Over the past decade, several global markets have seen an influx in Chinese buyers seeking to diversify their real estate investments and fulfill aspirations to own property across the globe. Vancouver, New York City, London, California, Seattle and Australia all have experienced heightened interest in real estate investment from the Asian buyer.
In April, our President and CEO Philip White will co-chair the Asian Real Estate Association of America’s 2014 Global and Luxury Summit, which will highlight the emerging market opportunities present in both the international and luxury real estate markets and provide key insights regarding Asian home-buying behaviors, a group that represents a significant portion of both high-end and international buyers.
“I am honored to serve AREAA in this capacity for the 2014 Summit, having personally been involved in the organization’s efforts over the last several years,” said White. “The Asian American market represents a significant growth opportunity in our industry. According to AREAA, the market has the highest growth rate of any multicultural group in the United States. The Asian American consumer base is growing, affluent, technologically savvy and has increasing buying-power: $718 billion currently, and expected to reach $1 trillion in just five years.”
$2,700,000 USD | Seattle, Washington | Realogics Sotheby’s International Realty
The Pacific Northwest region has always been an attractive destination for Asian buyers due to its proximity and lifestyle, but in recent years brokers say the trend has grown exponentially. ”When it comes to Chinese buyers the real estate axiom isn’t location-location-location but rather location-education-environment,” says Dean Jones, President and CEO of Seattle-based Realogics Sotheby’s International Realty. “The Pacific Northwest is viewed as the Pacific Northeast as we are the closest mainland port and boast a pristine natural environment and top ranked schools and universities while real estate remains a relative bargain compared with Vancouver to our north and San Francisco to our south. We’re building an Asia Desk with Mandarin-speaking brokers, landing services for new arrivals and a specialty website—www.dragonandthepearls.com—focused on the unique needs of this demographic.”
$8,950,000 USD | New York, New York | Sotheby’s International Realty-East Side Manhattan Brokerage
In New York City, Nikki Field Senior Global Real Estate Advisor and Associate Broker at Sotheby’s International Realty, Inc. on the East Side of Manhattan, along with her team have spent the last five years immersing themselves in Asian culture. “Finding a new home on foreign shores is filled with perplexing decisions,” said Field. “There is a distinct Asian worldview on real estate investments that require a vast new skill sets needed to work with these buyers; cultural, social and business protocol is profoundly different in style. The focus on harmony, balance and order is fundamental to their life-style choices and we Westerners have much to learn from the East.”
Field and her team study the Chinese language, attend business culture classes and participate in numerous Chinese business organizations as guest speakers and seminar panelists in order to better understand their Asian customers.