For years foreign buyers have been investing in Boston real estate as they look for stable long term real estate investments. As the world has gotten smaller, more and more foreign parents are sending their kids to school in Boston and many parents are making the decision to buy rather than rent. In recent years, many families have taken advantage of the great exchange rates and purchased homes for their children while they attend college in Boston. Right now, congress is on the verge of voting on a bill that would give these parents a little something extra, a residence visa.
The bipartisan bill would give any foreign property buyer who spends at least $500,000 a residence visa. The amount can be further broken down, with the buyer only spending $250,000 on their residence and using the remaining to $250,000 to purchase an investment condo for renting out. According to the Wall Street Journal the biggest groups taking advantage of this offer are the Chinese and Canadians.
At Back Bay Realty Group we’ve seen a surge in investor buyers in recent months with many coming from China, India and Canada. The number of sales as a result of foreign buyers has increased in the United States has increased by $16 Billion in the past year alone. If you’re thinking of investing in Boston real estate call our office today at 617-449-3642 to speak to some of our investment specialists who can discuss options with you.