75 curlew towns . What is the ranking of Chinese and Canadian buyers? Property buyers from China have been an eye-catching force in the U. S. real estate market in recent years.
But according to the annual foreign buyers report released by the National Association of Realtors (NAR), Chinese buyers have slipped from first place to third place for the first time in the past year in terms of the number of properties they have bought. But if calculated on the basis of the total price of real estate purchases, Chinese buyers still rank first.
The report surveyed more than 10, 000 U.S. real estate agents from April 7 to May 21 this year and found that between April last year and March this year, due to the impact of the epidemic, the enthusiasm of foreign buyers to buy homes in the United States has generally declined, with the total purchase price of foreign buyers in the United States reaching $54.4 billion, down 27 percent from the previous year, the Sing Tao Daily reported.
Foreign buyers bought 107000 homes in the US, down 31 per cent from a year earlier. In terms of total home purchases, the total price of buyers from China in the United States reached $4.5 billion during this period, the highest in the world, but it has fallen sharply from the peak of $31.7 billion in 2017. This was followed by $4.2 billion in Canada, $3.1 billion in India, $2.9 billion in Mexico and $2.3 billion in the UK.
But in terms of the number of homes bought, Chinese buyers bought 6300 homes in the US, accounting for 6 per cent of all foreign buyers, ranking third among countries, behind Canada with 8 per cent and Mexico with 7 per cent. This is also the first time that Chinese buyers have fallen to the top spot in the share of foreign buyers in the United States since 2015.
From all over the United States, Chinese buyers are most favored by California, which is closer to China. 34% of Chinese buyers in the United States buy homes in California, followed by Georgia, which attracts 10% of Chinese buyers. New York and Michigan tied for third place on the list of Chinese buyers’ destinations with 8%.
The report also found that the average price of Chinese buyers buying property in the United States was $710400, second only to the $718000 bought by British buyers. 13% of Chinese buyers buy houses for their children to go to school, the highest in the world. According to the National Association of Realtors, non-residents buy American property mainly for rent collection or vacation.