The housing market is on the road to recovery. A large and still growing number of foreign buyers are a part of the recovery process as they are buying many properties in the country. They are taking advantage of the tantalizingly low real estate prices. And Chinese buyers are leading this path.
Overseas money is fuelling the growth of many sectors of the country now, real estate being one of those. And Florida is in the top list of foreign investors those want a safe real estate investment and enhance prospect of getting a residency in the U.S.
According to the National Association of Realtors, non-US nationals were responsible for more than $82 billion worth of real estate transactions last year. The number is quite significant and is expected to grow in 2013. Property market of Florida is maintaining an upward trend for quite sometimes now. This steady progress has attracted a lot of Chinese and Canadian interest. Canadian buyers are still the biggest investors in the US property market but Chinese buying are not far behind. The rich and wealthy of China are purchasing high-end and high-priced homes in California, New York and Florida.
Credit goes to visionary real estate brokers who approached the Chinese buyers and showed the benefits of investing in the U.S. The move has helped the drive of the real estate’s recovery by a good margin. Many real estate brokers made trips to China in past couples of years to make deals with wealthy Chinese individuals and corporations.
A two-bedroom apartment in Shanghai costs more than $2 million. On contrast, a three-bedroom home in Clermont, Lake County, Florida can be purchased for just $201,000. Chinese government has imposed restrictions on the property price which means it is not a good idea anymore to invest there. The market in Florida is expanding which means purchasing a house will give a good return in long term. This very factor is encouraging Chinese citizens to invest their money in Florida. To their advantage, interest rates are lower here as well.
It is expected that more and more Chinese nationals will invest in Florida real estate in the coming years.
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