The real estate market is attracting international buyers, Florida is growing fastest, and Alberta is not weak

The real estate market is attracting international buyers, Florida is growing fastest, and Alberta is not weak According to the 2012 International Housing Purchase Dynamics Overview released by the National Association of Realtors last week...

According to the 2012 International Housing Purchase Dynamics Overview released by the National Association of Realtors last week, international real estate sales in the United States are expected to be US$82.5 billion from March 2011 to March 2012, and Florida has the fastest growth and is the preferred destination for international customers.

Since 2007, the National Association of Realtors has begun to collect real estate sales data from international customers. International customers include non-resident foreigners and foreigners or new immigrants who have stayed with visas for more than six months. Data show that in the 12 months ending March 2012, purchases by international customers accounted for 4.8% of total U.S. real estate sales, reaching $82.5 billion, an increase of 24% from $66.4 billion in the same period in 2011. Non-resident foreigners account for 50% of total international sales.

International buyers are purchasing properties all over the United States, but are primarily concentrated in four states: Florida, California, Texas and Arizona. International sales in the four states account for 51% of total U.S. international sales. Florida has the fastest growing international sales and is a prime location for international buyers, accounting for 26% of total international sales in the United States. California accounts for 11%, and Texas and Arizona both account for 7%. Demographic geography, air transportation conditions, and climate appear to be important considerations, with the East Coast attracting Europeans, the West Coast attracting Asian buyers, and Florida attracting South Americans, Europeans, and Canadians, for example.

Although international buyers in the US market come from all over the world, international customers from five countries, Canada, China (including Hong Kong), Mexico, India and the United Kingdom, account for 55% of international transactions. Canada and China remain the fastest growing countries. China increased to 11% from 9% in 2011, Canada accounted for 24% of international sales, Mexico 8%, India and the United Kingdom both accounted for 6%.

More than half of international transactions, 62% are cash transactions. Cash transactions have been on the rise since 2007. It is difficult for international customers to get mortgages in the United States due to their lack of credit history and social security numbers in the United States. The main factors affecting the international sale of U.S. real estate are immigration laws, lending, and the buyer's need to understand U.S. customs and business models. The foreign exchange market is also a factor.