Chicago is a city full of people who don’t take kindly to outsiders.
And while the city has seen a rise in the number of new homes sold over the past few years, a new study has found that the vast majority of new properties sold in the city in the last year were bought by people from overseas.
Dubbed the Luxury Homes Survey, the study has shown that nearly a third of all new homes that have been built in Chicago in the past year have been purchased by people who are foreign-born, compared to the national average of less than 20%.
Dubbed Luxury Cities, the report also showed that nearly 50 per cent of the homes that were sold in Chicago last year have two or more foreign-sounding names on the property registration.
That is an increase from the 23 per cent national average, but still far lower than the 37 per cent rate for the US overall.
“I was surprised,” said Dan Smith, managing director of the research company Luxury Communities and founder of the Chicago Real Estate Institute.
“The US is in the middle of a massive migration boom and the country is going through a really dramatic transformation.”
Smith said that foreign-looking property registrations in Chicago have become a major problem for the city’s housing developers.
“What they have been trying to do is create a sense of exclusivity that prevents them from creating anything that is truly American-looking,” he said.
“It’s the perfect opportunity for foreign buyers to buy in the US and to be able to get the same thing, if you will, in a nicer place, which is a nice perk to be a homeowner.”
The report comes on the heels of a nationwide trend to build luxury homes in Chicago.
In 2015, there were more than 300,000 new residential sales in Chicago alone, a nearly fivefold increase from 2014.
And the trend has continued apace since then.
In the first quarter of 2018, the city recorded a record-breaking 1,093,000 sales of luxury homes, up from 921,000 the previous year.
In addition to Chicago, the next biggest sellers in the luxury homes market were Los Angeles and San Francisco.
The report found that there were 1,722 luxury apartment complexes in Chicago, with more than 1,200 sales per month.
The average price of a luxury apartment in the area was $1.3 million.
But the real estate boom has also brought a number of problems for those who want to live in the big city.
While the city continues to grow, it is also seeing an increase in the amount of homes that are being sold.
The median price of new home sales in the Chicago area in the first half of 2018 was $419,000, up 4.4 per cent from the same time last year.
The city also saw a surge in the percentage of homes being sold that are either in the building or are under renovation, up 6.3 per cent over the same period last year and up 22.2 per cent since 2015.
The city’s population has grown by nearly 100,000 since 2000, and now stands at nearly 12 million people, according to census data.
The report also found that more than a third (32 per cent) of all luxury homes sold in 2017 were purchased by foreign-owned people.
But Smith said that many of those foreign-buyers were just trying to make it to the United States.
“There are a lot of folks who are just making it because they are looking for a better place to live,” he explained.
“I think that’s the real issue.”