I have heard widely varying reports on the amount of foreign buyers snatching up real estate in America. The National Association of Realtors (NAR) recently released a report based on the 12 months ending March 2011. 8% of all sales where from international buyers.
Foreign Buyers definitely have their favorite states.
32% of them bought property in Florida
12% in California
9% in Texas
6% in Arizona
These numbers don’t really surprise me. I thought Arizona might have been higher…
62% of these purchases were all cash sales. That sure brings some foreign money into our economy.
NAR also asked what they intended to do with the properties:
37% for primary residence
28% vacation house for personal / family / friends use
16% residental rental
13% vacation home and rental property
I would have guessed a lot more of the purchases were for investments. 65% are for completely personal usage and 13% are for vacation houses (personal and to rent).
What countries these investors come from…
31% North America
11% South America
3% Middle East
2% Central America
Nothing shocking here, I would have guessed the Middle East was higher, but maybe the political climate hampers that.