Chinese investors are increasingly in the know come time to select the next best real estate market, with a new report on their preferred U.S. locations offering Canadian investors a roadmap.
The report, published by property consultancy Cushman & Wakefield, shows that, between 2008 and 2014, institutional Chinese real estate investors in the U.S. have focused on New York, with $6.7 billion invested.
The other American states making the list are California ($1.6 billion), Illinois ($362 million), Texas ($305 million), Maryland ($150 million), New Jersey ($140 million), Arizona ($133 million), Florida ($95 million), Washington ($44 million) and Delaware ($42 million).
Canadian investors are expected to turn to the U.S. market in a big way with the decline of the loonie against the dollar, which comes after a period of currency parity that eroded snowbird interest in U.S. properties.
While their traditional haunts have long been California, Florida and Arizona, Canadian investors should perhaps follow the in-the-know Chinese investors in embracing other hot spots in the U.S. market.
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Investment Hot Spots:
Spry Bay, Fauquier, Charette, Maria, Two Hills