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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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The Robbie Report: Chinese Homebuyers Rush to U.S. Market

July 24th, 2013 | by The Update
Chinese Homebuyers Rush to U.S. Market; Texas a Top Destination

With foreign sales of homes in the U.S. on the upswing, it’s interesting to note that Texas is one of four states that account for 58 percent of all foreign sales.

That trend has been noted in Dallas over the past several years, which is one of the reasons why Briggs Freeman Sotheby’s International Realty Boots to Beijing blog exists.

Dallas is one of the Top 10 big cities in the nation when it comes to growth, and Texas metro areas account for a big portion of those Top 10.

CNNMoney.com recently took a look at the trend. Here are some key points from the report:

Flush with cash, Chinese homebuyers are flooding into the U.S. housing market, and paying top dollar.

“The Chinese came out really huge in the past year,” said Jonathan Miller of Miller Samuel, a New York-based appraiser.

Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31, according to the National Association of Realtors.

At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on U.S. homes. And nearly 70 percent of those pricey Chinese deals were made in all cash. …

Many Chinese buy homes through the U.S. government’s EB-5 Immigrant Investor program, which is considered a fast-track to getting a green card. To qualify, foreigners must invest at least $500,000 in a business that provides or preserves 10 jobs. This could be a home that is part of a bigger business project, such as a condo complex. Nearly 80 percent of all EB-5 visas went to Chinese nationals in 2012, according to the government.

Click here to read the full article from CNNMoney.

Click here to explore the EB-5 program and investments in the Dallas-Fort Worth Metroplex via the Boots to Beijing Investments page. Learn more here.

This post originally appear on Boots to Beijing. The Boots to Beijing blog is produced by Briggs Freeman Sotheby’s International Realty to track investments and relationships between China and the Dallas-Fort Worth region.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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