International Parents Buy Luxury Condos for Kids Attending U.S. Colleges
By: Sabrina Orlov •
Tuition may be costly in the U.S., but wealthy international parents are spending whatever it takes to buy luxury condominiums for their children who are attending the country’s colleges and universities.
According to the 2016 Open Doors Report, released by the Institute of International Education, the number of international students enrolled in the country increased by 7.1% in academic year 2015-16 with 69,000 more students than the previous year attending U.S. schools of higher education.
The report noted that China sent the largest number of students to the U.S., but the largest growth was in the number of students from India at the graduate school level. “Students from the top three countries of origin—China, India and Saudi Arabia—now represent approximately 53% of the total enrollment of international students in the United States,” the report said.
Simultaneously, luxury residential developments in major cities, like New York, Boston and Miami, are reporting steady interest from international students and their families, who buy places for the students to live in and for families to stay in when they visit.
“We have student residents who are attending Columbia University, Fordham and The Juilliard School,” said Donald Schiraldo, a broker with Douglas Elliman who handles condo sales at Fifty Third and Eighth in Manhattan’s Hell’s Kitchen neighborhood. “The parents who purchase the units come from Europe, South America and Southeast Asia.”
To read the rest of the story and view the full report, click on the link.
investment, real estate, estudy in the US, immigration, university, education