AUSTIN (KXAN) – Despite the challenges of the COVID-19 pandemic, people outside of the United States have still bought many homes in Austin.
The Austin Board of Directors’ International Home Buyers Report showed from April 2020 to March 2021 that foreign-born buyers spent $ 634 million on homes in the Austin market. Round Rock.
International travel restrictions due to COVID-19 have hampered buyers – the report showed those buyers spent $ 200 million less than the previous year – but Austin board chair Susan Horton , said they were still interested in vacation homes and investment opportunities.
âOver the past year, international buyers have shown a preference for townhouses and condominiums to be used as investment or vacation properties,â she said. âThe bottom line is that Austin continues to attract people from all over the world, and we welcome them to our community, whether they are looking to relocate or invest.
Where do these international buyers come from? Near and far, it turns out. Residents of Mexico and China each represent 14% of the international buyer pool, while Canada and India each represent 6% and Armenia 5%.
The Austin Board of Realtors worked with the National Association of Realtors to compile data and develop the report. Among international buyers, the median home price was $ 428,100 and the sales volume of $ 634 million represented 3% of the total residential sales value in the market, according to the report.
The report also showed that there are many people in the market looking for overseas property. Of nearly 2,000 real estate agents surveyed in central Texas, according to the report, 64% of them said they worked with clients to find real estate outside of the country. This far exceeds the national percentage of 11%.
Horton said as Austin becomes one of the country’s tech hubs, more foreign-born buyers will most likely follow.
âWith the creation of additional jobs by large companies such as Tesla, Amazon and Apple, Austin’s reputation as a global leader in technological innovation will only grow,â she said. “The number of real estate agents in central Texas who specialize in international real estate are growing equally rapidly, and it will be exciting to see Austin’s impact on the international housing market as the world begins to open up again.