Overseas buyers continue to buy into the American dream - 18th August 2008
Despite the faltering domestic markets in the UK and Europe, it seems that affordable house prices and attractive exchange rates are continuing to keep foreign buyers interested in the US property market.
According to the National Association of Realtors (NAR), business from overseas buyers has kept agents in the US busy over the last year – they’ve been purchasing in every state and territory. It estimates that since May 2007, between 150,000 and 190,000 homes in the US have been bought by foreign nationals.
Canada has replaced Mexico as the country with the largest share of foreign buyers, rising from 11 per cent last year to 23.5 per cent this year, according to NAR’s 2008 Profile of International Home Buying Activity. The UK came in second, followed by Mexico, China, India and Germany.
Simon Conn, Sales and Marketing Director at Conti Financial Services, the UK’s leading overseas mortgage specialist, says: “Although the dollar is starting to gain strength against the pound again, house prices are still low, and although caution is important as with any purchase whether here or abroad, the US continues to be a buyers’ market.
“In fact, our own figures show that the US is still the favourite long-haul destination for Brits seeking to invest in property abroad.”
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