CityRealty Insider > The New Melting Pot: Foreign Buyers in the U.S.

The New Melting Pot: Foreign Buyers in the U.S.

JULY 31, 2008

Foreign buyers in the US: Going global to sell local
Whether from Taiwan or Toronto, Seoul or Sidney, foreign buyers are accounting for an increasing perecentage of U.S. real estate purchases, with an important focus on New York City. With the state of the U.S. market, U.S. homes are a great buy for Europeans and foreign buyers are betting that a Manhattan apartment will hold its value, whether it's for a pied-a-terre, a home for children studying in the U.S. or a primary residence. In 2007, one in five American realtors had sold a home to a foreign investor, according to the National Association of Realtors. And New York agents have reported foreign sales in the past year to be as high as 25% of all sales (Source: National Association of Realtors).

Foreign real estate firms have responded by opening offices in New York. And U.S. real estate agents are opening satellite offices in far-flung locations like Seoul, Dubai and Canada—to maximize exposure for their properties. And with the internet becoming the top spot for finding listings—making available inventory more accessible beyond a local market—the real estate industry is making online marketing a priority when budgeting their advertising dollars.

1. Where they come from:
Mexico: 13%
United Kingdom: 12%
Canada: 11%
India: 6%
China: 5%

2. What they buy:
Single-family homes: 78%
Condos or apartments: 22%

Source: National Association of Realtors

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