A report by the Daily Mail, polling real estate agents around the world, suggests Chinese and Russian investors are acquiring low-end British properties at an accelerating speed in an effort to capitalize on strong demand from modest-income families.That consumer demand is on both the rental and sales sides.
The study suggests as little as 15% of property sales in London up until June 2013 went to domestic buyers. It also points to the rise in cash-only sales -- a 20 per cent spike, year over year -- as evidence of the well-heeled nature of the foreign buyers actively growing their portfolios.
The study is providing the kind of closer look at international buyers that B.C.investors, in particular, continue to seek. Ostensibly, a similar study on the Vancouver and Toronto markets would help to end speculation about what if any real impact Chinese nationals are having on property prices in those cities.Still, it may not.
A CMHC study this year pointing to condo investors owning some 17 per cent of the units in Toronto and Vancouver. Critics, including CIBC economist Benjamin Tal, argued the figure is really closer to 5 per cent.
Still, the need for more research is clear, argues one Vancouver investor
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