Canadians have emerged as the largest group of foreign buyers for US property, according to figures showing near-record levels of international investment in the country’s housing market.
International purchases reached their second highest level at six percent of existing home sales in the twelve months to March, noted data from the National Association of Realtors.
Overseas buyers accounted for just over half of the US$68.2 billion (S$87.3 billion) spent by foreigners during the period, with temporary visa holders who had lived in the US for at least six months accounting for 49 percent.
The Chinese were the second largest group, followed by buyers from Mexico, the UK and India. Those from Germany, Argentina, Israel, Australia and Korea rounded out the top ten.
Florida was the most popular destination for international buyers, accounting for 23 percent of all purchases, followed by California (17 percent), and Texas and Arizona (nine percent). Other favoured destinations included New York, Nevada, Virginia, Hawaii, Michigan and Illinois.
Image: Luxury homes in the city of Miami, Florida.
Amy Kelly, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email amy@propertyguru.com.sg
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