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More And More Foreigners Purchasing US Real Estate

The number of Chinese buyers increased by 30% last year, and so far buyers from 68 countries have been registered. Most foreigners pay for the house or apartment they buy in cash.

Wealthy people in any part of the world try to take every opportunity to invest money, and one of the safest ways is to buy real estate in economically stable and strong countries. When it comes to the United States, it usually means buying an apartment or a house. About 6% of foreigners who decide on that type of investment in the total American purchase of a roof over their head. For now, the Chinese are the most numerous, and in the American market of apartments and houses, the specifics that satisfy buyers from that country are very much taken into account.

Which Types Of Real Estate Are Prefered?

For many of them, the belief that light is the basis for happiness and good health in the home in which they live is often a crucial criterion. So Cathay Wicks, a Chinese woman with an atypical Chinese name, asked to buy a home with plenty of light:

“I wanted a spacious, bright space. Not too big, but when I move … to see and feel serenity and airiness.”

Cathay Wicks is part of a growing number of foreigners interested in buying an apartment or house in major American cities. Economist Jed Kolko says:

“In some parts of the United States, demand from foreigners is very strong and this is contributing to rising prices. This trend is most felt in Los Angeles, Miami and New York.”

Angela Wong, a buying agent from Los Angeles, points out that the number of Chinese customers increased by 30 percent last year, citing:

“Many buy so that their children have a place to live while studying here. That is the first reason. The second is the desire of many Chinese to immigrate to the United States. “

More than half of Chinese customers opt for California. Newly built houses especially attract their attention, points out Emile Haddad, a representative of a construction company, adding:

“And that’s why everything we design and build, we do with a lot of light. We also have a consultant, a specialist for street names in these new settlements. correspond to the beliefs of Chinese customers and not be difficult to excuse. “

Financing For Foreigners

The Chinese are not the only ones they buy in the United States. So far, customers from 68 countries have been registered. Buyer Shannon Miller says most foreigners pay for a house or apartment cash, making the real estate market extremely competitive with domestic buyers, and explains, they buy in “Most Americans try to buy the traditional way, on credit. Foreigners with cash are faster, usually offering more and it’s easier for them to get what they’re interested in.”

One of the major reasons for buying in the United States is the EB-5 visa. The key conditions for this type of visa are investing a certain amount of money in a commercial activity and owning an apartment or house.

Economists estimate that house and apartment prices in the United States will continue, slowly but surely, to rise in the long run. In the last few years, that growth has been, on average, between 5 and 6 percent per year, which is quite enough to attract new buyers from abroad.

 

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