California property appealing to foreign buyers

Real estate in the Silicon Valley region of California is increasingly being targeted by foreign investors, it has been claimed.

An article in the San Jose Mercury News noted that the influx of overseas buyers is being fuelled in part by workers moving to the area from elsewhere, as well as those looking for investment properties.

Speaking to the publication, realtor with Alain Pinel in Los Gatos Michael Riese commented that many buyers from outside the country consider "a home purchase in the US as a solid investment, compared with what they may otherwise put their cash in back home".

The publication revealed that Chinese buyers are among the most active in the Silicon Valley real estate market at present.

And it seems that California is not the only region that is appealing to investors when it comes to US property, with the country as a whole seeing the sector improve, according to a recent Jones Lang LaSalle report.

Research recently published by the firm revealed that global direct investment volumes were up by seven per cent in the second quarter of the year - compared to the first three months of 2011 - and had risen by 47 per cent over the same period in 2010.
 

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