Canadians were the leading overseas buyers of property in the USA in the last year, buying almost a quarter of all properties sold to foreigners. Figures from the US National Association of Realtors found that Brits were the third most likely nationality to buy property in America, with seven per cent of all US property sales going to UK buyers.
Canadians account for 23 per cent of foreign buyers in USA
In the year to 31 March 2011, Canadians bought $9.4 billion of property in the USA, accounting for 23 per cent of all sales to foreigners. Foreign buyers bought approximately $41 billion (ã25.3 billion) of property in America in the year to 31 March according to the National Association of Realtors study.
International property buyers paid an average of $315,000 (ã194,685) for property, much higher than the overall U.S. average of $218,000. Nearly two thirds of foreign buyers (61 per cent) bought single family detached homes whilst 3 per cent bought commercial property.
70 nationalities bought property in USA in the last year
The study found that international property buyers in the USA came from all across the globe. Chinese buyers came in second place with 9 per cent of transactions, whilst Britain, Mexico and India each accounted for 7 per cent of foreign purchase transactions.
The top five countries accounted for 53 percent of all foreign transactions and most of the fifty US states had at least one international transaction. The four most popular states with British and overseas buyers were California, Florida, Arizona and Texas which accounted for 58 per cent of all foreign purchase transactions.
International sales were impacted by the value of the US dollar, with almost 80 per cent of agents reporting that exchange rates had an effect on sales. Property prices in America have declined in recent years in both dollars and euros and when the euro strengthens against the dollar, the real price of a US home to a buyer based in the eurozone reduces.
