New York City is a place where many Chinese, particularly those who speak Mandarin, come to buy apartments or invest in real estate.
Previously, many Chinese real estate investors were more interested in investing in high rise condos in Manhattan. The interest has now shifted to Flushing and it has become increasingly denser over the years.
Only the rich in China were buying up properties in NYC; now there are more middle class buyers than before. There are more Chinese people gaining wealth as of late due to the improving economy of China and the greater availability of jobs there than here in the West.
Examples of this new phenomenon can be seen at a condominium in One Fulton Street on Prince Street and at another called Sky View Perc. The condominium in One Fulton Street recently sold ten units out twenty one units they were selling to Chinese buyers.
At Sky View Perc, 135 of the 410 units were sold to Chinese homebuyers. Usually, the Chinese buyers rent out these apartments and see them as investments. Many of the renters are college students who go Queens College or other local schools.
Chinese buying habits are being studied lately due to their increased amount of presence in the American real estate market. Chinese people still buy most of their properties in California; 53 of all Chinese real estate purchases were made there. Massachusetts, North Carolina and Texas were at 4 percent while New York was only at 3 percent.
Juwai is a site that many foreign Chinese buyers use to find real estate properties to purchase overseas. This site offers a few million listings from all countries all over the world. Many people are searching for properties in United States and most recently in Queens.
Many people in China are buying properties overseas because Chinese real estate is very expensive. This can make it difficult for anyone who wants to invest in China.
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