SAN FRANCISCO (CBS SF) – Chinese nationals have reportedly surpassed Canadians as the largest foreign buyers of U.S. residential real estate, snapping up nearly $100 billion worth of homes in the last few years.
According to The Guardian, a survey by the Asia Society and Rosen Consulting Group found the Chinese have invested more than $110 billion in American residential and commercial real estate between 2010 and 2015.
Most of the investment money, about $93 billion, went towards purchasing homes in that timeframe. The buying spree accelerated in the 12 months leading up to March 2015, when home purchases totaling $28.5 billion were recorded.
The report found most of the home purchases were concentrated in expensive markets including the Bay Area, Los Angeles and New York. Chinese buyers reportedly paid $832,000 on average per home, far higher than the $499,000 average of all purchases from foreign buyers.
It appears to be a trend that won't end soon. The study projected Chinese real estate investment in the U.S. (commercial and residential) to reach $218 billion in the second half of the decade.
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