Do you personally know anyone who bought a house in China last year or invested in Chinese real estate? Yeah, it’s not really a thing for Americans to do that, but it’s the opposite when it comes to American real estate being purchased by the Chinese. They spent more money than any other foreigners, focusing their attention on Florida and California.
Chinese investors spent $6.1 billion in 2021, averaging just under $1 million per transaction.
Canadians also threw a lot of their cash at homes in the U.S., spending $5.5 billion, and buyers from India were the third biggest foreign investors, spending $3.6 billion on American pads.
For the 14th straight year, Florida was the state that attracted the heaviest volume of real estate buys, 24% of the international business. California was second with 11%, but one thing that would scare investors away from Cali is the price tag of homes in Southern California.
The study showed that foreign investors paid in cash twice as much as resident foreign buyers who intended to live in the homes.
It will be interesting to see what the numbers look like next year since economists have predicted that the US housing market is facing. Potential meltdown. A recent report said that the number of mortgages taken out for purchases in the US is at a 22-year low.