We’ve been in on the secret for some time – San Diego is the ultimate place to call home. A diversified economy, low vacancy rates and of course the temperate climate has been a draw for Americans for decades. Interestingly enough, it’s not just Americans who crave the sun and surf the city offers. International investors have jumped on the San Diego as a place to park their capital, ranking it in the first quarter of 2018 just slightly below Los Angeles and #11 internationally, followed by São Paulo and Montreal, Bogota and Mexico City.
Due to changing rules and regulations in other countries, investors are choosing a safer haven to put their capital. According to NAR Chief Economist Lawrence Yun, “The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” as the strength of the US Dollar in relation to other currencies plus home-price growth made buying a home more expensive in many areas. Foreigners have become increasingly aware that the U.S. is a safe and secure place to live, work and invest.
Who is Buying?
A market formerly dominated by the Chinese, tighter Chinese government control of overseas investments has created less competition for assets. This year, San Diego has become a more favorable place for real estate investing among big money players across North and South America, pushing Chinese investors into second place.
How do We Benefit?
First and foremost, it means pumping money into our local San Diego economy whether it be from the construction of a new property or investors buying and older property and fixing it up. Helping the community, upgrading existing structures it puts resources into improving the local infrastructure and refines neighborhood aesthetics, potentially leading to increased property values.
About Max Mervis
Max Mervis is a local San Diego Realtor. He has been in the Real Estate business for over 25 years serving Sellers, Buyers as well as Renters and Landlords. Max has expertise in both the single-family home market, as well as luxury high rise condominium sales. If you are in the market to sell or buy a new home or investment property, feel free to contact Max at 619-980-8385 or send an email to MaxSellsSanDiego@gmail.com