Foreign buyers spent a whopping $82 billion on U.S. properties in the past year
Some interesting stats on foreign buyers investing in the US property market.
Foreign buyers spent a whopping $82 billion on U.S. properties in the past year (with the year ending March 2011). This is a $16 billion increase over the previous year. The National Association of Realtors came up with this figure in its recently released report, 2011 Profile of International Home Buying Activity.
U.S. homes (especially with the recent housing market challenges) are less expensive than comparable foreign properties. Owning property here also offers rental opportunities for foreign investors and the opportunity for massive capital growth.
Interestingly, Canadian buyers still remain the largest percentage of foreign buyers, weighing in at 23%. Canadians have topped this bracket for the last four years. Chinese buyers were second highest, at 9% and India, Mexico and the United Kingdom tied for third.
NAR’s report says the average price paid by these international buyers was an impressive $315,000. That’s nearly $100K above the U.S. buying average.
Top buying places include; Memphis, Detroit, Atlanta, Florida and Arizona for foreign investment.
Interestingly, the high average price paid for property at $315,000 is way above the cost of buying in some of our target markets like Detroit, where you can invest in our program from $36,000 and receive a return on investment above 13% on every deal!