Recent figures released by the National Association of Realtors (NAR) show that foreign property buyers are currently buying more property in the USA than ever before.
The most recently released figures show that from April 2016 to March 2017, foreign buyers purchased US$153 billion worth of residential property in the US, compared to US$102.6 billion during the previous 12-month period.
In total, 284,455 homes in the United States were bought by foreign buyers in this period. This represents 32.37 per cent growth from the previous 12-month period, and accounts for roughly 5 per cent of all homes bought across the US.
The NAR figures show that China is comfortably the top country of origin for foreign buyers, as it has been for the past four years, followed by Canada, the United Kingdom, Mexico, and India.
According to NAR, the majority of buyers from China, India, and Mexico were resident buyers. Buyers from Canada, and the United Kingdom were both mostly non-resident purchasers.
One of the reasons behind the growth in foreigners purchasing a home in the States is down to the favourable currency exchange rates that have been on offer for many investors since the election of Donald Trump. This is particularly true for the Asian market, hence why the number of Chinese and Indian buyers have risen substantially in the past 12 months.
Chinese buyers also bought 40,572 properties last year, up from 29,195 in 2016.
On average, foreign buyers paid US$302,290 for their American property, a 9 per cent increase from the median sales price in the 2016 NAR survey and comfortably above the sales price of all existing homes sold during the same period which was at US$235,792
Florida was the most popular state for overseas buyers, accounting for 22 per cent of sales to foreign buyers. It was followed by California, at 12 per cent; Texas, at 12 per cent; New Jersey, at 4 per cent; and Arizona, at 4 per cent.