International buyers are taking a fresh look at the U.S. – and Boston’s near the top of their list for purchases.
Though the U.S. and European economies have been down in the dumps for some time, emerging markets in Asia and South America have held up better. Flush with cash, wealthy purchasers from abroad are taking a new look at U.S. real estate, which is regarded as a safe investment.
To try and catch a bigger part of that market, Realtor.com, the National Association of Realtors-affiliated online search portal, announced a new site this week aimed squarely at international buyers. And according to their stats, Boston is the third-most popular city for overseas website visitors looking for U.S. real estate.
Local agents said that interest isn’t confined to cyberspace, with many saying they’ve noticed an uptick in foreign purchasers in recent months.
One of the biggest drivers is Boston’s many colleges and universities, which attract many international students, several agents said.
Mel Martocchia, of Martocchia & Co. in Waltham, recalled three specific buyers who paid cash for Boston condos. They bought "primarily because they have students coming here to school," he said.
Sensing an investment opportunity in a down market, many wealthy parents are buying their offspring condos rather than forking over rent money. Such purchasers are mostly looking at downtown full-service condos, in order to keep their offspring close to campus and make sure that most upkeep and maintenance issues will be left to the professionals, according to local agents.
But the international student population can also become international purchasers if they stay in Boston to pursue a career.
"There’s also a group that are coming in for new jobs, or graduated from school and starting new jobs," said Kevin Ahern, broker/owner of Otis and Ahern in Boston.





