Foreign buyers 'drawn to US property'

An increasing number of foreigners - and particularly Canadians - are taking advantages of the deals to be found in the US real estate sector, it has been noted.

Speaking to The Globe and Mail, Scott Baker, portfolio manager at MacNicol & Associates Asset Management, pointed out that investors who are prepared to do their research can find "attractive investment opportunities" in the country.

He added that due to the high number for foreclosures, the rental market is currently strong.

"People still have to live somewhere. They are renting and rents are rising across the nation by more than inflation," Mr Baker explained.

Meanwhile, Andy Katz, of WiseCat Realtors in Miami, told the publication that approximately 90 per cent of his clients now come from outside the US, with buyers from Canada, the UK, Italy and Dubai just some of those snapping up properties in the area.

Figures published earlier this month by the National Association of Realtors showed that, although sales of existing homes in the US dipped in July compared to June, they were up year-on-year by 21 per cent.
 

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