Foreign Buyers’ Desire for U.S. Real Estate Continues to Growadmin / 0 Comments /
Real Estate in the United States continues to be a choice investment for international buyers. In fact, the number of homes purchased by foreign buyers rose 2.8 percent from April 2015 to March 2016.
There has, however, been a shift in the types of properties and locations these buyers are opting to purchase. Reported numbers reflect a decline in foreign non-resident investors, who typically purchase properties in expensive markets such as San Francisco and New York City. Nevertheless, a rise in the number of recent immigrant foreigners purchasing homes helped to increase the overall dollar volume to the second highest in the past 7 years. Both groups of foreign buyers, whether looking for an investment or for a home to live in, are opting for smaller properties in less expensive parts of the U.S.
More positive news for U.S. real estate is detailed in an article published by CNBC.com by Diana Olick. With the recent global financial market instability, investors see real estate as very safe investment. Lawrence Yun, chief economist of the National Association of Realtors (NAR), indicated, “… with economic instability and political turmoil outside of the U.S. likely to persist, the world view of American real estate as a safe investment should keep demand firm …”
Read the entire article.
Photo Credit: Seneca Real Estate