Foreign Buyers have returned to the US
If you’re looking in the market for a new condo or townhouse in New York City, competition has increased due to an influx of foreign investors who move quickly to purchase properties, oftentimes will cash on hand. The pandemic shut down the foreign buyer market but with the borders open they have returned and specifically to NYC and Miami.
Buyers are coming from Asia-Singapore, Taiwan, and Hong Kong.
Regarding Florida, there is House Bill 1355 restricting foreign investors. This bans Chinese nationals unless they are US citizens or residents who currently own property to buy real estate. Other countries are Russia, Iran, N. Korea, Cuba, Venezuela and Syria.
Foreign Direct Investment in the United States increased by $65.9MM in the fourth quarter of 2022.
source: U.S. Bureau of Economic Analysis
