Let’s find out what properties are catching the eyes of foreign buyers.
Last year was a banner year for international property buyers looking to invest in overseas homes and condominiums. The United States, was one of the countries that really benefited from this global property consumer interest with a total of $153 billion sales (residential property) between April 2016 and March 2017.
With the onset of foreign buyer property taxes that were put in place in Canada and the limitations on international investment in Australia, the consumer eyes are on the United States. Their growing economy and strong property markets are seductive for this foreign buyers.
These consumers want to buy in places like California, Florida and New York but who can judge them? There is nothing like the sun, flip flops and shopping in the big apple! Don’t you agree?
But what are they searching for?
They are searching to buy mainly Single Family Property and Multi-Family Property:
And the reason they are doing this is connected to the fact that they are looking to buy a primary residence. However we should also note that international buyers are searching for good investments, to buy a house for their kids while they are studying in the U.S.A. and they also considered that this country is a great option to have a vacation home.
According to ListGlobally data (from 2018) these consumers are mainly looking to buy:
1- Houses
2- Flat
3- Land
4- Residential buildings
5- Bungalows
6- Commercial properties
Regarding New York it it important to mention that besides apartments, our clients also purchase commercial mixed use and multifamily buildings.
Apartments are more popular because they are easier to manage and simple to understand.