How do you target the international market in Houston? First, face it, everyone wants to be a cowboy/cowgirl some time; it’s evident in the overwhelming number of international buyers investing in Texas real estate. According to the Texas Association of Realtors, “From April 2016 to March 2017, more than 34,000 homes worth $18.66 billion were sold in Texas to buyers from across the globe, figures compiled in the Texas International Homebuyers Report indicate.” That’s a lot of money in play and the condo market is nabbing their fair share. Check out this report for more about international condo buyers.
Here are a few tips to help tailor your property to appeal to multiple nationalities.
International Condo Buyers – Who are they?
It’s important to know who makes up the international real estate market in Texas. According to one statistic, 43% of Mexicans who choose to own homes in the US, choose to own in Texas. You’ll also find that 11% of the Chinese that choose to own in the US, choose Texas. The last significant group is from India and they come in at 10%. More stats found in this article.
That’s the who, but why are they choosing Texas over other states? Low unemployment is a huge factor, world class educational facilities, plus a variety of industry and top of the line medical facilities. Looking at the why, it’s easy to see how condos appeal to the international buyer.
International Condo Buyers – They’re looking for convenience
Most international buyers are looking for convenience. Employed in high-tech and professional jobs, they want to be close to their job, many prefer to be within walking distance. Condos built in the downtown area appeal to this buyer. Even if they can’t get in the downtown area, they want a condo on a major transportation line.
International buyers aren’t necessarily looking for large condos, even those with a family. In fact, many are accustomed to smaller well engineered spaces and find them more comfortable. Crowded urban cities are the norm in India, China and Mexico City ex pats and smaller living areas is typical. The new mini-condos are a big hit in downtown Houston.
International Condo Buyers – Why Houston?
Houston is becoming a home for multiple immigrant populations and they are renting, buying houses and condos. Some have even described Houston as the most diverse city in America. Chain family migration and an attraction to affordable living, stable jobs and a warm climate are all reasons contributing to international growth of Houston, TX.
- Second largest Vietnamese-American population in the U.S.
- Largest Indonesian population in the United States.
- Largest Nigerian expat population in the U.S.
- Largest group of ethnic Norwegians outside of Scandinavia
Why Choose a Condo in Houston?
- Prices are still relatively low compared to other international hot spots.
- Laws are mostly landlord friendly in Texas
- Better cash flow, as much as 15%
- No city or state transfer fees.
For another interesting resource about why the big Houston craze, check here.
Plus, like I said, everyone wants to be a cowboy or cowgirl some time in their life. Want to know how international condo buyer wants translates into action by a condo management association? Give the guys at RISE a call 712-936-9200 or email at [email protected].