California Housing Market gets a Big Boost from Chinese Home Buyers
International investment in U.S. real estate is nothing new. Many South American businessmen and wealthy families own beachfront condos in Miami. Europeans from countries like France, Germany and Italy often choose to relocate to the United States. What is really making realtors in the United States stand-up and take notice is the rapidly growing interest in U.S. properties by Chinese investors.
According to the National Association of Realtors, in the one year period from March 2013-March 2014, Chinese real estate investors and home buyers spent $22 billion dollars on real estate purchases in the United States. The data also shows that California was, by far, the favorite state for Chinese real estate purchases. Of the $22 billion spent between the first quarter of 2013 and the first quarter of 2014, 35 percent of that money was spent purchasing California real estate. Rounding out the top-5 market shares were Washington (9…
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