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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