US: The US National Association of Realtors reports that for the tenth year in a row, Chinese citizens top the list of foreign buyers of American homes (NARs). Investors spent US$6.1 billion on asset purchases in the 12 months ending March, according to NAR, which aggregates buyers from the mainland, Hong Kong and Taiwan. This is 27% higher than the same period last year. Six out of ten Chinese investors paid cash for their purchases.
According to NAR, which represents 1.5 million members in the residential and commercial real estate industries, foreign investors bought residential properties totaling US$59 billion, an 8.5% increase over the previous year and a three-year decline. ends. During that time, 2.6% of the US$2.3 trillion real estate market was made up of foreign buyers.
Of the 6.12 million existing homes sold during that time, 1.6%, or 98,600, were purchased by foreigners. However, this was the smallest purchase made by overseas buyers since the NAR began collecting data in 2009. According to Lawrence, home purchases of wealthy foreign buyers slowed for the second year in a row due to restrictions and general precautions related to international travel during the pandemic. Yun, chief economist of the National Association of Realtors.
According to NAR, since 2013, Chinese have made up the majority of foreign buyers of American homes. One-fifth of the total investment of US$906.2 billion over the past ten years – or US$188.6 billion – has come from Chinese investors in real estate.
As a result of the rise in US domestic prices, the average and average prices paid by overseas buyers reached record highs of US$598,200 and US$366,100, respectively. During that time, the average monthly price of an existing home sold in the US increased by 10% to US$374,300.
Chinese buyers had the highest average purchase price among international buyers, at just over $1 million, with almost a third of their purchases being made in California. Almost twice as many other such acquisitions, all-cash purchases accounted for more than four out of every ten international buyer transactions. Seven out of ten Canadians made a one-time cash purchase to buy their home, making them the most likely demographic to do so. The Chinese came second with 58% of the vote. According to Yun, the U.S. Overall domestic sales in the U.S. are likely to decline this year, but overseas buyers are likely to increase their purchases.
Not all cash bidders will be affected by the change in interest rates, he added. Additionally, with the lifting of travel restrictions related to the pandemic, there have recently been more international flights. Florida accounted for nearly a quarter of all international purchases and was the top destination for foreign buyers for the 14th year in a row.
Republican senator and former presidential candidate Marco Rubio, from Florida, is one of the party's most vocal critics of China. According to information from the US Congress, the Uighur Human Rights Policy Act of 2020, the Hong Kong Human Rights and Democracy Act of 2019, and the Secure 5G and Beyond Act of 2020 are among 96 Rubio-sponsored bills that have become law. After California, which received 11% of all investments, were Texas, Arizona, New York and North Carolina. Two out of every five Chinese buyers preferred to travel to California and New York.
According to Kashif Ansari, Co-Founder and Group CEO of Juwai IQI, the outlook for Chinese investment in US real estate is uncertain due to the strengthening of the dollar. According to Ansari, it is still unclear whether the US dollar, which has risen more than 6% against the Chinese yuan, can halt investment flows.
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