The share of foreign buyers who purchase property in resort areas is on the wane.
The NAR’s Economists’ Outlook blog reports that only 6 percent of foreign buyers have purchased property in a resort area in 2017, down from a recent high of 17 percent in 2012. Meanwhile, 52 percent of foreign buyers purchased property in suburban areas this year, and 27 percent bought property in urban areas.
The difference traces back to buyers from Canada and the U.K. Fewer buyers from those nations have been buying resort properties for vacation use or for rental purposes.
Chinese, Indian, and Mexican buyers are still purchasing property in city or suburban areas. More than three quarters of Indian buyers and more than half of Mexican buyers intend to use their properties as their primary residence.
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