an increase in overseas travel in recent months.

Other factors, such as the appreciation of the US dollar against other currencies, including the RMB, can affect foreign investment in US real estate.

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Confidence of US Homebuilders Plunge This month has fallen to its lowest level since May 2020, raising the risk of a nationwide housing market collapse.

Featured image via Enes Yilmazer

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