Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment.
According to the NATIONAL ASSOCIATION OF REALTORS® 2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants.
International buyers bought homes throughout the country, but four states accounted for 51 percent of the purchases – Florida, California, Texas, and Arizona. Florida has been the fastest growing destination of choice, accounting for 26 percent of foreign purchases. California was second with 11 percent and Texas and Arizona accounted for seven percent. Proximity to the home country, the presence of relatives and friends, the convenience of air transportation, and climate and location are all important considerations to prospective foreign buyers. Locations on the East Coast generally attract European buyers, while Asian buyers tend to purchase on the West Coast, particularly California. Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians. Meanwhile, Texas remains popular among Mexican buyers. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality.
International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55 percent of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24 percent of international sales while China accounted for 11 percent, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.
So with foreign investment in U.S. residential real estate increasing dramatically in recent years, reaching international buyers has never been more important. Displaying on Sothebysrealty.com, the most-visited luxury real estate network website, provides properties with unmatched advantages in the global marketplace. With 38% of the site’s visitors from outside the U.S. and 72% of the world’s users search in a language other than English. Visitors can select from 15 translations and play listing videos in five languages. Listing prices can be viewed in 49 different currencies, with exchange rate calculations updating three times per day.
All of this combined with the global recognition and trust inspired by the Sotheby’s name ensures that our listings connect with the broadest global audience.
Visit Sothebysrealty.com to explore the many online advantages offered by our brand.
For more news check out Homes in Carmel’s Google+ Page