Check out the US city now on Asian buyers’ radar
Check out the US city now on Asian buyers’ radar
An international education hub is in Chinese investors’ good graces
Asian buyers are increasingly homing in on luxury condominium projects in Boston as safe haven investments, The Boston Globe reports.
One development, the 60-storey Millennium Tower in Downtown Crossing, is reportedly captivating buyers from Hong Kong and the Middle East. “This city is on a world stage right now,” Richard Baumert, Millennium’s top sales executive, told the Globe. “People want to be here.”
“There’s a buyer base from around the world that wants to be in Boston,” said Michael Krupa, president of property developer Gemdale USA, which is building a condo and office tower at South Station on behalf of a Chinese firm. “It’s a city with extraordinary fundamentals right now.”
Asian investment is playing out in Boston as international education continues to thrive across the country. The number of international students at US colleges and universities grew to a record 974,926 in the 2014/15 academic year, according to the Institute of International Education‘s Open Doors Report on International Educational Exchange. China accounted for the bulk of international enrollees with a 31 percent share, followed by India with nearly 14 percent.
More: Do Asian investors still want to be top of the heap in NYC?
The Massachusetts capital is home to Northeastern University and Boston University, two institutions included in Times Higher Education’s ranking of US universities with the most international students.
One of the most avid investors in Boston condos now, Bingyi Chen, is an immigrant who graduated from Boston College. Chen and his wife have made headlines recently, spending USD31.5 million on Boston condos over a three-year period, including USD15.6 million for 16 units in the Millennium Tower, paid in cash.
Real estate economics firm Rosen Consulting Group predicts that Chinese buyers will spend USD50 billion on US homes by 2025, mainly for speculative purposes. Last year, foreign buyers snapped up USD102.6 billion in US homes, with Chinese buyers spending USD27.3 billion, data from the National Association of Realtors shows.
Read next: Rise in demand for UK luxury student accommodation
Source: Property Report