Foreign Homebuyers Boost in Texas, TAR reports


Declining foreign homebuyers in the U.S. became a concern this year, given the strengthening U.S. dollar, presidential election, Brexit and Department of Treasury’s luxury cash-buyer rules. However, a report from the Texas Association of Realtors (TAR) shows international activity increasing across the nation and in the Lone Star State specifically.

Texas foreign homebuyers

Buyers from Latin America, including Mexico, accounted for the majority of foreign homebuyers in Texas, at 36 percent. Asia and Oceania comprised 34 percent of Texas’ international homebuyer share.

Europeans (12 percent), Africans (8 percent) and Canadians (4 percent) represented more marginal sales in the Lone Star state.

One in three Mexican homebuyers and one in five Indian homebuyers chose Texas, according to the report.

Texas was no. 3 in the nation for foreign homebuyer activity next to Florida (22 percent of all sales) and California (15 percent of all sales). Arizona and New York tied for fourth, with 4 percent of international home purchases each. Together, these five states accounted for 51 percent of foreign homebuyers.

How many Texans were born outside the country?

With 33,856 immigrants, Houston is the fifth largest city in foreign-born population. Dallas is no. 8, with 28,780 immigrants. Austin fell year-over-year to reach no. 26, with 6,134 foreign-born residents. San Antonio ranks in the top 30, with 5,404 immigrants total.

Realizing market potential, foreign-born sellers also picked up the pace from April 2015 to March 2016, TAR says. Texas held 8 percent of all foreign sellers in the country during the same time period.

Meanwhile, Florida held 27 percent of international sellers. California posted 14 percent of the country’s international home sales while Arizona and Nevada held 10 percent and 4 percent, respectively.

Canadians made up the largest share of foreign sellers, at 23 percent nationwide. Chinese sellers accounted for 15 percent, ahead of U.K. and Mexican sellers, at 6 percent each.


Jennifer Riner is an Inman.com staff writer. 

This article originally appeared on Inman.com.

 


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Post Category: International Real Estate, Home Selling, Home Buying

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