PA Named Hotspot for Europeans Purchasing Homes

RISMEDIA, Jan. 11, 2008-When it comes to purchasing homes, more Europeans are choosing Pennsylvania for vacation and investment properties, according to a survey conducted by the National Association of Realtors(R) (NAR) and sponsored by the Pennsylvania Association of Realtors(R) (PAR) and the Pennsylvania Realtors(R) Education Foundation (PREF).

Almost two-fifths of international buyers in Pennsylvania purchased a home in the Philadelphia area, while Pittsburgh captured over 14% of foreign home sales.

For the nation as a whole, the largest share of foreign home buyers came from Europe, Asia and North America. In Pennsylvania the majority came from Europe, specifically, the United Kingdom but also from India, China, Canada and Brazil.

The survey finds that among a variety of factors, foreign buyers are purchasing Pennsylvania real estate because the exchange rate between the dollar and some foreign currencies make Pennsylvania real estate very affordable. In addition, home prices in Pennsylvania did not increase as much as those in California and Florida and foreign buyers are finding Pennsylvania real estate an attractive and safe investment.

Foreign buyers in Pennsylvania followed the national trend: more than 83.6% purchased single-family detached homes or town homes.

Most home buyers purchase homes as primary residences, however, the majority of foreign home buyers (47%) bought a home in the U.S. to use as a vacation venue, while 22% purchase a home as a rental property. In Pennsylvania, foreign home buyers are slightly more likely to purchase a home as both a vacation and investment property.

Foreign buyers are likely to continue to purchase homes throughout the state and the country, according to the survey.

The survey, International Home Buying Activity in the U.S.: Focus on Pennsylvania can be found by clicking here.

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