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Where are Chinese Investors Buying Properties Overseas?
Cash rich Chinese buyers are the most prominent players in the overseas property market. The Chinese overseas investment in 2015 amounted to an incredible $52 billion, up from $10 billion just 3 years ago.
Obviously the Chinese are on a spending spree, but where are they spending their hard earned money? If you’re looking to sell overseas property in 2016 or 2017, you will want to know for sure. Let’s find out!
The residential property market in the United States received $28.6 billion in overseas investment from Chinese buyers, according to the National Association of Realtors (NAR). On an average, Chinese buyers spend $831,000 per house in the US, compared to $499,600 spent by American buyers. So clearly, the Chinese are big spenders. Generally Chinese investors focus on cities such as New York, Los Angeles and San Francisco. California received 30% of Chinese investment in 2015, and figures highly in 2016 as well.
Chinese investors spent $5 billion on buying real estate in Australia in 2015. Much of the investment was made in the cities of Melbourne and Sydney. Indeed, the property boom seen in Australia in recent years, especially in Sydney and Melbourne has been largely attributed to the massive Chinese interest in that country.
An average home in Australia costs $50,000, but this can be a lot higher in Melbourne, Brisbane and Sydney where property prices have shot through the roof. Australia has great schools and universities, world class lifestyle, has a stable economy and is an open and transparent democracy. This makes Australia very attractive indeed.
#3: New Zealand
New Zealand is another country that is hugely popular with Chinese buyers. According to Knight Frank, New Zealand is the hottest overseas property destination in 2016. Residential prices in Auckland, the biggest city in New Zealand have been up by 11.6% over the last 12 months. Chinese investors figure prominently as the top buyers of properties here.
New Zealand offers an excellent lifestyle with a plenty of outdoor activities, great business opportunities and a wonderful education system. There are also a plenty of flights between China and New Zealand. Auckland, Christchurch and Queenstown are the most popular cities here.
#4: The UK
The UK has recently voted to leave the European Union, and this has driven down property process across the country. The fall of the pound and the recent drop in property prices has only encouraged more overseas investment into the UK residential property market from wealthy cash rich Chinese buyers.
London is by far the most popular destination here. London neighbourhoods like Covent Gardens, Aldwych and Soho are hugely popular with the Chinese community. Briton is seen as a safe country for investment, with great universities and wonderful business opportunities. It is unlikely that Brexit will change that any time soon.
Chinese buyers love Canada. To be specific, they love two cities in Canada, Vancouver and Toronto and have invested billions into the residential property market there. This has resulted in house prices skyrocketing in both Toronto and Vancouver, so much so that the average net worth of a homeowner in Vancouver is now $1 million. This has been attributed to the Chinese interest in these cities.
Chinese investors are snapping everything up across Europe at the moment if you need to sell overseas property in Europe or any part of the world contact us today.