Pennsylvania: eu investor hotspot?

Europeans are flocking to Pennsylvania, USA to buy cheap property…

Western Pennsylvania may not be a hot spot for immigration just yet, but more Europeans have good reasons to buy properties there, according to a new survey carried out by the Pennsylvania Realtor, a publication of the Pennsylvania Association of Realtors.

The publication stated: "When it comes to purchasing homes, more Europeans are choosing Pennsylvania for vacation and investment properties. Foreign buyers are purchasing Pennsylvania real estate because the exchange rate between the dollar and some foreign currencies make Pennsylvania real estate very affordable.

"In addition, home prices in Pennsylvania did not increase as much as those in California and Florida, and foreign buyers are finding Pennsylvania real estate an attractive and safe investment."

The survey revealed that In Pennsylvania, 38.2 percent of buyers came from Europe, 29.1 percent from Asia, 16.6 percent from Latin America, 16.6 percent from North America, and 6 percent from Africa; 83.6 percent purchased a single-family detached home or town home, compared to 78 percent nationally.