A new report from the National Association of Realtors reveals that China is the No. 1 buyer when it comes to foreigners buying U.S. real estate, in terms of units purchased and the dollar volume.
China passed No. 2 Canada with purchasing $28. billion of property, which is more than the $11.2 million bought by Canada, Asia Time’s website reported. The calendar year ended in March 2015, and China’s amount of property bought was up by 30 percent more than last year.
The top five countries that purchased U.S. real estate property included China, Canada, Mexico nada and the United Kingdom — they accounted for 51 percent of the purchases made by foreigners.
The average purchase price for foreigner buyers was $499,600 per property, while China paid $831,800 per property. China purchasers bought 35 percent of their properties in California, while New York, Illinois and Texas were other popular states. Canadians bought property mainly in Florida and Arizona, where property prices were lower.
The report was originally published by the Financial Times, where they reported that 69 percent of all Chinese purchases were made in cash. The report also mentioned how China has been the biggest foreign purchaser of real estate property in many major English-speaking Western cities.
Foreign purchases totaled to $104 billion in sales this past year.