In 2013, China surpassed Canada to become the top source of foreign home purchases in the United States, a title the country has held every year since then. The total value of Chinese purchases nearly doubled between 2013 and 2014, a surge that followed increasing quality-of-life concerns around air pollution and political uncertainty around Xi Jinping’s ferocious anti-corruption campaign. In 2017, Chinese buyers set new records for both the quantity and total value of purchases, but the imposition of capital controls that year may lead to dips in both metrics, as wealthy Chinese citizens find it increasingly difficult to move large sums of money out of China.
Source: Copyright ©2017 “2017 Profile of International Activity in US Residential Real Estate.” National Association of Realtors. All rights reserved. Reprinted with permission. July 2017.
Notes: All data points aside from those on total value and volume of purchases are from the years 2016-2017. National Association of Realtors (NAR) data on Chinese home purchases exhibits a time lag of nine months, with data for “2017” covering April 2016-March 2017. While this lag places home purchase data slightly out of sync with other categories, it remains the best and most up-to-date information available. NAR data on Chinese purchases include buyers from mainland China, Taiwan, and Hong Kong. For the years 2010-2015, the data include some commercial real estate purchases, while 2016 and 2017 include only residential purchases.