Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Rich Chinese Are Top Foreign Buyers of U.S. Real Estate

 / Updated  / Source: CNBC.com

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Overseas buyers scooped up $92.2 billion of U.S. real estate last year, driven mainly by wealthy Chinese looking for a safe haven for their families and fortunes. A new report from the National Association of Realtors says sales activity from international buyers surged 35 percent in the 12 months that ended in March. While international buyers represent only 7 percent of total existing home sales nationally over the period, their buying is highly focused on high-end homes in Florida, California, Texas and Arizona. Chinese buyers were the largest foreign buyers measured by dollar volume, with sales jumping 72 percent over the 12 month period to $22 billion. Chinese buyers now account for 24 percent of all sales made to overseas buyers by dollar volume. Canada was second with $13.8 billion in deals, followed by the United Kingdom and India, each with $5.8 billion. Overseas buyers tend to pay all cash and prefer higher-end homes. Chinese buyers were the biggest spenders. The mean price they paid hit $590,826, and more than half of their purchases were in California, Washington and New York.

Sign up for top Business news direct to your inbox.

IN-DEPTH

Chinese buying up California housing

Nice Shack: An Exclusive Look Inside NYC's $118M Penthouse

Welcome to Atherton, California, the Nation's Priciest ZIP Code

-Robert Frank, CNBC.com

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news