{"id":2011968,"date":"2023-08-25T12:25:01","date_gmt":"2023-08-25T16:25:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/foreign-investment-in-us-residential-real-estate-plunges-almost-10-percent-in-2023\/"},"modified":"2023-08-25T12:29:57","modified_gmt":"2023-08-25T16:29:57","slug":"foreign-investment-in-us-residential-real-estate-plunges-almost-10-percent-in-2023","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/foreign-investment-in-us-residential-real-estate-plunges-almost-10-percent-in-2023\/","title":{"rendered":"US residential real estate sees nearly 10% drop in foreign investment in 2023."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fforeign-investment-in-us-residential-real-estate-plunges-almost-10-percent-in-2023%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2011968&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>International Buyers in America&#8217;s Residential Real Estate Market \u2062Decline<\/h2>\n<p>According to the latest\u2062 report from the National Association of Realtors (NAR), international buyers looking to invest in America&#8217;s residential real\u200c estate market have experienced a 9.6 percent decrease from last\u2062 year.\u200c From April 2022 through March 2023, foreign buyers purchased 84,600 properties across the country, marking a 14.2 percent decrease from the previous year and the lowest number of homes purchased since 2009.<\/p>\n<p>This decline is attributed to sparse inventory and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tank-after-fitch-downgrades-u-s-credit-rating\/\" title=\"Stocks plummet after Fitch lowers U.S. credit rating.\">rising interest\u2063 rates<\/a>, as \u2063stated by NAR chief economist Lawrence Yun. He explains, &#8220;Sharply lower housing inventory in the U.S. and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/this-economic-week-ahead\/\" title=\"This Economic Week Ahead\">higher borrowing costs<\/a> across the world have dented international buyers for two \u200bstraight years. \u200dHowever, recovering international travel following the end of the pandemic will bring more foreign transactions in the coming months and years.&#8221;<\/p>\n<p>The median purchase price nationwide,\u200d as\u200b reported by NAR,\u200d reached a record\u200b high of $396,400. China emerged as the top buyer, spending $13.3 billion, followed by Mexico at $4.2 billion. Canada, India, \u2062and Colombia rounded out the top five international buyers.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/opinion\/real-estate-crosscurrents-5351947\">Real Estate Crosscurrents<\/a> \u200b- 6\/23\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/article\/regional-banks-scramble-to-unload-commercial-real-estate-loans-fearing-new-crisis-5334716\">Regional Banks Scramble to Unload Commercial Real Estate Loans, Fearing New Crisis<\/a> &#8211; 6\/14\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>Chinese buyers stood out with the highest average purchase prices at $1.2 million and the highest median purchase\u200c price at $723,000. Yun explains, \u200b&#8221;Home purchases from Chinese buyers increased after China relaxed the\u2063 world&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-buyers-back-making-us-home-purchases-after-beijing-ends-lockdowns\/\" title=\"Chinese buyers are resuming US home purchases as Beijing lifts lockdowns.\">strictest pandemic lockdown policy<\/a>, while buyers from India were\u200b helped by the country&#8217;s strong GDP growth. A stronger Mexican peso against the U.S. dollar likely contributed to the rise in sales from Mexican buyers.&#8221;<\/p>\n<p>As in previous years, \u200cthe top U.S. destinations for international buyers remained in states with warmer climates in the South and West. Florida maintained its position as the top destination for the 15th consecutive year, accounting \u200bfor 23 percent of all international purchases. California\u200c and Texas tied \u200cfor second place at 12 percent, while North Carolina and Arizona held third place, each representing 4 percent of sales.<\/p>\n<div>\n<figure style=\"width:526px\" class=\"alignnone\"><figcaption>A single-family luxury home in Arcadia, Calif., listed for $3.79\u2062 million. (Courtesy of Berkshire Hathaway \u200dHomeservices California Properties)<\/figcaption><\/figure>\n<\/div>\n<p>42 percent of foreign buyers reported making all cash sales,\u2062 and 50 percent\u200b of all \u2062international buyers purchased a property \u2064for use as a vacation\u2064 home, rental, or both. Colombian buyers comprised the largest \u2062group of cash buyers at 67 percent, \u2063while\u2062 nearly half of Canadian and Chinese buyers made cash payments.<\/p>\n<p>Among \u2063all foreign buyers, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/foreign-investment-in-us-residential-real-estate-plunges-almost-10-percent-in-2023\/\" title=\"US residential real estate sees nearly 10% drop in foreign investment in 2023.\">59 percent purchased detached single-family homes<\/a>, whether living abroad or in the United States. Foreign buyers living overseas were more likely to purchase a\u2062 townhome compared to global buyers residing \u2063in the \u200dUnited States. Canadians were most\u2062 inclined to buy a condominium in a resort area for vacation use.<\/p>\n<p>In terms of international home prices, the NAR report reveals that the City of Hong Kong is the most expensive, with an average\u2062 cost per square meter of $28,570. London closely\u2064 follows with an \u2063average price per square meter of \u200d$26,262. While New York remains one of the most expensive cities in the world, \u200cits average\u2063 square meter cost is nearly $10,000 less at $17,191. Denmark is named the least expensive global city, with an average square meter price of $5,306.<\/p>\n<p>A recent\u200b report by Juwai IQI, a global real estate technology group,\u200d supports NAR&#8217;s findings on global residential real estate purchases in\u200b the United States. The report names\u2063 the United States as the world&#8217;s fourth most popular country for Chinese \u200cbuyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>a 9.6% decline in international buyers investing in America&#8217;s residential real estate market, as per the National Association of Realtors. In the period from April 2022 to March 2023, foreign buyers purchased 84,600 properties, marking a 14.2% drop compared to the previous year.<\/p>\n","protected":false},"author":2291,"featured_media":2011969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2011968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2011968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2291"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2011968"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2011968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2011969"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2011968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2011968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2011968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}