Chinese buying of US residential property hits record high
Buyers snap up US$31.7 billion worth of real estate, with 67 per cent of purchases detached single-family homes
Chinese buying of US residential property hit a record high of US$31.7 billion in 2016, up at least US$4 billion, according to the country’s National Association of Realtors (NAR).
Released on Tuesday, its 2017 Profile of International Activity in U.S. Residential Real Estate, found that between April 2016 and March 2017, China maintained its top position in terms of dollar sales for the fourth straight year.
That US$31.7 billion is up from last year’s US$27.3 billion but down slightly on 2015’s US$28.6 billion. Chinese buyers also bought the most housing units for the third consecutive year, 40,572, up from 29,195 in 2016.
NAR found that among Chinese buyers, 65 per cent paid cash, while 26 per cent used a US mortgage.
Twenty-one per cent bought property as an investment, while 39 per cent planned to use the purchase as either a vacation or residential investment. Eight per cent were bought as student accommodation.
Other finer detail showed 31 per cent bought properties in central city or urban areas, but suburban purchases (61 per cent) were the most popular, with small town buys at just 7 per cent.
