Here’s an article that rightly notes how many of the Boston area’s home sales these days are by foreign buyers from China, France, India, Israel and other nations — and they often pay in cash.
Some of it is driven by attractive exchange rates, good investment opportunities and just an old-fashioned desire or need to live here. But left unsaid in the article is that part of the trend is also driven by a desire to get a visa under US investment laws.
Hey, you can now even get a visa by investing in a Broadway plays these days. So why not recently constructed residential real estate?
Nothing wrong with this. It’s perfectly legal. There may be some down sides (more people bidding on properties), but it’s the free-enterprise system and it does say much about how Boston has become such a desirable place.