Joe Biden put US real estate back on top for Asian buyers – with Seattle and Los Angeles homes now more popular than New York City apartments
- Now Donald Trump has been dethroned the US has a ‘friendlier, more rational’ image, which has sparked a fresh wave of interest from property investors in Asia
- Australia comes second by search volume, with a welcoming vibe, easy time difference and quick flight connections among the top draws for Chinese buyers
After collecting data on global property buying trends during the pandemic year, property technology company Juwai IQI has gleaned the following insights.
“There is a consensus among most Chinese families that the American system of higher education is the best in the world, along with the elite universities in the UK,” he explained. “Chinese may consider their own primary and secondary educational system to be good, but they believe the American universities are generally better.”
A good degree from a top US university equips graduates for a job in China, Chmiel continued, adding that in fact, when Chinese universities recruit for professors, an advanced US degree is often a requirement.
“We know that education is one of the most common reasons that Chinese families purchase real estate in the US,” he said. “So, in part, Chinese demand for American property is a sign of their desire to give their children the best opportunities to have a successful future.”
Another factor is what Chmiel calls “the Biden boost”. “People believe that with Joe Biden as president, the old United States is back,” he said. “Not every discussion has to be about [Donald] Trump any more. The US has a friendlier, more rational seeming spokesperson in the new president.”