Foreign buyers attracted to Los Angeles real estate market
As the real estate market in the United States experiences a partial uptick due to the steadily improving economy, more foreign buyers are beginning to purchase property in American regions. The benefits of owning multiple residences are apparent for investors with extra capital, and the larger cities in the U.S. are beginning to enjoy a surge in activity. Homes for sale in Los Angeles are among the hottest commodities on the international radar right now.
According to the Des Moines Register, buyers from mainland China make up 33 percent of owners of property at the Heritage in Vista Del Verde in Yorba Linda, just southeast of downtown Los Angeles. Here, luxury condos and homes are part of a structured community and often cost less than similar units across the Pacific Ocean.
"The prices here are more reasonable than in China," homeowner Lee Xiao Jun told the news source.
Just like other homeowners, Chinese buyers are looking for houses that are close to schools, grocery stores and other family needs. The domestic market in Los Angeles will continue to improve as foreign investors pour money into housing projects, and this in turn will create more opportunities for additional international and American buyers.