Global Influence on Arizona Real Estate
Arizona is perennially a top 5 state in the nation when it comes to foreigners buying real estate and about 50% of all foreign real estate purchases are made with cash. Nationwide, $235B in Real Estate was purchased by foreign buyers… $103B of that was residential. On average, foreign buyers spent almost double what U.S. citizens did.
Back during the recession about 7-8 years ago, we saw a heavy influx from Canada, but as the dollar values changed, the new number 1 is China. The Chinese are finding new options aside from Vancouver, Canada since they imposed a heavy tax due to all the migration. Our climate, education system and economy are some of the top factors for the move.
Canada remains a solid #2 and 19% of all U.S. Real Estate purchases by Canadians are completed in Arizona. Currently more than 200 Canadian Companies operate in Arizona with roughly 15,600 employees total. The next top employee generators are from companies originated in the United Kingdom, Germany, Japan & France.
There were 5.7M International Visitors to Arizona in 2015 and the #1 destination spot for these travelers was Sedona. 4,000,000 of the total came from Mexico, largely to visit friends and relatives.
ASU (Arizona State University) holds the largest number of International Students with 12,751 but all major universities here have significant populations. Chinese students were the most prevalent throughout the state, followed by India, Saudi Arabia, Kuwait & South Korea.
No matter where you are from, we would be glad to assist with your Real Estate goals and connect you to the right fit, if that‘s not us!