Date
27 May 2017
Chinese buyers regard US real estate as a relatively safe haven with well-defined rules. Photo: Bloomberg
Chinese buyers regard US real estate as a relatively safe haven with well-defined rules. Photo: Bloomberg

Chinese top foreign buyers of US homes

Chinese have surpassed Canadians as the dominant foreign buyers of homes in the United States, the Wall Street Journal reported, citing a survey by the National Association of Realtors.

Chinese buyers accounted for 16 percent of the home and condominium purchases by foreigners in the 12-month period that ended in March, up from 12 percent in 2013. the survey showed.

Canadians made up 14 percent of international buyers, down from 23 percent in the 2013 survey.

In third place were Indians, who presented 8 percent, up slightly from 2013.

For many years, Canadians had been snapping up US homes as vacation or retirement properties.

But Canadian purchases have declined recently, partly due to their weakening currency, the newspaper said.

Chinese buyers bought US$28.6 billion of US properties in the year to March 2015, compared with US$11.2 billion by Canadians and US$7.9 billion purchases from India.

Chinese buyers regard US real estate as a relatively safe haven with well-defined rules and the US economy as strong and stable, Jed Smith, managing director of quantitative research at the National Association of Realtors, was quoted as saying.

Overall, the number of transactions dropped 10 percent from last year, even though the total dollar volume of sales rose 13 percent to US$104 billion, according to the survey.

– Contact us at [email protected]

CG

EJI Weekly Newsletter

Please click here to unsubscribe