International Real Estate – Like the rest of the real estate marketplace, international real estate is shifting. Read on for a few hard facts you need to know.
International Real Estate
International Sales Volume Increased by 3 Percent
International real estate sales volume increased by 3 percent, while the dollar value decreased by a marginal 1 percent, largely due to a larger percentage of resident foreigners buying property compared to their non-resident foreigner counterparts.
44 percent of Survey Respondents Expect Increased Activity with International Clients this Year
Agents are getting it – serving local multicultural and the international real estate client base is good for business.
International Buyers Include More Resident Foreigners
Resident foreigners accounted for 59 percent of all international real estate buying in U.S. residential real estate, compared to 41 percent of non-resident foreigners. This was evenly split last year and in previous years. This means that there are more multicultural foreign buyers in your own backyard than overseas.
Brexit Changes Some Purchasing Dynamics
With the Brexit looming, most experts expect to see less buyers from the U.K. because of uncertainty and the continuing strength of the U.S. Dollar vs. the British Pound.
Proxio has seen a noticeable increase in leads from the U.K. since the Brexit vote results. U.S. real estate has always been considered one of the safest real estate markets.
More Chinese, Less Canadians
U.S. real estate purchases by Canadians used to lead the way in international sales, but that’s clearly not the case anymore. Chinese buyers represented forty-five percent and $27 billion in sales, followed by Canada ($8.9 billion), India ($6.1 billion) the U.K. ($5.5 billion) and Mexico ($4.8 billion).
Over Twice as Many U.S. Clients are Looking to Buy Property in Foreign Countries Than Last Year
Perhaps because of property value increases and the strength of the U.S. Dollar, more and more homeowners are looking to purchase in other countries (233 percent more than last year).
The countries that generated the most interest were Mexico, Costa Rica, Philippines, Colombia, Canada, Spain, Brazil, Thailand and Italy.
Article by: Jose Perez who is the Executive Vice President of Global Sales for Proxio.
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