Chinese buyers spent $28.6 billion last year, dominating Canadian investors for the first time.
December 06, 2015 10:33AM [WSJ] –Christopher Cameron
Chinese investors are well known to be major players in the New York real estate market. But now they have expanded their influence on a national scale, officially surpassing Canadians as the largest foreign buyers of homes in the U.S.
The Chinese made up 16 percent of all international buyers, a 12 percent increase from 2013, according to National Association of Realtors data cited by the Wall Street Journal. The majority of purchases were single-family homes and condominiums.
Meanwhile, Canadians made up just 14 percent of international buyers, a 23 percent drop from 2013. Mexicans were the third largest foreign consumers of U.S. properties, making up 9 percent of the market.
In terms of dollar volume, the Chinese are also dominant. Buyers from China spent $28.6 billion on U.S. properties in the year ending in March 2015 — compared to $11.2 billion spent by Canadians.