For years, international buyers have looked to buy properties in markets like Miami, Aspen and Palm Springs when searching for the perfect place for their “holiday.”
According to new data from Trulia (TRLA), international house hunters are shifting their focus away from traditional vacation areas to dense, urban areas.
“Foreign interest in U.S. real estate remains highly concentrated in mostly urban neighborhoods, particularly in Miami, Los Angeles, and New York, and is increasingly shifting toward high-density urban areas and away from vacation spots,” said Trulia’s chief economist Jed Kolko.
Trulia analyzed the site’s searches from January through May and found that 4% of the searches came from outside the U.S. That’s slightly down from 4.2% during the same time period last year. Canada (18.5%), United Kingdom (10.6%), and Germany (5.5%) remain the top three countries outside the U.S. for home searches on the site.
Trulia found that international searches are tending to focus more on urban areas as opposed to areas that are traditionally thought of as vacation areas.
“In general, these two types of places tend to get more foreign interest than the U.S. overall does: foreign searches accounted for 4.0% of searches for U.S. homes overall, 4.7% of searches in vacation areas, and 9.4% of searches in the densest urban neighborhoods,” Kolko said.
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http://www.housingwire.com/articles/30369-international-buyers-are-looking-for-more-than-just-vacation-homes
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