Recent home sales statistics reveal that foreign investors are buying California real estate to the tune of $16 billion more than last year.
According to Marquette Turner, in the 12 months ending in March 2011, foreign investors purchased nearly 8% of all homes sold. This is up from 7% the year before. That’s a total of $82 billion invested.
Foreign Investors Are Paying Cash for their Second Homes
The majority of foreign investors intend to use the home they purchase in the US as either a vacation home or a rental investment property.
Most are wealthy investors who pay for the extra home in cash. They choose the home primarily for its location. California and Florida are perceived as the most desirable locations. Most of the buyers have their “first homes” located in either Canada, Asia, or Europe. Perhaps most startling was that over 11% of foreign real estate investors in the US come from South America.
For more information about these statistics, you can visit Marquette Turner.
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