Did you know that China represents the largest group of foreign buyers in the United States real estate market?
According to the National Association of Realtors, foreign buyers accounted for a $121 billion of residential real estate purchases in the United States during the period from April 2017 to March 2018. From this total, $30.4 billion – roughly 25% – came from Chinese buyers.
NAR also reveals that 21% of commercial property transactions from January to December 2018 came from Chinese real estate investors.
Why Seattle is a major draw for Chinese investors
A closer look at these trends shows that since the mid-2010s, Seattle has emerged as one of the top destinations for Chinese people buying real estate in the US. Here are three crucial reasons behind this recent surge:
- The strong economy
The steady economic growth exhibited by the Seattle metro area – and Washington State in general – gives Chinese investors reason to be confident. As it continues to exhibiting strong potential for continued development, this market is ideal for anyone who wants to protect and grow their wealth.
- Affordable real estate
Compared to other popular real estate markets like San Francisco, Los Angeles, and New York, Seattle is a more affordable place to invest. With real estate prices cooling slightly over the previous 12 months, many Chinese investors have incentive now to stake their claim on prime property opportunities in the Emerald City.
- Convenient access
The Seattle-Tacoma International Airport provides direct flights to and from China. Frequent flights are provided by Mainland-based carriers like Xiamen Airlines and Hainan Airlines, along with domestic carriers like Delta Airlines.
These quick and affordable travel options make doing business easier for Chinese investors, even for those who are still based in the Mainland.
Seattle’s irresistible appeal to home buyers
In this previous blog, I listed nationally ranked schools, the diverse and multi-cultural community, convenient access to China as described above, and stable investment opportunities as four key reasons that make Seattle the chosen destination for Chinese real estate buyers. Below are three more:
- The attractive job market
The Seattle metro boasts of a thriving and modern economy. Major players in the technology industry like Amazon (based in Seattle) and Microsoft (Redmond) are headquartered here. A new Google campus is slated to be the latest addition to this sterling lineup.
Leading aerospace company Boeing was founded in Seattle and is currently the top employer in the area with approximately 80,000 jobs as of 2018. Starbucks is another globally recognized brand that has roots in the Emerald City.
On top of excellent employment opportunities, Chinese people who move to Seattle enjoy having no state income tax – a crucial advantage over rival North American markets like California and Canada.
- The excellent climate
The temperate climate of the Pacific Northwest is ideal for Chinese real estate buyers.
California may boast sunny conditions nearly all year round, but its high temperatures can be similar to the hot and humid conditions that many mainland Chinese dislike during their summers.
On the other hand, Seattle residents enjoy all four seasons and the range of conditions and experiences that come with them. There are only a few days of uncomfortable heat or cold weather conditions throughout the year. The area is also relatively safe from extreme weather, such as tornadoes, hurricanes major flooding, etc.
- Stunning natural beauty all around
While Seattle is a thriving urban center, living here offers you access to pristine mountains, beaches, hiking trails and National Parks. Here, the lifestyle is not just all about work. We are blessed with large bodies of water such as Puget Sound and Lake Washington, breathtaking mountain ranges, lush forest areas, and a variety of green spaces around the metropolis provide the ideal complement to the Emerald City’s appeal as an economic hub.
This type of landscape allows for a wide variety of property types to choose from. Waterfront homes and view properties, for instance, are some of the most coveted in the Seattle housing market.
Looking for a reliable and experienced residential and commercial real estate broker in Seattle? Let me, Mary Pong, show you the best properties and investment opportunities that match your goals and dreams. Simply send me a message at mary(at)marypong(dotted)com or 425-829-3417.