These are the top foreign real estate buyers in the United States.
Canadians are stepping up as the second foreign real estate buyers across the United States.
Through the past year where the U.S. economy and a notable numbers of its industries suffered from uncertainty, many changes were expected to surge after Donald Trump´s fist six months in office, and clearly, the real estate market did not disappoint, as foreign buyers spent a total of $153.0 billion dollars on residential properties from April 2016 to March 2017, establishing a $102.6 billion-dollar rise during the previous 12 months (April 2015 to March 2016).
Throughout this past time-lapse, a report from the National Association of Realtors stated that people from China were the biggest buyers of American houses for the third straight year, however, Canadians peaked a notorious amount of their volume sales from one year ago, which places them as the second largest investors in the housing market in the U.S.
Further information on the study places the United Kingdom at third place with over 9.5 billion dollars spent, followed by Mexico with a 9.3 billions USD investment, and India, who closed at about 7.8 billion total. Buyers from China, India, and Mexico were resident buyers, while most buyers from Canada and the United Kingdom were non-resident buyers, considering a U.S. property for occasional or holiday visit.
WHERE IS INVESTMENT GOING
There are five states where real estate purchase is growing at a very considerable pace, as Florida, Texas, California, New Jersey and Arizona proved to be the hot-spots for house purchasing among foreign buyers, who increased their interest in venturing in an international house purchase. It was shown that residents from Mexico, Costa Rica, Canada, Philippines, China, United Kingdom, Spain, Italy, Belize, France, and the Bahamas were the top countries of interest in buying a house in U.S. soil.
The U.S home market has become more attractive over the years due to the fact that house prices in the major countries of origin of U.S. foreign buyers has increased notably and at a stronger rate, turning the United States landscape into the most attractive place to be when it comes to buying a home. A downfall and decline in oil prices and export revenues have also made things more difficult, as currencies of oil-exporting countries like Mexico and Venezuela have weakened against the dollar and complicated real estate prices in a considerable amount.
In the study realized by the Reseacth Division of the National Association of REALTORS (NAR), where 200,000 randomly selected REALTORS were surveyed, it was found that foreign buyers who primarily reside outside the United States (non-resident foreign buyers) accounted for 42% of all foreign buyers, while recent immigrants and foreign buyers who reside inside the country on work, student, or other visas (resident foreign buyers) accounted for 58%.
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