Over the past year, the amount of money spent on houses in Texas by foreign buyers nearly doubled when compared to the previous year.
Between April 2016 and March 2017, foreign buyers spent $18.6 billion on homes in Texas, an 83 percent increase over that same time period in 2015 and 2016 when sales of Texas homes to international buyers amounted to $10.2 billion, the report noted.
The sharp uptick in sales has vaulted Texas from the state with the fourth most home sales to international buyers to second in just one year. Florida leads the nation as the state with the highest amount of money spent on homes by foreign buyers.
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“Texas is very affordable in terms of the housing market right now,” said J.R. Martinez, Vice President of the Greater Fort Worth Association of Realtors. “Even though our prices have increased we are still very affordable. So that is an attraction that the investors are seeing.”
Martinez noted that foreign buyers in Texas are a relatively even mix of people moving here for their primary residence, purchasing a second home and those buying a property for investment purposes.