Chinese investors remain among the most active buyers of overseas property in the world. After a temporary decline due to the COVID-19 pandemic and tightening currency controls, Chinese buyer activity in international property markets has been recovering since 2024.

According to the National Association of Realtors, Chinese buyers spent $13.7 billion on U.S. real estate alone between April 2024 and March 2025, an 83% increase from the previous year. And that figure is just the tip of the iceberg because the Chinese are actively buying properties abroad, not only in the U.S. but also in Europe, Asia, and the Middle East.

However, modern trends show dramatic changes in the motivations of Chinese buyers:

  • Declining emigration goals: only 3% of buyers in 2024 indicated emigration as their main goal, compared to 7.25% in 2023 and 11% in 2019.
  • Focus on lifestyle: 94% of buyers purchase property for personal or family use.
  • Investment diversification: looking for stable assets amid the crisis in the Chinese real estate market.

Contents:

  1. The Domestic Market Crisis and How It Affected Investors 
    1. Challenges for the Middle Class
  2. USA: Still the Flagship Destination
  3. Southeast Asia: New Favorites for Chinese Investors
  4. Australia: A Stable Top Destination
  5. Europe: Focus on Golden Visa programs
  6. UAE: A Rapidly Growing Market
  7. Japan: Chinese Buyers on the Rise
  8. Canada and the UK: Traditional Destinations

The Domestic Market Crisis and How It Affected Investors 

The activity of Chinese buyers in international markets is directly related to the state of China’s domestic property market. In 2024, house prices in major Chinese cities fell by 8.57% year-on-year, while new-build sales fell by 14.1%. In 2025, new-build prices are projected to fall by 3.8%. The residential area available for sale rose to 421.58 million square meters by March 2025, the highest level since 2018.

The crisis in the Chinese property market, which began in 2021 with problems at major developers including Evergrande and Country Garden, has forced wealthy Chinese to seek alternative investment opportunities abroad. Country Garden, the country’s largest developer, reportedly suffered losses of up to $7.6 billion in the first half of 2023 alone.

The market is not expected to stabilize until the second half of 2026.

Challenges for the Middle Class

It is important to note that the boom in middle-class overseas property investment has significantly weakened. Many mid-level Chinese investors have faced financial difficulties due to the slowdown in the economy and the crisis in the domestic property market. Overseas property investment is now mainly carried out by ultra-high-net-worth individuals (UHNWIs) with capital over $30 million, while the middle class is focusing on solving domestic financial problems.

USA: Still the Flagship Destination

The United States remains the leader in the list of countries where Chinese people buy real estate. Chinese buyers make up 15% of all foreign buyers of real estate in the United States and purchased 11,700 properties out of a total of 78,100 properties sold to foreigners. The average purchase price for Chinese investors is $1.17 million, which is more than twice the average bill for other foreign buyers ($500,000) and 4.5 times that of American citizens ($256,000). An astonishing 76% of Chinese buyers pay in cash, which gives them a decisive competitive advantage against the backdrop of high mortgage interest rates.

Geography of their purchases:

  • California — 36% of purchases (Los Angeles, San Francisco, San Diego).
  • Florida — 21% (Miami, Orlando, Tampa).
  • New York — 9% (Manhattan, Brooklyn).

The main drivers of interest in the American market are residency programs (EB-5 visa), quality education for children, and stability of the economic and legal system. However, growing geopolitical tensions between the US and China create additional challenges for Chinese investors. Some US states are considering restrictions on land purchases by Chinese citizens. However, as of 2021, China owned less than 1% of all foreign-owned land in the US. Experts predict that Chinese investors will increasingly diversify their investments, giving preference to other regions.

Southeast Asia: New Favorites for Chinese Investors

Thailand has become the No. 1 destination for Chinese property buyers in Southeast Asia. In 2023, Chinese buyers in Thailand purchased 46% of all properties sold — 6600 properties worth $925 million. This makes the country the leader in real estate for Chinese in Asia. As of 2025, Thailand has even overtaken the United States as the most popular destination for luxury property purchases worth over $5 million.

As of 2025, 454.55 billion baht of Chinese capital has already been registered in Thailand (10.34% of all foreign investment). Popular cities among Chinese investors: Bangkok (38% of sales), Pattaya, Phuket, Chiang Mai.

