The rising affluence of China continues to fuel international real estate sales. The appreciation of the Chinese yuan has made US properties more affordable and tight US credit standards have favored buyers from China, who are generally cash buyers.
A recent National Association of Realtors survey estimated that buyers from China bought US$22 billion worth of real estate properties in the 12 months ending March 2014. About 51 percent of purchases by Chinese buyers were in California, Washington, and New York. The five cities of greatest interest to Chinese buyers were Los Angeles, San Francisco, Irvine, New York, and Las Vegas. Nearly 76 percent of the purchases were all cash and the median price was US$523,148.
According to the survey results, about half of the purchases were for vacation or residential rental purposes.
image credit: david yu, national association of realtors