The Foreign Buyers You Have Not Heard About
There is no doubt that we are in a seller's market in many cities with housing prices hitting record highs and foreign buyers are coming from every country around the world to purchase U.S. property. It is common knowledge that foreign buyers love luxury condos in Miami, New York and other big cities and the rate of foreign investment continues to rise with 284,455 homes for a dollar value of $153 billion between April 2016 and March 2017, a jump of 50 percent over the prior year.
According to a recent survey by the National Association of Realtors, 42% of these foreign buyers are “non-residents” who may live in the property part of the year and lock it up the remainder but there is almost 60% of the homes that were purchase by and occupied by people who reside permanently in the U.S. as either immigrants or foreigners on work, student or other visas.
Foreign investment in U.S. real estate is on the rise but the people who comprise this group don't fit into one particular demographic. Foreign buyers, both those who reside in the U.S. and those who don't tend to purchase more expensive homes with an average of $537,000 compared to the U.S. average of $278,000. This number is higher for non-resident foreign buyers than it is for immigrant foreign nationals living in the U.S.
investment, real estate, foreign investment, real estate market, buy a house, rent a house, live in the US