DALLAS – Not only is it ranked as one of the best places for first-time local homebuyers; Texas is a top target for many foreign homebuyers. This could be due to the range of deserts or the luxury resorts in the state. Either way, a huge number of foreigners are purchasing homes in the Lone Star State.
As The Dallas News recently reported, a study shows that most of the foreign homebuyers in Texas hail from China, India and Mexico. According to the National Association of Realtors, it is the third more popular state in the country – after Florida and California – for international homebuyers.
Between March 2015 and March 2016, Canadians and Chinese buyers have purchased 215,000 of the total homes purchased by foreigners in America. They cover the largest share of foreign homebuyers in the nation.
Although their overall property acquisition has dropped compared to 2014-15, foreigners are spending billions on property possessions. Between April 2015 and March 2016, foreign homebuyers purchased properties worth more than $102 billion.
What led to the increase in sales by foreign homebuyers? It is most likely a result of the rise in home prices in America and the depreciated of foreign currency valued against the US dollar.
Many Chinese homebuyers move to the U.S. for investment purposes. Texas has the reputation as being a great place for investment opportunities. Chinese homebuyers have purchased Texas homes worth about $27.3 billion, while Canadians homebuyers purchased properties worth $8.9 billion.
Surprisingly, almost 50 percent of the foreigners purchased their homes in cash. The average price of these homes was $277,400.
Out of the homes acquired by the foreigners, 10 percent were purchased in Texas. Some of the top targets for the foreigners include Dallas and Houston. These two cities offer many tourist attractions, which could be a reason for the foreign interests.