China News Service, Beijing, April 16 (Reporter Pang Wuji) According to data released by Juwai IQI, a global real estate technology group, on the 16th, Chinese buyers' demand for overseas residential real estate dropped by about 50% globally last year.
Overall, Chinese purchases of international residential real estate are well below pre-pandemic levels, said Kashif Ansari, co-founder and group CEO of Juwai IQI Group.
It's not because of a lack of demand, it's just the challenges posed by current overseas travel restrictions.
It is worth noting that in the past five years, the main target countries for overseas residential real estate purchases by Chinese buyers have changed. Australia has risen to the first place, Thailand, which has been the top for a long time, has dropped to the second place, and Malaysia has entered the top five.
The U.S. ranks further down.
According to the agency's statistics, in the first quarter of this year, the three countries with the fastest growth in overseas property enquiries from Chinese buyers were Australia, Canada and the United Arab Emirates.
Among them, Chinese buyers' inquiries for Australian homes (on an annual basis) increased by 82% year-on-year, Canada's inquiries increased by 52%, and the UAE's housing inquiries increased by 41%.
However, Kasf Ansari said that this does not mean that Chinese demand for overseas property purchases has rebounded globally. In general, the demand is still far lower than before the epidemic.
For Australia, the agency noted that the actual factors driving demand were the return of students to Australian schools and universities, and Australia's re-issuance of visas for overseas residents.
Demand for Canadian homes may be short-lived.
The Canadian government plans to introduce two-year restrictions that will bar foreign buyers from buying non-leisure, residential properties in Canada.
The agency predicts that speculative and offshore demand in the Canadian housing market may dry up if the policy is introduced.
In addition, during the epidemic, the UAE has attracted a lot of attention as an important global destination.
For some looking for a safe and neutral market, Dubai could emerge as a new hot investment destination.
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