The National Association of Realtors is reporting that foreign buyers purchased $153 billion in U.S. real estate over the past year, representing a 49% increase from the previous reporting period. The top five countries with buyers were China, Canada, United Kingdom, Mexico, and India. Foreign buyers typically paid $302,290, which was 9% more than the 2016 survey. Around 10% of foreign buyers paid over $1 million, and nearly half of the transactions were cash purchases. The data is from the NAR’s 2017 Profile of International Activity in U.S. Residential Real Estate.
“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year….foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest.” Said Lawrence Yun, NAR’s chief economist.
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