Mar 26

Chinese Buyers See Big Opportunity in U.S.

Chinese Buyers See Big Opportunity in U.S.

 

Chinese Buyers See Big Opportunity in U.S. Image courtesy of arztsamui / FreeDigitalPhotos.net

Chinese Buyers See Big Opportunity in U.S. Image courtesy of arztsamui / FreeDigitalPhotos.net

 

More Chinese home buyers are shifting their focus, which traditionally has been on real estate in Malaysia, Singapore, Canada, and Australia, to snatching up property in the U.S., Yahoo! Finance reports.

Chinese buyers were second to Canadians for the largest number of U.S. homes purchased last year by international buyers, according to the National Association of REALTORS®. Twelve percent of all U.S. real estate transactions made by international buyers last year were Chinese buyers, up from 5 percent in 2007, according to the 2013 NAR report. The median price of real estate purchases made by Chinese buyers was $425,000. Also, nearly 70 percent of those transactions were all-cash purchases.

Why are Chinese buyers suddenly more interested in U.S. real estate? Experts say it’s due to several factors, including the yuan’s strength against the U.S. dollar and the depreciation in U.S. housing in recent years that has made high-end properties a more attractive deal for Chinese buyers.

More than half of U.S. real estate purchases made by Chinese buyers last year were in California. These are the five markets that Chinese buyers are targeting the most, according to the NAR survey:

  • Detroit
  • Las Vegas
  • Orlando
  • Los Angeles
  • Irvine, Calif.

Source: “Chinese Buyers Enthusiastic About U.S. Real Estate,” Yahoo! Finance (March 24, 2014)

 

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