Home sales have reached up to almost $ 70 billion, and Texas represents a major chunk of these investments. And in 2014, the number of foreigners buying real estate in Texas is expected to grow. Here are some stats to begin with:
- As of March 2013, home sales made to foreigners amounted to more $6.13 billion.
- This is an 13 million increase since March 2011
- Texas tied with Arizona for being the 3rd state in the U.S. for international home sales
Hence, international home sales remain a key component to the Texas real estate industry and its economy in general. Investment opportunities have risen in recent years, and it is expected stay that way in the near future.
Houston Leading the Way
Investors see Houston as the international hub of Texas as it attracts buyers from all over the world, but buyers from Mexico and China stand out. Moreover, 51% of international home buyers are Latin Americans. Considering the rest of the state, Texas is the home of the 3rd largest immigrant population. Break this down and six of the top 50 metro areas for immigration in the U.S. lie in Texas.
Historic Immigration Rates
Texas not only accounts for a significant number of immigrations in the country, but also of the migrants who become natural citizens. Statistics related to immigration in the state help shed light on the future of international estate. Immigrants who came in 20 years ago hold a greater ownership rate than those who came in after 2000, a difference of 42%. This means that ownership increases with length of tenure. Now add this to the fact that 37% of immigrants in Texas have moved in the last decade. This simply means that the homeownership among these communities is only going to rise in the next couple of years.
On a national level, these trends can help the U.S. real estate market that has experienced significant bumps in the past couple of years. But despite the market crashes, the country holds enormous potential for international buyers, particularly owing to a stable government and a stable currency. This has caused the traditional foreign buyer to shift his real estate purchases from the traditional U.S. gateway cities and states like Florida to places like Texas, Arizona, California, and Hawaii.
Source: www.wealthmanagement.com
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