A new report issued by the National Association of Realtors has detailed how the Chinese are now the fastest growing group of international buyers when it comes to purchasing homes across America.
According to the data released, non-US buyers spent $82.5 billion on residential property in the 12 months before March 2012 and Chinese buyers made up 11% of this total. Buyers from Canada still remain the largest group of non-US buyers at 24%; however, the Chinese are the fastest growing group of people from outside America.
Speaking about the news, a real estate broker said: “The Chinese work very hard – it’s part of their culture. For them the most important thing is education, and with prices being very low as they are, they see a chance to get near a good school.”
When buying from overseas, a foreigner could be expected to pay as much as 35% as a down payment but there is no need to obtain a visa.
Jed Smith, who is an economist with the National Association of Realtors, said: “There is an increasing number of wealthy Chinese who are buying in the US to diversify their portfolio. Even with the rally in recent months, homes here still look very good from an investment point of view.”
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