Malaysia has risen to 2nd place in Southeast Asia, overtaking Vietnam in 2023. About 60% of Chinese buyers buy property in Malaysia for investment purposes. The country’s economy is growing strongly, so this destination deserves attention. 

Vietnam has fallen to third place but remains attractive due to its rapid economic growth and developing real estate market. Rapid growth in cities such as Ho Chi Minh City, Hanoi, and Da Nang makes property appreciation there a real prospect.

Australia: A Stable Top Destination

Chinese investors in Australia remain the leaders. In 2023, the Chinese spent $3.4 billion on Australian property, remaining the largest foreign buyers. Chinese residents purchase about 12% of new Australian homes. The average purchase price is AUD $1.04 million. An influx of about 70,000 Chinese into Australia is expected between 2023 and 2025. The main reasons for the popularity of this country are a stable economy, high-quality education, a transparent legal system, and opportunities for obtaining residency.

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Europe: Focus on Golden Visa programs

Following restrictions on Portugal’s Golden Visa program, Greece has become the top destination for Chinese property buyers among European residency-by-investment programs (64.4% of all Greek Golden Visa applications are from the Chinese). The minimum investment is €250,000, but from September 2024, Athens and other popular destinations will have a threshold of €800,000.

Investment structure as of September 2025:

  • Tier 1 (€800,000): Athens, Thessaloniki, popular islands.
  • Tier 2 (€400,000): all other regions of Greece.
  • Tier 3 (€250,000): commercial buildings → residential (conversion before application).
  • Tier 4 (€250,000): historical buildings + full restoration.

Restrictions for all categories:

  • Minimum area is 120 sq.m for Tier 1 and 2.
  • Ban on short-term rentals (Airbnb).
  • Fine of €50,000 for violations + visa revocation.

Advantages of the Greek program:

  • Visa-free travel within the Schengen area.
  • Possibility of obtaining citizenship after 7 years.
  • No residency requirements.
  • Relatively stable real estate market.

Spain attracted Chinese investors with a «golden visa» program with a minimum investment of €500,000 in real estate. However, the program was discontinued on April 3, 2025.

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Portugal has NOT closed the Golden Visa program entirely but has removed real estate as a qualifying investment from mid-2023. The program continues to operate for other types of investments (investment funds, venture capital).

UAE: A Rapidly Growing Market

Chinese investors in the UAE increasingly choose Dubai. Total UAE real estate transaction volume in Q1 2025: AED 431 billion (+25% vs 2024). 94,717 investors completed transactions worth AED 326 billion. 59,075 new investors entered the market.

Advantages of the UAE for Chinese investors:

  • No income tax or capital gains tax.
  • Golden visa program for investments of AED 2 million.
  • High rental yields (6-10% per annum).
  • Stable economy and neutral geopolitical position.

Popular areas: Downtown Dubai, Dubai Marina, Palm Jumeirah for the premium segment; JVC and Dubai South for affordable housing.

Japan: Chinese Buyers on the Rise

Today, Chinese people are increasingly buying real estate in Japan, believing that now is the right time for such purchases.

What attracts them to the Japanese market:

  • A weak yen provides a 20-30% advantage in purchasing power.
  • Stable returns on investment.
  • Possibility of obtaining a business manager visa.
  • No restrictions on foreigners buying real estate.

The main purchases are made in the premium areas of Tokyo (Minato, Shibuya, Chiyoda) in the price range of 300-500 million yen, paid in cash.

Canada and the UK: Traditional Destinations

Canada ranks second in Chinese consumer spending ($6.2 billion) and third in luxury purchases over $5 million. Chinese citizens are naturally attracted to the country by its stable economy, high quality of life, and friendly immigration policies.

The UK remains popular due to its stable legal system and prestigious education. Overseas property for Chinese students remains a stable investment destination for Chinese families.

Chinese investors continue to actively seek opportunities in overseas property, but the geography and motivation for their purchases have changed dramatically. Whereas previously the priority was the US and Europe for emigration purposes, the focus is now shifting to Southeast Asia, the Middle East, and Japan, with an emphasis on lifestyle investments and portfolio diversification.