NAR recently released their Global Alliances International Residential Real Estate Business Survey, which surveyed members who worked with international clients to get a better understanding of international business transactions.
Here are the top highlights from the survey:
- Buyers from the United States accounted for 23% of all reported foreign buyers, followed by foreign buyers from Canada and the United Kingdom which each accounted for 9% of foreign buyers. Other top countries of origin were France (7%), Germany (5%), China (4%), Italy (3%), Spain (3%), Brazil (2%), Mexico (2%), Belgium (2%), and Russia (2%).
- 60% of respondents reported that prices in their home countries are less expensive than prices in other countries.
- About 57% of respondents reported that the price of the properties purchased was $250,000 or less.
- 65% of respondents reported that the foreign buyer paid all-cash.
- Nearly half of foreign buyers purchased condominiums.
- 56% of buyers intended to use the property as a vacation home or as a rental