California and New York are the most popular of 15 US states where Chinese buyers are purchasing property
July 2022
Washington – California and New York are the most popular of 15 US states where Chinese buyers are purchasing property after other countries forced them out for driving up the housing market.
15 key US states where Chinese citizens are buying $6B of property after being banned by other countries for pushing up house prices as Ron DeSantis calls it a ‘huge problem’
Chinese buyers spent $6.1billion in the US on mainly primary residences (52 percent) and residential rentals (25 percent).
Florida has hit its 14 consecutive year as the number one spot overall for foreign buyers, which Governor Ron DeSantis, 43, called a ‘huge problem.’
Chinese buyers are being pushed out of other countries, like New Zealand and Australia for driving up housing prices.
‘A big part of that was about wealthier Chinese citizens moving their money abroad to avoid taxes and to avoid scrutiny,’ real estate professor Benjamin Keys told the business journal.
US zip codes that hold the highest number of foreign buyers have increased housing prices by eight percent, according to the journal.
Keys says the number of new jobs has increased far more than the number of available housing, causing property values to skyrocket.
The San Francisco Bay Area – located in the number one state for Chinese buyers – has seen a 30 percent increase in employment, but not even a 10 percent increase in housing units, Keys revealed.
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