According to recent statistics, Chinese homebuyers are making a surprising comeback in the US real estate market. After a period of decreased activity due to the pandemic’s restrictions, Chinese buyers are now at the forefront of foreign purchasers once again.
According to Kashif Ansari, the co-founder and group CEO of Juwai IQI, most Chinese buyers are now purchasing homes in the United States for their own use. This information comes from the company’s data.
In the year from April 2022 to March 2023, Chinese buyers made up 13% of international purchases. This is much higher than the 6% in the past two years, which was because of limits caused by the pandemic.
During this recent period, Chinese buyers spent an impressive $13.6 billion on existing homes, more than doubling the previous year’s $6.1 billion. However, experts caution that this growth comes from a low base and is still below pre-pandemic levels.
California emerged as the top destination for Chinese buyers, with 33% of purchases, followed by Florida at 16% and Texas at 8%, with affordability being a driving factor in these choices.
Interestingly, Chinese buyers are now increasingly seeking homes for their own use, indicating a shift from offshore investment to potential residency. This change aligns with evolving buyer priorities.
Yet challenges persist, as some U.S. states have enacted laws limiting property purchases by Chinese citizens due to national security concerns. The tension between attracting investment and safeguarding national interests remains a point of debate.
The resurgence of Chinese homebuyers not only indicates market resilience but also raises crucial questions about foreign investment regulations. As the U.S. real estate market continues to adapt to global shifts, the return of Chinese buyers plays a pivotal role in shaping its trajectory.
Read More: Axios.com
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