US real estate markets are now attracting foreigners in droves with nearly $92bn worth of American homes beinge bought by foreigners during the year ending March 2014, according to a National Association of Realtors survey. This is an increase of 35% on the previous year and nearly 7% of all homes on the market in the US are now being bought by foreigners.

Favourable exchange rates and affordable home prices are the top reasons, the survey concluded, with Florida remaining the top choice with 23% of all sales sold to international buyers.

California, Arizona and Texas represented 14%, 12% and 6% respectively. The top five cities searched online by international buyers in 2014 were Los Angeles; Miami; Las Vegas; Orlando and New York City.

“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” said Steve Brown, president of NAR, in a statement. He added: “Foreign buyers are being enticed to US real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”

Chinese buyers led the way by spending $22bn on American real estate, with California the favourite destination. The Chinese were followed by buyers from Canada with $13.8bn, while buyers from the UK and India both spent $5.8bn each.