A new report has highlighted the popularity of the US as a property investment destination for foreign buyers. International purchases shot up USD 16 billion this year, the 2011 Profile of International Home Buying Activity revealed.
Compiled by the National Association of Realtors (NAR), it said that the total residential international property sales in the US for the past year ending in March 2011 was USD 82 billion, up from USD 66 billion in 2010.
"The US has always been a desirable place to own property and a profitable investment. In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory," said NAR President Ron Phipps.
According to the data, the international buyers came from 70 different countries, up from 53 countries in 2010. For the fourth consecutive year, Canada was the top country of origin, with 23 per cent of sales to foreigners.
This was followed by China then Mexico, the UK and India. The four states with the heaviest concentration of international buyer activity were Florida, California, Texas and Arizona.