LA Is The Place To Be For Foreign Real Estate Investors
For those of us who live in Southern California, Los Angeles is an obvious hotspot. With a plethora of significant cultural events, delicious restaurants, great museums, world-class shopping, phenomenal weather, and idyllic beaches, it is no surprise that Californians flock to LA for a day, a weekend, or life. That trend is continuing globally too, real estate indexes suggest.
Numbers released towards the end of 2014 show that foreign investors are turning to Los Angeles for their next property purchase. They are snatching up property in the area at a steadily growing rate, and the majority of them are paying all cash. More luxury homes (priced at $5 million or more) were sold in 2014 than in any of the five years prior. China seems to have the strongest desire to stake a claim in LA, as the Chinese were the largest demographic of foreign buyers in the Los Angeles real estate market last year. Further, they paid 95 percent more than domestic buyers in their real estate transactions.
All of this indicates that even as the real estate market picks up all over the country, Los Angeles is a hotspot for growth. It is a trendy location to live, but real estate investment does not seem to be a trend that is going out of style any time soon. In fact, the market indicates that the popularity of this Southern California city will only continue to rise.
If you invest in property in Southern California—high-end or otherwise—you should protect it with comprehensive insurance coverage. Contact Hoffman Brown Company in Sherman Oaks for all of your California homeowner’s insurance needs. We are here to help you get the protection you need for your big investment. To work with a dedicated team of experts, call us today!