Chinese buyers spend more on United States real estate than any other foreign nation, say industry reports – and that trend looks set to continue.
Leading Chinese language property website Juwai.com predicts that Chinese buyer transactions in Florida will rise by at least 10% during 2015.
Chinese buyers typically buy property in high-end developments and pay $523,148 on average per property, according to the 2014 Profile of International Home Buying Activity from the National Association of Realtors (NAR).
Another major advantage for Chinese buyers is that personal and business visas to the United States have now been extended to 10 years.
Over several years, Feltrim Group has cultivated strong relationships with Chinese investors by exhibiting at sales events and overseas property shows in the country and it has paid off. Nearly 50 investors in its new Fountains at ChampionsGate project in Central Florida are Chinese.
Garrett Kenny, Chief Executive Officer of Feltrim Group, says, “Many Chinese buyers are interested in strong investment real estate, while others want lifestyle homes, particularly in areas near to top-class schools, which their children can attend – so Central Florida and the Fountains at ChampionsGate are great choices.
“We have specialist staff who can communicate to Chinese buyers in their own tongue and ensure all their queries are answered and they understand the process and benefits of buying in and around Orlando.”
Chinese buyers spent $22billion in the year to March 2014, $8billion more than the Canadians in second place and are the fastest-growing foreign buyers of US property on 16% overall, the NAR survey states.
Asian buyers made up 10% of the $7.97billion spent by foreign real estate buyers on Sunshine State condos, townhouses, single family houses and villas in the year to June 2014, according to another NAR study, the Profile of International Home Buyers in Florida.
The influence of Chinese buyers in the state is growing fast, accounting for 6% of Florida overseas property purchases, six-times the 1% recorded just a few years ago.
Orlando-Kissimmee was the top destination, along with Tampa-St. Petersburg-Clearwater, accounting for 11% of international deals in Florida, followed by Miami-Miami Beach at 10%.