Foreign Purchases Expand Across The U.S.
Foreign investment in residential U.S. real estate has skyrocketed according to the 2017 Profile of International Activity in U.S. Residential Real Estate. In the 12 month period from April 2016 – March 2017, 284,455 homes were bought by foreign buyers (up 32%), for a total sales dollar volume of $153.0 billion – up 49% from 2016 ($102.6 billion).
China is still the top buyer of U.S. residential real estate, but Canada accounted for the most growth in the past year, from $8.9 billion in 2016 to $19 billion in 2017. The top 5 countries are: China ($31.7B) – a 16% increase; Canada ($19.0B) – a massive 113% increase; U.K. ($9.5B); Mexico ($9.3B); and India ($7.8B). All five countries saw increases from the 2016 survey. The top states were: Florida (22%), California (12%), Texas (12%), New Jersey and Arizona (4%). Meanwhile, countries like Canada, the United Kingdom, Australia, and New Zealand are seeing foreign buying tapering off.