Foreigners spent approximately $68.2 billion on U.S. homes in the 12 months ending March 31, according to the National Association of Realtors, reports CNN Money. Chinese buyers accounted for almost one-fifth of all foreign purchases, comprising 18 percent of total investors. Not only did Chinese buyers outbuy their foreign counterparts by a median price of $425,000 to $276,000, the Chinese also made 70% of their purchases in cash.
In recent years, China’s gross domestic product has robustly increased, creating more cash for her citizens. Some of these families are choosing to invest in U.S. homes. According to the National Association of Realtors, the cities most popular with Chinese buyers include Los Angeles, New York, Irvine, San Francisco, and Las Vegas.
Canada, Mexico, the U.K., and India also accounted for a significant number of foreign buyers. Check out NAR’s infographic for details. Among all non-U.S. consumers, these cities ranked as top ten searches:
- Los Angeles
- Las Vegas
- Washington, DC
- New York
- San Diego
- Fort Lauderdale