International investment in the U.S. housing market dropped by 9.6% compared to the previous year, with 84,600 properties purchased between April 2022 and March 2023, marking the lowest number since 2009. These purchases totaled $53.3 billion.
Lawrence Yun, the chief economist of the National Association of Realtors (NAR), attributes this decline to limited housing inventory and rising interest rates.
However, Yun anticipates a rebound in foreign transactions as international travel resumes post-pandemic.
Juwai IQI’s report confirms NAR’s findings on international real estate purchases in the U.S. It reveals that the United States has slipped from the third to the fourth most popular destination for Chinese buyers in 2023.
Kashif Ansari, Co-Founder and CEO of Juwai IQI, agrees with NAR’s explanation for the decline in U.S. real estate popularity, citing lower inventory and higher interest rates.
Despite the U.S. dropping to fourth place for Chinese buyers, Chinese purchases in the U.S. increased significantly from $6.1 billion to $13.6 billion.
Read more: The Epoch Times
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