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The Largest Foreign Buyers of US Homes
A new study shows that there is a surge in Chinese nationals buying real estate in the USA last year, they are buying both residential as well commercial property. They are pouring billions into the American property market in their pursuit of securing safe overseas assets. The Chinese are the largest foreign buyers of American homes, they spent well over $110 billion on US real estate over the past 5 years according to the newly published study by the Asia society and Rosen Consulting Group.
The huge transactions levels has contributed substantially to the recovery of the American real estate market from the 2006 crash that paved the way to the 2008 global economic crisis.
“What makes China different and noteworthy is the combination of the high volume of investment (and) the breadth of its participation across all real estate categories,” including a “somewhat unique entry into residential purchases,” the study said.
The Chinese get Ahead of Canadians as Largest Foreign Buyers of US Homes
The study notes that Chinese buyers put more than $17 billion into US commercial real estate, with half of that spent last year alone between 2010 and 2015 and during the same period at least $93 billion went into investing in US homes. And in the 12 months to March 2015, the latest period for which relatively comprehensive data could be gathered, home purchases totalled $28.5 billion.
That placed Chinese nationals ahead of Canadians, who have long been the biggest foreign buyers of US homes. Chinese buyers seem to favour the most expensive markets like New York, Los Angeles, San Francisco however upcoming global stars like Miami is increasingly drawing Chinese buyers attention and investments.
So, What is Motivating Chinese Buyers?
The study explains that the Chinese are buying US property for a varied number of reasons; second homes, some are buying as they move to the United States on EB-5 investor visas; some are investing for rental and resale. The devaluation of the Yuan since last year has also been an important factor; it increased the motivation to get money outside China and into dollar assets amid worry about the continued fall in the yuan. With most of the money in invested in US homes being private wealth, as opposed to corporate.
LUXO team has long been serving Chinese investors in both the US and the UK real estate markets. Assisting them in finding their ideal overseas home. And guiding them through the buying process step by step. Please speak to our team who will be more than happy to assist you if you are considering buying a property in the US or the UK.
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