The Chinese shopping spree of American real estate is ramping up, with buyers focused on more expensive homes in dense urban areas in California, New York and Washington state, according to a survey of realtors released this week. That survey confirms the general understanding that Chinese money is flowing into the U.S., driven by a favorable exchange rate, increased access to credit and desire for secure investments.
According to the National Realtors Association (NAR) survey, the Chinese spent $22 billion on U.S. housing in the 12 months through March — 72 percent more than they spent the year before. Among foreign buyers, Canadians ranked highest in the share of transactions, at 19 percent, but the Chinese bought by far the most expensive homes, with a median price of over half a million dollars. That’s compared to the $213,000 spent by the average Canadian buyer of U.S. real estate, $141,000 spent by the average Mexican, and about $200,000 spent by the average American.
Saturday, July 12, 2014
The Chinese Appetite for Real Estate in Major US Cities
FiveThirtyEight.com reports:
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Another major force driving Chinese property developers to look abroad for opportunities is the downturn in the domestic market, which has been under pressure recently as the economy cools down..
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I've read your post "The Chinese Appetite for Real Estate in Major US Cities". Great statistics!
ReplyDeleteThat survey confirms the general understanding that Chinese money is flowing into the U.S., driven by a favorable exchange rate, increased access to credit and desire for secure investments.Kensington Greece
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