Overseas property sales are increasing in the US – and Canadians are leading the way, according to the National Assocation of Realtors.
The NAR's latest research reveals that Canadians buy more property than all other overseas buyers, including Chinese and Mexican investors. The survey found that out of the $82.5 billion word of houses sold in the year to March 2012, 24 per cent were bought by Canadians; the biggest role they have played in America's property market since 2007.
Chinese buyers accounted for 11 per cent of all international transactions, followed by investors from Mexico, who snapped up 8 per cent of property sales.
Foreign sales account for just 10 per cent of the country's total property market, but international demand is on the up; overseas transactions increased by 24 per cent last year.
"Today's advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signalling how desirable and profitable owning property in this country can be," said NAR president Moe Veissi.
Foreign investors tend to buy property using cash and pay for more expensive homes, the NAR found.
"The average price paid by an international buyer was $400,000 compared to the overall U.S. average of $212,000," read the survey. "The international client is typically wealthier than the domestic buyer and is looking for a property in a specialized niche, for example, a larger property suitable for multigenerational living, or a property that establishes the individual's presence and standing in the community."
Florida, of course, is the fastest growing destination for house hunters, accounting for 26 per cent of all foreign transactions.
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