Monday, June 20, 2011

Colliers: Rich Chinese Buying in London, Vancouver, and Australian Cities

The myth is still a powerful driver of sales to locals as well. The myth, that is, that one can flip to a Chinese seller indirectly drives up more sales.

Where Rich Chinese Are Buying Real Estate
Chinese demand has pushed the average price of a Vancouver home up 12% in 2010 and is expected to rise another 3% this year, according to the Canada Mortgage and Housing Corporation. Demand from mainland immigrants now accounts for 29% of all new homes in Vancouver, China Daily reports.

In London, China buyers accounted for 28% of all prime London property sales and 54% by sales value in the prime central London area, where houses go for 5 million pounds ($8 million) on average, according to a recent report by Savills research.

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