China Bought $6.1 Billion in US Real Estate Last Year
August 9, 2022 in News by RBN Staff
source: needtoknownews
Chinese buyers flooded the American housing market with more than $6 billion last year, more than purchasers from any other foreign country.
Foreign purchasers from China bought $6.1 billion in U.S. homes from April 2021 to March 2022, which the trade association’s report said was up 30% from the prior year. Canadians bought $5.5 billion in U.S. housing properties, Indians bought $3.6 billion, Mexicans $2.9 billion, and Brazilians $1.6 billion, according to a new report by the National Association of Realtors.
The average home purchased by Chinese buyers was worth just over $1 million — the most expensive average among foreign purchases and up from China’s $710,000 average the year before. The report said buyers from China bought heavily in expensive states, with 31% of their purchases in California and 10% in New York. The Chinese purchases also included 7% in Indiana, 7% Florida, 5% Oklahoma, 5% Missouri, 5% Arizona, and smaller percentages elsewhere.
Purchasers from China made up 6% of all foreign buyers, as compared to Canadians making up 11%, Mexicans 8%, Indians 5%, and Brazilians 3%.
The new report said that 58% of Chinese buyers made all-cash purchases — the highest aside from 69% of Canadian purchases and 65% of Colombian ones.
Buyers from China were among the top two most likely groups to buy housing for rental purposes, at 25% of their purchases, according to the report, while Chinese purchases also represented the highest percentage (at 8%) of foreign buyers buying homes for student use. Only India came close to the student use percentage at 5%.
China’s purchases were 57% urban homes, while 29% were in suburban areas.
