International buyers are snatching up U.S. residential real estate, with people from Canada, Mexico, the U.K. and China doing the most buying, according to a report in the Washington Business Journal.
The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
“A large majority of Realtors report the changes in value to the U.S. dollar have had a strong impact on the international real estate business,” said NAR President Vicki Cox Golder. “In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”
Although New York and Washington are considered among the nation’s most international cities, neither is at the top of the buying list. The study found that 53 percent of the purchases were in Florida, California, Arizona and Texas, the Journal reported.
Canadians are the top buyer of U.S. residential real estate, making 23 percent of the purchases. Other major purchasers were from Mexico, 10 percent; the U.K., 9 percent; China and Hong Kong, 8 percent.
NAR’s report on foreign buyers also included these findings:
• 66 percent purchased single-family homes.
• 55 percent paid for their purchase with all cash.
• 16 percent bought homes priced at more than $500,000.