Seattle Emerges as Top City in Juwai.com Search Enquiries
Juwai.com recently released their 2018 Chinese Consumer International Travel Survey, and it reveals that more Mainland Chinese consumers are looking to purchase international property than ever. Many buyers are turning to the United States, taking advantage of the extended Lunar New Year Golden Week holiday to travel to destinations where they may view properties or purchase real estate. Travel plans during the Golden Week celebration include sold out flights to Seattle, now serviced by Hainan Airlines, Xiamen Airlines and Delta Airlines with direct service between Seattle and Chinese airports.
“Seattle punches above its weight in terms of Chinese buyer demand,” said Carrie Law, CEO of Juwai.com. “The city attracts more Chinese buyers than you would expect for its size. A typical seller in Seattle is twice as likely to have Chinese buyer interest than one in greater Los Angeles or New York. Seattle attracts similar Chinese demand levels as those larger cities but is less than half their size.”
To be sure, over three-quarters of the 256 surveyed indicated plans to purchase international property. Below are a few of the report’s key findings:
- 77% of all Chinese respondents have considered buying overseas property.
- 92% plan to travel internationally in 2018. Of this cohort, 25% intend to travel outbound during the Lunar New Year Golden Week, while 48% intend to travel overseas during off-peak months throughout the year.
- 29% picked North America as their top vacation region for 2018, followed by Asia (23%), Australia (20%), and Europe (19%).
- 77% have property purchase intentions in mind. Of this cohort, 60% intend to purchase property in their holiday destination, while 17% say they may consider doing so.
- 58% are considering emigrating to the destination they’re visiting abroad, while another 20% say they might consider it.
“I first began traveling to China in 2012 and have made many trips there, but haven’t in the past two years,” admits Dean Jones, President & CEO of Realogics Sotheby’s International Realty. “The reality is that these affluent consumers are now coming to Seattle on their own – our market has clearly been discovered.”