Mukesh Vyas
Broker, Owner BRE Lic # 01492713
(Serving Santa Clara, San Mateo & Alameda counties)
Cell: (408) 313-9914
Email: Mukesh@VyasRealty.com
VYAS REALTY
San Jose, CA
ph: 408-313-9914
Mukesh
Foreign investors have long been attracted by Bay Area commercial, industry and residential real estate. But that interest seems to be growing rapidly, especially among Chinese buyers. And that trend could have a very strong impact on housing prices in San Francisco, Silicon Valley and all around the Bay for years to come.
According to a recent survey by the National Association of REALTORS®, foreign clients purchased $92.2 billion worth of existing U.S. homes in the year ending March 2014, up 35 percent from the previous 12 months. About half of these foreign buyers live outside the United States, while the other half are recent immigrants or here on temporary visas.
China accounted for the largest dollar volume of international sales with 24 percent of all dollars spent on housing in the U.S. In California, 62 percent of foreign buyers came from Asia. Although exact numbers are hard to come by, it appears that much of that investment is flowing specifically to Bay Area real estate.
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There area a number of reasons for the trend. The boom is partly because of globalization, but it also has to do with the rapid buildup of wealth in China, which had 2.4 million millionaires in 2013, up 60 percent from the year before, according to the Boston Consulting Group.
A recent article in the San Francisco Business Times noted a number of other reasons, including:
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Serving Santa Clara, San Mateo & Alameda Counties CA
Member :
Silicon Valley Association of Realtors
California Association of Realtors
National Association of Realtors
Mukesh Vyas
Broker BRE Lic # 01492713
(408) 313-9914
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VYAS REALTY
San Jose, CA
ph: 408-313-9914
Mukesh