14th September 2018 / Propmodo.com
You haven’t missed the “global marketing party,” but you sure are arriving fashionably late. Global buyers have been fixated on securing overseas investment property for years, leading some markets to implement bans and increase taxes to curb interest. British Columbia, Canada is one example of where taxes have been implemented and increased. Initially introduced in July 2016, the “Additional Property Transfer Tax for Foreign Entities & Taxable Trustees,” was set at 15% of the property price and only applied to foreign nationals purchasing properties in Greater Vancouver. In February 2018, this tax was expanded to include additional markets in the province. In Vancouver, the tax amount was increased to 20% of the purchase price.
While we continue to see strong interest in key U.S. markets like New York, Los Angeles and San Francisco, these limitations in Canada, New Zealand and Australia have had positive affects on residential real estate markets in the United States, diverting consumer eyes to several emerging local markets. In the last 12 months, our team at ListGlobally, the world’s leading network of global property portals, has seen increased interest from global consumers for properties in emerging state markets like Michigan, Georgia, Tennessee and Arizona.
Here are the 2017 Top U.S. Markets for Global Consumer Interest:
Now is the right time for U.S. real estate firms to break out onto the international stage. Position your brand and properties in a way that attracts attention from consumers around the world.