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Expatriate Health Insurance News: Interest in US property falls

Fewer expatriates are looking to buy houses in the US as higher prices mean that they are excluded from the market as a whole.

Despite this some of the poshest neighbourhoods are still attracting buyers from overseas, according to the International House Hunter Report.

While eight out of the ten most popular areas are seeing a decline in internet property searches by foreigners, Los Angeles and San Francisco continue to tempt expats.

Over the past year the searches conducted on these two destinations have actually increased, the study published by Trulia showed.

Of these searches, 19 per cent originated in Canada, nine per cent the UK and five per cent from Germany.

House hunters from abroad are looking at the most famous neighbourhoods of these cities with 41 per cent focused on Bel Air and 38 per cent on Beverly Hills in Los Angeles. The rest of the city received just 13 per cent of the property searches.

Jed Kolko, chief economist at Trulia, said: "Foreigners are drawn to the rich-and-famous neighbourhoods. In some of the priciest neighbourhoods in New York, Los Angeles, and Miami, more than one quarter of home searches come from other countries."

Over the last year the price of homes in the US has risen 9.5 per cent on average, but this is not dissuading all foreigners from investing.

Mr Kolko added: "Even though foreigners are a declining share of all home searches, foreign interest is becoming more diverse. More searches are coming from rapidly-growing developing countries, especially in Asia and Africa."

Florida is still popular with many people thinking of moving to the sun, due to its year-round good weather and theme parks.

The state had six destinations in the report's top ten for percentage of home searches made outside of the US.

And those with the cash to purchase the most luxurious homes properties are looking to do so in areas that have long been established as the most upmarket.

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