Chinese investors are leading the wave of purchases of residential homes in the U.S. by foreigners, which rose 35% in 2013, according to the National Association of Realtors (NAR).
In total, foreign real estate acquired amounting to $ 92,200 million (over 67,700 million) between April 2013 and March 2014, compared with 68,200 million (over 50,000 million euros) last year. Chinese investors became residential property by $ 22,000 million (16,000 million euros) in the period, compared with $ 12,800 million (over 9,400 million euros) last year, according to NAR.
"The favorable exchange rates, attractive home prices and increased purchasing power abroad continue to attract international buyers to the U.S.," the association said in a statement.
Steve Brown, president of NAR, said that foreign investors are seduced by the perceived as "an amazing investment opportunity for the future."
China, Canada, Mexico, India and Britain accounted for about 54% of international transactions, according to data released. Of all transactions carried out by foreigners 60% are made in cash, according to NAR.
The association also noted that European and Latin American investors have helped push prices of residential property in the southern state of Florida to record levels. Asians, meanwhile, concentrated primarily in Los Angeles, San Francisco and Las Vegas.
The NAR said that although China has become the largest investor in dollar volume and represents the sector purchasers of higher growth, Canada still accounts for the largest number of purchases by number of transactions. The average investment of Chinese around half a million dollars.