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Chinese Investors Buy $6.1 Billion Worth Of U.S Homes In Past 12 Months
Chinese Investors Acquire $6.1 Billion Worth Of US Homes In The Past One Year
Chinese investors were the most active buyers of US real estate last year among foreigners — spending a record $6.1 billion on homes mainly in Florida and California, according to the National Association of Realtors.
Buyers from mainland China, Taiwan, and Hong Kong spent an average of just over $1 million per transaction to purchase existing homes — with nearly a third of those deals (31%) involving the acquisition of property in California, according to the NAR.
Canada came in second. Investors based north of the border spent $5.5 billion on US residential properties between April of last year and March of this year. Buyers from India ($3.6 billion), Mexico ($2.9 billion), and Brazil ($1.6 billion) round out the top five.
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Florida was the state that attracted the heaviest volume of real estate purchases, according to figures provided by the NAR.
It was the 14th consecutive year that foreign investors expressed the most interest in Sunshine State properties Florida accounted for 24% of all international real estate purchases in the US while California ranked second (11%). Texas attracted 8% of all foreign-based real estate transactions while Arizona accounted for 7%. New York and North Carolina were tied at 4%.
In total, foreign buyers spent $59 billion to purchase 98,600 existing homes in the US — an 8.5% increase from the previous 12-month period.
Of those purchases, 44% were all-cash sales — which is almost double the rate of all existing-home buyers.
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