Foreigners Buying Property in Texas, Southern U.S.

Texas remains a hot real estate market, especially for foreign buyers.  According to the National Association of Realtors, foreign buyers scooped up $153 billion worth of U.S. properties between April 2016 and March 2017 – up 49 percent over the previous 12 months.

Texas, Florida and California were among the top locations.

“They're not always from the U.K. or Canada, there's a lot of Asian and Middle-Eastern buyers, and a lot of wealthy Mexicans who own property in the United States,” says Michael Weaster of Berkshire Hathaway HomeServices Anderson Properties.

Weaster has seen an increase in Chinese buyers looking to rent homes up the Eastex Freeway toward the Cleveland area.

“There is a lack of affordable rental homes in the northeast from Kingwood north,” he says.  “You can spend $75,000 on a house and getting $800-900 a month, that's a pretty good return.”

Chinese buyers outspent all foreign buyers across the U.S. at $32 billion. Canadians were a distant second at $19 billion.

“In the European and Asian markets housing is not affordable, so you can come to the United States and buy house, and own a piece of the American dream,” says Weaster.

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