“Buyers from mainland China, Taiwan, and Hong Kong spent an average of just over $1 million per transaction to purchase existing homes — with nearly a third of those deals (31%) involving the acquisition of property in California, according to the NAR. ….
In total, foreign buyers spent $59 billion to purchase 98,600 existing homes in the US — an 8.5% increase from the previous 12-month period.
Of those purchases, 44% were all-cash sales — which is almost double the rate of all existing-home buyers.
Foreign-based investors were twice as likely to make an all-cash purchase compared to resident foreign buyers.
“Foreign buyers, however, are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates.”
AGREED.
“Chinese spent $6.1B on US real estate last year”
“Buyers from mainland China, Taiwan, and Hong Kong spent an average of just over $1 million per transaction to purchase existing homes — with nearly a third of those deals (31%) involving the acquisition of property in California, according to the NAR. ….
In total, foreign buyers spent $59 billion to purchase 98,600 existing homes in the US — an 8.5% increase from the previous 12-month period.
Of those purchases, 44% were all-cash sales — which is almost double the rate of all existing-home buyers.
Foreign-based investors were twice as likely to make an all-cash purchase compared to resident foreign buyers.
“Foreign buyers, however, are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates.”
https://nypost.com/2022/07/20/chinese-buyers-spent-record-6-1b-on-us-real-estate-in-2021/