Send to a friend
News
Texas stars in the US - 18 January 2008
Overseas investors are flocking to Texas for property bargains.
According to a recent study by the National Association of Realtors, 10 percent of the international buyers in the United States last year bought in Texas. Only Florida and California - with 26 and 16 percent - accounted for more international buyers.
The coast of Texas, including vacation spots like South Padre Island and Galveston, is seen as a bargain spot compared with other areas. The median price in Houston, the fifth largest American city, is $155,000 compared with $385,000 in the Miami-Fort Lauderdale area, according to statistics from the Realtors' group.
"We didn't have the big blow up, the bubble," said Jim Gaines, research economist with the Real Estate Center at Texas A&M University. While many states saw declines in 2007, housing prices in Texas surged almost 7 percent in the second quarter, according to federal statistics.
Although it is hard to quantify the number of international buyers in the Houston area, Gaines estimates that they account for 5 to 10 percent of the market. "For some segments, like high-end condos, it might be close to 20 percent," he said.
Related Articles
Get Onpulse
Portugal — New Launch in Tavira, 10% deposit. Greece — Development Land and Full Project opportunities. Krakow, Poland — Top release, designer city apartments. 5% deposit. Dubai Marina — Exclusive release, 15 year payment plan. Ras al-Khaimah — Pre-release purchase option. Turkey — Flagship Bodrum beach resort to launch new phase. Caribbean — Discount opportunity in St Lucia. Morocco — New release in master plan beach and golf resort. US — Florida resort release, take advantage of the strong pound and guaranteed rental income.
*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.