Foreign buyers continue to view the U.S. as a desirable place to own property. According to the 2011 NAR Profile of International Home Buying Activity, residential international sales in the U.S. from March 2010 to March 2011 accounted for $82 billion, up from $66 billion in 2010.
International buyers in the U.S. represented 70 countries, up from 53 in the previous survey. For the fourth year in a row, Canada was the top country of origin for foreign buyers, with 23 percent of sales. China was the second most popular country with 9 percent of sales. Mexico, the U.K., and India tied for third with seven percent.
Home ownership is attractive to foreign buyers for a variety of reasons. Homes in the states are generally less expensive than comparable foreign properties, and homes in this country are also viewed as secure investments with long-term appreciation potential and rental opportunities.
The American Dream Talk to a Realtor® about international buying in your community. Which countries do their clients tend to represent? What characteristics of the area do foreign buyers find most attractive?