Daily Management Review

The Chinese Took the First Place Among Foreign Purchases of US Property


Chinese buyers took the first place among the foreigners who buy housing in the United States. It is reported by The Wall Street Journal.

According to the National Association of Realtors, last year the proportion of Chinese citizens among the foreigners who buy residential real estate rose from 12 percent to 16 percent. The number of Canadians who had previously occupied by a large margin the first place, on the contrary, has fallen from 23 percent to 14 percent. In third place are Indians making up 8 percent of foreign buyers - their share has risen slightly over the past year.

In general, Chinese citizens have bought property in the amount of 28.6 billion dollars, Canadians - $ 11.2 billion Indians - $ 7.9 billion. Realtors explain the changes in the housing market by a serious weakening of the Canadian currency, as well as the desire of the Chinese to invest their assets in real estate in the United States, where there is a clear housing legislation.

The share of foreign buyers accounted for only 4 percent of real estate sales, but their presence in the market is quite noticeable. As a rule, they buy more expensive homes than the average Americans: for example, the average price of homes purchased by foreigners is almost 500 thousand dollars, and the Americans - 255.6 thousand. Moreover, the Chinese prefer more expensive housing: the average price of homes bought by the Chinese - about 832 thousand dollars, Canadians - about 380 thousand.

source: wsj.com

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