Even though the Chinese stock market is in deep water nowadays, a lot of movement in the real estate industry of Texas has been up and about. A recent report from cnbc.com on the growing number of Chinese buyers for the home market is visible enough to be noticed, putting the Texas state in the US real estate limelight.
The same report also mentioned not only the influx of these foreign investors for the state's home market arena but there's also a rising interest to have their children educated as well as being able to work in the area. Real estate agents have welcomed them with open arms and easy approval for the outpouring of requests and home purchases. One of them said that the most probable cause could be that the house prices are better in Texas compared to those of the East and West side. Texas is also being favored now than the other states such as California and Florida, because of its competitive education and work opportunities. The state also boasts holding the beacon for being consistently on top for the construction industry, and in this case attracted these Chinese property buyers.
Furthermore, about a year ago, an article on money.cnn.com featured a story of Chinese home buyers acquiring properties in US states such as Washington and New York, with California garnering about 35% of the market share for the real estate industry. At that time, Texas got on board with only 6% however while California is still the most favored state for foreign buyers - Texas is exactly not far behind.
In addition, Miami was also a sight for the Chinese buying expensive, waterfront high rises and then converting it into rental units for attractive prices, the same article reported. The Chinese are clearly doubling the stakes in the US home market industry as of the moment.
