You already know that international home sales in the U.S. are booming and foreign buyers, especially from China, are flocking to the U.S. real estate market for a variety of reasons. While Florida, California, Texas, Arizona, and New York have remained the top five states attracting international clientele, there is another state garnering a large amount of international interest: Washington. In fact, the National Association of REALTORS® reports that Chinese money now accounts for about 55 percent of all homes purchased by foreigners in Washington. So why has Washington, and specifically the greater Seattle area, become a hot spot for Chinese buyers?

Increasing Regulation for Property in Vancouver BC

While the city of Vancouver in Canada is typically a popular spot for Chinese real estate investors, the recent introduction of a 15 percent tax on foreign investment in the Metro Vancouver area by the B.C. government has created a growing nervousness among these international buyers. A recent report from Chinese property portal Juwai shows that searches in the Seattle area by Chinese home buyers have more than doubled while searches in Vancouver have been cut nearly in half.

Lower Housing Costs (Comparatively!)

Since Seattle can offer both a very similar quality of life along with homes that are sometimes 50% cheaper than the Vancouver area, this part of Washington state is drastically growing in popularity for Chinese buyers. While U.S. residents searching for a home in the Seattle area may see prices that have been steadily increasing in recent years, there are great luxury home options for those buyers who would like to be along the pacific coast but want to avoid the extreme California home prices.

Education

Matthew Moore, Juwai’s president of the Americas, noted that the site’s data showed, “two-thirds of Chinese buyers cited education (typically for their children) as their primary motivator for choosing Seattle.” Because China spends a relatively small percent of its budget on education, more and more parents are looking to send their children to school in the U.S. (and other countries) for a more well-rounded curriculum than what’s offered in China where they are focused more on high stakes testing. Washington also has more than twenty colleges and universities. According to the Washington Council on International Trade, international students account for an estimated $450 million worth of annual revenue for the state.

Business

Did you know top companies like Microsoft, Boeing, and Amazon all have their headquarters in Washington? Business is booming in the state and these companies are well known for hiring skilled foreign workers on H1-B visas and engaging in international trade with China.

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