Since the relative collapse of the housing market, foreign buyers have been taking advantage of the favorable exchange rates in order to snap up large amounts of property on the cheap all over the United States. Foreign buyers account for about 8.9% of the 928 billion dollars spent on American real estate as of March this year. Philip Spiegelman, a member of the International Sales Group was quoted as saying that ?these buyers look at this and think it will never be as cheap again.?
Wealthy Russians are continually making headlines with the purchase of many of the country?s luxurious properties. Yuri Milner spent 100 million on a mansion in 2012. Not to be outspent, the daughter of Dmitry Rybolovlev bought an 88 million dollar NYC penthouse, though only after spending 100 million on Donald Trump?s Beach Palace. They are not alone. Buyers from Hong Kong and China?s mainland territories are responsible for about 11% of international sales. Venezuelans are too found to be flooding the market seeking financial security from their own volatile economy. But alas, none of these groups is the primary foreign buyer of U.S. Homes. Canadians accounted at just under a quarter of the sales to foreigners since April 2011. Canadian buyers are creating the most international real estate activity in nearly all of America?s cosmopolitan cities, particularly in the Midwest and the sun-belt states.
With no end in sight for the European Union?s fiscal crisis, owners who would previously seek out homes in Europe are making their way to the United States in order to reinvest money in U.S. properties. With this becoming a significant trend, real estate brokers are sure to begin catering to this new, wealthy foreign clientele.
Source: http://journist.com/who-is-buying-american-real-estate/
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