China spent $6.1 BILLION on US property last year – more than any other country – and 31% of the homes Chinese buyers purchased were in California, with Florida most popular state for foreign buyers overall
Chinese buyers spent more than $6billion on US property between April 2021 and March 2022
Canadians pulled in second at $5.5billion, while India place third at $3.6billion
The most popular places to buy homes were in California and Florida, making it the 14th year the Sunshine State has pulled out on top
Most foreign investors were purchasing vacation or rental homes and 44 percent purchased the properties with cash
Foreign investments went up 8.5 percent compared the previous 12 months
By ALYSSA GUZMAN FOR DAILYMAIL.COM
PUBLISHED: 18:50 EDT, 20 July 2022 | UPDATED: 18:50 EDT, 20 July 2022
China spent more than $6billion on US property this year – more than foreign buyers from any other nation.
The Chinese were the biggest buyers in the US, surpassing Canada’s $5.4 billion by $600 million between April 2021 to March 2022, according to the National Association of Realtors (NAR).
Chinese buyers liked California best, with 31 per cent of them buying property in the Golden State.
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India was third largest buyer at $3.6billion, followed by Mexico at $2.9billion, Brazil at $1.6billion, and Colombia at $1billion.
Foreigner buyers largely focused their purchases in California and Florida. The Sunshine State pulled out its 14th consecutive year as the top US state for foreign investors at 24 percent overall, while California pulled out at 11 percent.
Other warmer states, like Texas and Arizona were also high on the list.
Foreign investors spent nearly $60billion on 98,000 properties – an 8.5 percent from the April 2020 to March 2021.
Chinese buyers spent $6.1billion on US property between April 2021 to March 2022, followed by Canada at $5.5billion
Chinese buyers spent $6.1billion on US property between April 2021 to March 2022, followed by Canada at $5.5billion
Forty-four percent were also all-cash sales. Foreign-based investors were twice as likely to make a cash purchase compared to foreigners based in the US.
Almost 60 percent of Chinese buyers and 68 percent of Canadian investors made cash purchases, while 25 percent of Brazilin and Mexican buyers did the same, according to NAR.
Many buyers were buying vacation and rental properties and foreign investors are expected to continue to rise, despite US inflation increase keeping citizens from buying, according to NAR.
Mortgage applications plunge to 22-year low as interest…
‘Foreign buyers, however, are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates,’ Chief Economist Lawrence Yun said.
‘In addition, international flights have increased in recent months with the lifting of pandemic-related travel restrictions.’
However, despite the increase in foreign buyers, the US housing market is said to be on the verge of a ‘meltdown.’
US home builder confidence decreased 12 points to 55 this month, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
