Low prices and a weaker U.S. dollar are driving more international buyers to invest in U.S. real estate, the National Association of REALTORS® (NAR) reports. Residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011, according to NAR’s 2012 Profile of International Home Buying Activity.
“Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social,” said NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc. in Miami, Fla. “Many purchase property as an investment, vacation home, or to diversify their portfolio. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community.”
Find media coverage of NAR’s international report:
- U.S. home sales to foreigners rise as low prices draw investors (Bloomberg Businessweek)
- Foreigners snap up homes in the U.S. (Wall Street Journal)