Golden Week is a Chinese celebration which this year will occur Sunday, October 1st – Friday, October 7th. During this annual observance in China, various national and local holidays are celebrated, including their paramount National Day; the memorial day for the founding of the People’s Republic of China. Last year, I was in Beijing during this great holiday and I can guarantee you that I have never seen so many people in one place. Millions of Chinese people take advantage of this holiday to travel to the US to buy real estate.
Golden Week is also acknowledged as the biggest week for overseas travel. According to Fortune, 4 million Chinese planned to travel abroad in 2016, an increase of 11% over 2015. It is expected that international travel will increase again in 2016, due to the recent reciprocal visa validity and support extension.
“China’s outbound traveler numbers are still growing and are poised to double by 2020 to 234 million passengers, from more than 100 million last year.” –WSJ
Opportunities for the Las Vegas market
Not only is Golden Week an important celebration to Chinese, it presents extraordinary opportunities for brokerages like TerraFerma Real Estate with listings that attract international clientele. It’s not unusual for wealthy travelers to sight-see while simultaneously scouting their next investment opportunity. And we all know that Las Vegas is a must-stop for most foreign visitors, especially those coming from Asia.
A survey conducted by the Associated of Foreign Investors in Real Estate stated that “sixty-four percent of respondents said they intend to make modest or major increases to investments in U.S. real estate this year.”
The spending patterns are especially favorable for those in popular markets for Chinese tourists like New York City, Washington DC, Las Vegas, Los Angeles, or Miami.
Our Company is teamed up with ListHubGlobal which syndicates our listings throughout Asia and the rest of the world via a network of 85 affiliate publishers reaching over 60 million buyers and investors. All our listings are then translated in more than 16 languages. This is just another example of how TerraFerma Real Estate aggressively markets listings not only locally, but around the world. You never know where the next buyer is going to be coming from.