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Chinese buyers return to US property market - but this time they want a home, not an investment
- They mostly bought as a holiday home or primary residence, a big shift from a decade ago when the main purpose was investment
- Property agents predicted an influx of additional Chinese capital flowing into the market as demand rebounds further
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Chinese demand for US residential property more than doubled in the 12 months to March but has a way to go to get back to pre-pandemic levels, according to a report published on Wednesday.
Money spent by Chinese buyers on American homes reached US$13.6 billion, up from US$6.1 billion the previous year, said the International Transactions in US Residential Real Estate report, published by the country’s National Association of Realtors (NAR).
Their median spend was US$723,200, almost double the US$384,200 median price for an American home, and they mostly bought as a holiday home or primary residence, the report said.
That represents a big shift from a decade ago, when the main purpose was investment.
California ranked as the top destination for Chinese buyers, accounting for 33 per cent, followed by Florida on 16 per cent and Texas on 8 per cent. New York accounted for 6 per cent.
Property agents predicted the upwards trend will continue, with an influx of additional Chinese capital flowing into the market.
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