Chinese investors have passed Canadians as the top foreign buyers of US real estate, picking up $28.6B in the year ending in March 2015, according to the National Association of Realtors.
Fueled by a series of trophy buys, the Chinese now make up 16% of foreign buyers—up from 12% in 2013—beating out Canada for the top spot.
The weak Canadian dollar helped cut Canadian buyers to 14% of foreign home purchases from 23% in 2013, the Wall Street Journal reports.
In addition to trophy commercial assets, Chinese buyers prefer swankier homes, too—their average purchase was $831k, compared to Canadians’ average of $380k. (Pictured above is a planned 99-home development of mini-mansions geared towards Chinese investors in Corinth, TX.)
For Chinese investors, the American market looks like a safe haven, especially on the heels of the domestic market wobble over the summer. [WSJ]
