A recent and little-known deal on U.S. visa issuance rules for China may have a lasting impact on U.S. residential real estate, especially for popular global markets like South Florida.
The visa deal was signed last week while President Obama attended the APEC conference in Beijing, The deal states that student and exchange visas for Chinese nationals coming across the Pacific will be extended from one year to five years and short-term business and tourist visas will also be extended from one year to 10 years.
This development may have a large affect on U.S. housing, making Chinese purchases even more ideal. The extension of student visas is speculated to especially affect the U.S. realty market, since Chinese investing is largely based on U.S. property intended for young Chinese citizens that are studying in the U.S. This new deal may draw in more Chinese students that are able to study and live in the U.S. Currently, Chinese students range from university level to children taking part in primary and secondary U.S. schooling.
Already, a large percentage of U.S. visas that Chinese citizens apply for are student visas, more so than business and tourist visas. Additionally, this new rule change may also mean that more Chinese professionals move to the U.S. to be near their children that are studying in this country.
Additionally, the National Association of Realtors released data in July stating that China is the largest source of foreign real estate transactions in the U.S., based on a dollar basis. This is especially true in cosmopolitan and outward looking areas like South Florida, which in recent years has seen an influx in investors and homeowners from all over the world.
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