International buyers have been increasingly eyeing U.S. states in search of housing bargains in recent years, particularly buyers from China.
“Chinese are widely interested in the U.S. markets,” says Andrew Taylor, co-CEO of Juwai.com, an international property website for Chinese buyers. “The data shows they are investing in many places and in greater amounts than most people realize.”
Chinese buyers spent $8.2 billion on U.S. property in 2012, which generated about $492 million in commission for real estate agents that year, according to data from the National Association of REALTORS®.
Chinese investors looking for U.S. property are motivated by profit potential of underpriced housing markets; educational opportunities for their children; and an international diversification of their investments, Taylor says.
In a new report, Juwai.com reveals the following 10 U.S. cities are receiving the most interest from Chinese property hunters:
1. New York
2. Los Angeles
7. Las Vegas
9. San Diego