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29 Jun 2012

Preference In Location Across North America Broadens For Chinese Property Buyers

It goes without saying that wealthy Chinese property buyers are certainly no strangers
to the North American real estate market where they choose to spend billions in the
process of purchasing constructions and boosting up the property prices on luxury real
across the region much like they did in Hong Kong.

Whether it involves being able to purchase real estate within North America for the
purpose of investment, the opportunity to live within the region, or even to simply
take advantage of the superb educational system, it seems that Chinese property
buyers — alongside other wealthy Asians — are truly set of being able to acquire
luxury property options within prime cities within America.

In fact, one Chinese couple had purchased a stunning $34.5 million mansion located
in Beverly Hills, California, while several other Chinese property buyers have
purchased numerous apartments worth $50 million or more at the One57 development
project located in Manhattan.

However, it seems that recent observations made by the Wall Street Journal indicate
a trend wherein the buying habits of these foreign property buyers have started to go
beyond the usual prime areas such as Los Angeles and New York as their attention
has branched out into areas such as the Midwest and Florida.

One investment advisor from Shanghai had recently purchased a home in Fort Myers,
Florida, knowing that it would be a good move to make as the financial crisis offered
a great opportunity for him, especially since he was looking forward to retire within
the Sunshine State.

As of March 2012, property buyers from China and Hong Kong have been behind at
least $9 billion worth of US home sales made from March of 2011 which marks an
increase of 89 percent from 2010. Such figures place them second to Canadians when
it comes to being the largest group of foreign property buyers who seek homes within
the country.

It is interesting to see how the focus of Chinese property buyers as far as locations
within the US has broadened over time. Of course, the fact that foreign individuals
who are looking to become eligible for a green card will easily be able to do so by
being able to invest at least $1 million into a US business — while also being able to
meet other requirements — helps in making the decision to make major purchases on
the property market clearly a smart move to make.

Selda Kirkan
phone: +1.954.3056424