Nevada Realtors embrace new opportunities with foreign buyers

2013-04-19
International real estate buyers

Rose Manalo only received her Nevada real estate license in 2010 but she soon met a Canadian couple hoping to buy an investment property. She successfully closed the deal.

Manalo was among the many real estate agents who attended the global real estate workshop co-hosted by the Greater Las Vegas Association of Realtors, the state association, and the National Association of Realtors. This workshop was focused on marketing and selling to a new and emerging segment of buyers namely the international buyers.

Organizers say that the opportunity among foreigners and new immigrants is very big as they spent more than $82 billion on U.S. residential property during the 12 months ending in March 2012.

International buyers are eager to take advantage of the lower US real estate prices. Some also have to deal with changes in tax policy in their home countries and are seeking to move their assets outside of their home country (with US real estate often being a primary destination).

"You get countries like Russia, China where they're clamping down even worse than we are on wealth, so people want to get their money out of those countries," said A. Ron Evangelista, a member of the Las Vegas Realtors association's global committee. "Where's a safe haven to buy real estate? The United States."

Source: Business Week April 19 2013

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