WASHINGTON, D. C. — Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the United States to purchase properties and make real estate investments.
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According to the National Association of Realtors 2014 Profile of International Home Buying Activity, for the period April 2013 through March 2014, total international sales have been estimated at $92.2 billion, an increase from the previous period’s level of $68.2 billion.
“Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability and an incredible opportunity for investment in their future,” said NAR President Steve Brown, co-owner of Irongate, Inc. Realtors® in Dayton, Ohio.
Four states accounted for 55 percent of the total reported purchases — Florida, California, Arizona, and Texas. Florida remains the destination of choice, claiming a 23 percent share of all foreign purchases. California comes in second with 14 percent, Texas with 12 percent and Arizona with 6 percent. The top five cities searched online by international buyers in 2014 were Los Angeles, Miami, Las Vegas, Orlando and New York City.