Chinese homebuyers look overseas for deals
73% said properties in other countries provide better value
The efforts of the Chinese government to curb the domestic property market are causing buyers to look at real estate outside of the country, Juwai.com found.
Juwai is an internet site that links Chinese high-net worth individuals with real estate agents in foreign countries.
A recent survey of 541 Chinese citizens in the property market, found that 73% of respondents said properties in other countries provide either a better value or more affordable prices than real estate in China.
Additionally, 37% said they would buy overseas because it is a better value proposition than in China, and 37% said they would buy overseas because it is a much lower price than China.
"The latest data out of China, coupled with the consumer survey from Juwai.com, help show why wealthy Chinese are looking at property overseas. They are educated, affluent, mobile and--most of all--motivated,” Andrew Taylor, Co-CEO of Juwai.com, said.