New York, Nov 13 (IANS) In a first, people of Indian origin comprised the largest share of international homebuyers in Central Texas, according to a new report recently released by the Austin Board of Realtors.
Homebuyers from India comprised the largest share of international homebuyers (21 per cent), with Mexico (10 per cent), China (6 per cent) and Canada (4 per cent) rounding out the countries of origin for foreign buyers, the 2022 Central Texas International Homebuyers Report said.
According to the report, Central Texas provides an alternative to expensive metropolitan areas like New York and San Francisco for Indian homebuyers.
People of Indian origin comprised 41 per cent of the 165,000 Asian American individuals in greater Austin in 2019, up from 30 per cent of the population in 2010, according to Greater Austin Asian Chamber of Commerce.
Driven by the growth in Austin’s tech sector, the number of Indian homebuyers is “exploding,” Hem Ramachandran, who has worked as a realtor for two decades in Austin, told Axios. Most of Ramachandran’s clients are Indians, who prefer south or east facing homes, in keeping with vastu shastra, which he describes as an Indian version of feng shui.
India led with 53 per cent purchases in Williamson County, followed by 24 per cent in Travis County inside the city of Austin, 18 per cent outside the city of Austin and six per cent in Hays County. International homebuyers spent $613 million on properties in the greater Austin area from April 2021 to March 2022 – or 3 per cent of the residential sales total value during the period.
“Most foreign buyers from India use US mortgage financing (82 per cent) to purchase a property, while 12 per cent purchases are all-cash,” the report said.
Further, Indian buyers focus on detached single-family home property type (94 per cent) and six per cent on residential land.
The Central Texas region offers a diverse range of housing options, from apartments and condos, to single-family homes.
The report said that 59 per cent of Indian buyers were purchasing a primary residence, and 35 per cent of the homes are used as rental property.
International homebuyers included non-US citizens who are here on a green card or are here on a foreign work or student visa. The report said that more than half of the foreign buyers have a US green card, signaling that they’re lawful permanent residents.