International home sales addedÂ $6.6 billionÂ to theÂ TexasÂ economy fromÂ April 2019Â to March 2020, according to theÂ “Texas International Homebuyers Report,” recently released by Texas REALTORSÂ®.
TexasÂ was third in the nation for homes sold to international buyers, behind Florida and California. TexasÂ accounted for 9 percent of all homes purchased by international homebuyers inÂ the United States, with 13,860 home sales out of 154,000 nationwide. The U.S. saw a 16 percent decline in the number of foreign buyer purchases compared to the last reporting period.
“TexasÂ continues to enjoy strong international real estate sales activity.Â From relocations to commercial or residential, foreign buyers chooseÂ TexasÂ because of our resilient economy, job availability, investment opportunities and friendly business climate,” saidÂ Cindi Bulla, chairman of Texas REALTORSÂ®. “Despite the slight drop in foreign buyers compared to the previous reporting period,Â TexasÂ remained a top state for international buyers, particularly those coming fromÂ Latin America.”
Forty-two percent ofÂ TexasÂ buyers came fromÂ Latin America/Caribbean.Â TexasÂ was also a top destination for international homebuyers fromÂ MexicoÂ andÂ Brazil. Of all homebuyers fromÂ Mexico, 28 percent purchased a home inÂ Texas. The next closest state,Â California, had 14 percent of the total homebuyers fromÂ Mexico. Among buyers fromÂ Brazil, 12 percent choseÂ Texas, tying withÂ MinnesotaÂ at second place and behind first-placeÂ Florida, with 49 percent.Â TexasÂ accounted for 9.5 percent of new immigration inÂ the United StatesÂ in 2018.
SixÂ TexasÂ metropolitan statistical areas (MSAs) were among the top destinations for immigration in the country. Two Texas MSAs were among the top 10, withÂ Houston-The Woodlands-Sugar LandÂ as the fifth-most popular U.S. market, followed byÂ Dallas-Fort Worth-ArlingtonÂ at No. 9.
TexasÂ also ranked third in the nation for home sales from international homeowners, behindÂ FloridaÂ andÂ California. Eight percent of homes sales inÂ TexasÂ were from international homeowners.
On the commercial side of international real estate transactions,Â TexasÂ was the third-most popular destination for buyers who work with REALTORSÂ®, according to the 2020Â “Commercial Real Estate International Business Trends”Â report from the National Association of REALTORSÂ®.
Bulla concluded, “While the effects of the COVID-19 pandemic combined with residential inventory challenges caused a slowdown from the record highs of 2019, we remain confident in a rapid rebound. Our state’s strong economy and attractive investment opportunities will continue to spur interest from international investors for years to come.Â Texas REALTORSÂ® are always hard at work to make sure of it.”
Source: Texas REALTORSÂ®