The U.S. has reopened its borders to vaccinated international travelers from 33 countries, a development expected to have a significant impact on real estate.
Throughout the Covid-19 pandemic, investment from foreign buyers in U.S. real estate has been down due to the difficulty of travel. A report from the National Association of Realtors found that from April 2020 to March 2021, the number of residential properties purchased by foreign investors declined by 31%, compared to the previous 12-month period.
“Home buying by foreigners just tanked,” said
chief economist with the National Association of Realtors. “It’s such an important expenditure, and people want to see homes in person before making a purchase. If they can’t get into the country, they’ll just postpone the decision. But now we anticipate that foreign buying is going to pick back up here in the U.S.”