Foreigners buy luxury real estate in Miami, LA and Manhattan

Foreign buyers invested $7.5 billion in homes in the U.S. that have a purchase price of $1 million or more. A large number of those purchases were in  Miami, Los Angeles, and Manhattan. Almost 40 percent of the purchases were done in those three cities, with Miami accounting for one quarter of the total. Los Angeles was next highest at 9 percent, and Manhattan was third with 3 percent.

The influx of foreign money into the luxury real estate market is high as the numbers prove.  Eighty percent of luxury Miami real estate is owned by foreigners, compared to 20 and 27 percent in Los Angeles and Manhattan, respectively.

Read the full article here on The Real Deal.