Mexican buyers main property players in texas

The border between Texas and Mexico Photo: ScottRL

International sales of Texan property contributed $11.06 billion to the state's economy between March 2013 and March 2014, according to the Texas Association of Realtors, hitting their highest level in five years.

"The Texas housing market is not only strong in sales volume, but in its diversity. The demand for Texas homes stretches around the world," says Dan Hatfield, chairman of the Texas Association of Realtors.

"International homebuyers increasingly view Texas homes as a good investment, and as our economy has grown, so has the number of international homebuyers in our state."

Indeed, while international homebuyers accounted for 7 per cent of total US home sales between March 2013 and March 2014, 12 per cent of that was generated by Texas' proeprty market, ranking the Lone Star State the third-largest in America for international home sales.

The biggest drivers of demand are buyers from Mexico, according to the figures. More than half of all international homebuyers in Texas originate from Latin America or the Caribbean, but many of these are likely from Mexico, says the Texas Association of Realtors, as more than 65% of the US homes purchased Mexican homebuyers were in Texas.

Texas continues to be a hub for immigration to the United States. The Lone Star State is home to the third-largest immigrant population size and ranks seventh in the nation for percentage of foreign-born residents among the statewide population. In addition, six of the top 50 metro areas for immigration in the US are in Texas.

The report was released just a few days before leadership from AMPI, Mexico’s national real estate association, will join the Texas Association of Realtors in San Antonio to discuss international real estate opportunities and trends at the Texas Realtors Conference.