Chinese buyers comprise one of the largest groups of foreign buyers of residential property in the United States. In 2017, a record number of residential properties were bought by Chinese nationals, but since then, both the sales volume and percentage of all foreign-bought properties has declined. In 2023, Chinese buyers were responsible for 13 percent of all sales to foreigners.
Who is the biggest buyer of U.S. residential property?
During the coronavirus pandemic, buyers from Canadian and Mexican origin dominated international transactions, but in 2022 Chinese nationals bought the most U.S. residential property. They were also responsible for the largest share of the aggregate value of properties purchased. On average, Chinese bought properties were also substantially more expensive than the ones purchased by other buyer groups, such as Canadians.
How has the market developed?
The total property sales to foreign buyers peaked at 153 U.S. dollars in 2017, followed by a period of declining transaction value. The coronavirus pandemic has significantly contributed to cross-border transactions remaining subdued. In 2022, the value of property sales to foreigners was the lowest observed since recording began.
