China tops foreign real estate buyers in California
More than one-third of international real estate buyers in California, USA, come from China, a new survey shows.
Chinese buyers made up 36% on overseas real estate purchases in California in 2014, followed by 11% from Canada and 9.1% from Mexico. The United Kingdom and India were next with both under 5%.
Almost all international buyers (96%) purchasing in California own at least one other property, with 27% owing two, 19% three and 11% four.
The rise came despite a slowing California housing market and rising value of the US dollar in 2014, says the California Association of Realtors 2014 International Home Buyers Survey.
One of six (14%) of participating realtors closed a transaction with an international client, unchanged from the previous year.
The median price paid by overseas buyers was US$490,000, higher than the 2014’s single-family median home price of US$447,000.