Foreign Homebuyers Find Pennsylvania Real Estate a Good Investment, According to NAR Survey
HARRISBURG, Pa. – Jan.10, 2008 – When it comes to purchasing homes, more Europeans are choosing Pennsylvania for vacation and investment properties, according to a survey conducted by the National Association of REALTORS® (NAR) and sponsored by the Pennsylvania Association of REALTORS® (PAR) and the Pennsylvania REALTORS® Education Foundation (PREF).
Almost two-fifths of international buyers in Pennsylvania purchased a home in the Philadelphia area, while Pittsburgh captured over 14 percent of foreign home sales.
For the nation as a whole, the largest share of foreign homebuyers came from Europe, Asia and North America. In Pennsylvania the majority came from Europe, specifically, the United Kingdom but also from India, China, Canada and Brazil.
The survey finds that among a variety of factors, foreign buyers are purchasing Pennsylvania real estate because the exchange rate between the dollar and some foreign currencies make Pennsylvania real estate very affordable. In addition, home prices in Pennsylvania did not increase as much as those in California and Florida and foreign buyers are finding Pennsylvania real estate an attractive and safe investment.
Foreign buyers in Pennsylvania followed the national trend: more than 83.6 percent purchased single-family detached homes or town homes.
Most homebuyers purchase homes as primary residences, however, the majority of foreign homebuyers (47 percent) bought a home in the U.S. to use as a vacation venue, while 22 percent purchase a home as a rental property. In Pennsylvania, foreign homebuyers are slightly more likely to purchase a home as both a vacation and investment property.
Foreign buyers are likely to continue to purchase homes throughout the state and the country, according to the survey. The survey, International Home Buying Activity in the U.S.: Focus on Pennsylvania can be found at http://www.parealtor.org/content/Publications_main.htm.
The Pennsylvania REALTORS® Education Foundation (PREF) was founded by the Pennsylvania Association of REALTORS® (PAR) in 1969 and is funded through contributions from REALTORS®. Its mission is to heighten professionalism through education within the real estate industry in Pennsylvania.
The Pennsylvania Association of REALTORS® (PAR) is a 34,500-member trade association that serves as the “voice for real estate” in the Commonwealth of Pennsylvania. A member organization of the National Association of REALTORS®, PAR comprises residential and commercial REALTORS®, who subscribe to a strict Code of Ethics and Standards of Practice.