Luxury Housing Market Experiencing Influx of Foreign Buyers

The Wall Street Journal recently reported that the luxury housing market is seeing a surplus of buyers from different countries -- not only the U.S. luxury housing market, but foreign housing markets as well. Some of the highlights from the article:

  • In London, nearly 65% of luxury market buyers are from abroad.
  • In Miami and surrounding areas, nearly 60% of all sales in 2010 were to foreign buyers, and nearly 90% of all sales for newly built condos were to foreigners.
  • In one luxury condominium in Manhattan, almost half of buyers were foreign.
  • The National Association of Realtors reported that 18% of Realtors in the U.S. market sold homes to at least one international buyer.
  • In Paris, for apartments over 2 million euro, three foreigners buy into the market for one foreign seller.
  • Most foreign buyers tend to favor condos compared to single-family homes.

Read the whole report here.


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Posted by: Nicole Lauber
Posted on: 5/19/2011 at 10:44 AM
Tags: , ,
Categories: Luxury Real Estate
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