So the "rich people" in this country just stay at hotels when they visit here. I don't know why the mentality is different but it is. I guess they just feel it's easier to access so less anxiety about "securing a piece of land" or something.
Our theory is that for the foreign owners of the properties, it's mostly a status symbol, like a gucci bag or something, to say "I've got a place in blah, please come visit sometime".
But yeah, as most have said, even for a wealthy person from this country, they generally aren't a match if a bidding war kicks off, they'll lose.
Also as I said earlier, there is a weird preferential treatment given to "white people", it's really hard to understand but it does exist as much as I hate to say it. Even though mostly properties end up being owned by foreigners from Asia, the white people are the face of the operation.
Like I said, I hate to say it, but it's just facts, it's sad it's happening really.
There are efforts for local intervention, such as a "council" who seems to be trying to put together a fund to buy places before they move to offshore ownership, they just seem a bit slower than the property pros.
In Canada, the vast majority of rich foreigners buying property are American. Chinese investors, the favourite villain of the "rich foreigners" class, make up only about 4% of foreign real estate investment.
It would be funny though, if you were trying to say that Chinese foreign ownership isn't a problem in places in the world, because I mean, it's absolutely smashed Sydney's housing prices.
Not saying there's anything "wrong" with any ethnic group, but there are sources of money in this world and some are particularly more present than others.
I don't know why but I'd say Chinese foreign ownership is much lower in the USA than in Australia, parts of Asia. Either way, I'd say 4% is still a pretty large part of American real estate ?
Yeah, I wasn't fully clear. I'm talking about Canada, where Chinese investment is only 4%, contrary to perception that "Chinese money" is the source of our troubles. 4% is still a significant impact, but it's pretty much pure racism that singles out the Chinese as the primary driver.
It is not known how many transactions are conducted via proxy buyers, the Canadian government does not allow public access to the data that is required to determine what is actually going on in their country. Thus, the imagination steps in and fills in the gaps.
