Real Estate Matters

According to the National Association of Realtors latest annual report on international home buying activity, the U.S. remains a top destination for foreign buyers.  International purchases surged by $16 billion this year, one the the highest increases in recent years.

According to the survey, total residential international sales in the U.S. (for the year ending March 2011) equaled $82 billion, up from $66 billion in 2010.  Total international sales were split evenly between nonresident foreigners and recent immigrants, while combined total domestic and international existing sales in the U.S. were $1.07 trillion

Immigrant buyers (those in the U.S. less than 2 years or with visas) now account for half of U.S. foreign buyers, or $41 billion (this group grew by $16 billion).

Chinese buyers overtook Mexico and U.K. as the second largest buyer group, after Canada.

Buyers from over 70 countries purchased property in the U.S.

The top 10 countries (in order):  Canada, China, Mexico, U.K., India, Argentina/Brazil, France, Germany, Japan and Russia.

The noted reasons for investment include:  secure investment, rental and long-term appreciation, purchase residence for college students, foreign executives temporarily working in the U.S.

Cheers,

Bill