Foreign Buyers Increasingly Pay Cash
The median price for a home in the U.S. paid by foreign buyers for the year ending in May 2009 was $247,100, higher than the overall national price of $198,100 in 2008. A significant number, 45.8 percent of foreign buyers, paid cash for their property, mainly due to the increased difficulty in obtaining a mortgage.
U.S. laws do not restrict or scrutinize most property purchases by foreign nationals. There are few barriers to owning property here, unlike transactions in many other countries, although immigration laws prohibit foreigners from remaining in the U.S. continuously for more than six months without a special visa. In addition, international investors are afforded the same property rights as those enjoyed by U.S. citizens.
The top five countries of origin for foreign buyers are:
- Canada, 17.6 percent of buyers
- United Kingdom, 10.5 percent
- Mexico, 9.8 percent
- India, 8.5 percent
- China, 5.4 percent
