MCLENNAN COUNTY, Texas (KXXV) — International homebuying activity is on the rise in Texas, adding more momentum to the state's housing market, according to reports from Texas Realtors.
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Local real estate broker Cameron Gomez says he's seeing more international clients, mostly from Mexico, India and China.
"I think why they're choosing Texas over some other state is how is one, how big we are, but also the diversification that Texas has where other states may not," Gomez said.
A Texas Realtor report shows the number of residential properties sold in Texas to international buyers increased nearly 9% over the last year.
Haleema Riham, a realtor based in Dallas-Fort Worth, believes Texas is attracting more international homebuyers due to the state's affordability and growth.
"Getting a brand-new house anywhere in the country for between $200K and $250K is pretty much impossible. Texas offers that," Riham said.
Realtor Mercedes Lane with Agents of Texas agrees.
"I definitely believe the keyword there was opportunity," Lane said.
Riham says most of these international buyers are investors, but local realtors say they've seen international buyers make Texas their primary or secondary residence.
The report also shows the median price is higher for purchases by international buyers, up 12% from last year.
"They come over as families, so maybe two or three blended families together, they're buying nicer homes, bigger homes that fit their entire, you know, maybe 12 people in one home, whereas, you know, rather than just one family," Gomez said.
While international homebuying activity is up, new state laws that took effect earlier this month to restrict property purchases and leases for individuals and entities from certain countries deemed a national security threat, including China, Russia, Iran and North Korea.
However, the state is now being sued over this law by three Chinese students with ties to Texas.
The class-action lawsuit filed in the U.S. District Court of Austin says Senate Bill 17 violates constitutional rights and targets people of Chinese descent.
Other takeaways from the report published by Texas Realtors about international buyers show Mexico remains the top country of origin of buyers.
Texas ranks third among states with 10% of residential purchases done by international buyers, below Florida and California.
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