The global real estate business market is an important part of the real estate profession. The Nevada REALTORS® Global Business Committee is committed to providing information on education, resources and opportunities for global business for Nevada REALTORS® members.
REALTOR® survey shows decline in foreign investment in U.S. residential real estate
A decline in global growth and low housing inventory contributed to a drop in foreign investment in U.S. residential real estate over the past year.
This is according to an annual survey of residential purchases from international buyers, released today by the National Association of Realtors®, which found that foreign buyers purchased fewer U.S. existing homes from April 2018 through March 2019. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% in 2019. Click on the image below to read more.
What $1 million buys in real estate around the world
A million dollars doesn't buy what it used to — especially when it comes to luxury real estate. The Wealth Report, from London-based real estate brokerage Knight Frank, measured the top markets in the world and compared how much prime property $1 million would buy in each.
Monaco still reigns as the most expensive for top-tier property. For $1 million, you can only buy 16 square meters there, about 172 square feet — the size of a respectable walk-in closet. Hong Kong ranked as the second most expensive market, with $1 million buying about 236 square feet. New York ranked third, nabbing about 270 square feet.
The report highlights how global growth has lifted the fortunes of the wealthy and hiked luxury real estate prices in the top cities. "2017 was a year when the economic stars aligned and relatively healthy growth was seen across most markets," the report said. Indeed, almost all of the cities have become more expensive over the past year. In Monaco and New York, $1 million buys 1 less square meter than it did a year ago. In London, which ranked fourth, $1 million buys 28 square meters, 2 meters less than a year ago. Read the complete CNBC story here.
Consider hosting Inbound Trade Missions
Have you ever wondered how to capitalize on the tradeshows and conventions that visit our state annually? One way is to host an Inbound Trade Mission. In simple terms, organize a real estate tour of your local area and highlight property you believe the participants would appreciate - and potentially think highly enough of that they’d consider relocating. For our local and state Global Business Committees, inbound and outbound trade missions are paramount to learning about all kinds of real estate opportunities.
Planning a trade mission is easier than you may think. Here is a brief outline of the GLVAR process but of course, you can customize and scale this to your specific situation, organization or business. The first step is to create work groups by asking committee members who may be interested in participating. Completing an interest form is an easy way to identify these. Secondly, once all interest forms are submitted, a date and time is established for the work groups to meet. From there, planning can begin.
GLVAR co-hosted a trade mission (with Southern California's Orange County REALTORS) to China March 19-28 of 2019. It's 2020 Trade Mission to Germany has been postponed.
GLVAR hosts its Global Business Committee meetings from 10 to 11:30 a.m. on the third Wednesday of each month.
GLVAR also hosts an annual Global Day, traditionally in the summer. Specific details will be added when available.
The RSAR Global Business Committee hosts its meeting on the second Tuesday of each month. Click here to learn more about the RSAR group.
STATE OF NEVADA
Certified International Property Specialist
The Reno-Sparks Association of REALTORS® has a great tool for foreign language speakers. Click here to find Realtors in the Reno-Sparks area who speak a foreign language.