Chinese buyers have become a major force in the city’s real estate market in recent years. But now, Chinese investors are increasingly pouring their millions into the suburbs.
Looking for safe investments and trophy homes, Chinese buyers are attracted to Long Island’s exclusive enclaves and springing for the pricey houses on the North Shore’s Gold Coast, according to the New York Times.
The Chinese are either the largest or second largest group of foreign property buyers in 46 of the 50 states, spending $22 billion on real estate in the last year, according to National Association of Realtors and Juwai.com data cited by the Times.
Over half of those deals went down in New York, California and Washington, with the bulk, 46 percent, closing in suburbs.
“It makes buying a vacation home here much easier and has certainly led to more deals being done,” Andrew Taylor, the co-chief executive of Juwai.com, an online real estate marketplace for Chinese buyers, told the Times. [NYT] – Christopher Cameron