"Paul Habibi, professor at the UCLA Ziman Center for Real Estate, says an increase in foreign buyers interested in LA property has helped ramp up prices in the county even further. “We have long been a lower-cost housing market compared with other world-class cities,” he says. “But there has been a big influx of Chinese money, which, together with the tech boom and a chronic housing shortage, is starting to make prices look much more like New York.” According to the National Association of Realtors, in the 12 months to the end of March, foreign buyers purchased $35bn worth of property in California. During the same period last year, that figure was $27bn. Among them, buyers from Asia and Oceania increased from 51 per cent last year, to 71 per cent this year."
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