International customers spent $800 million on local real estate between April 2019 and March 2020, according to a new report from the Austin Board of Realtors.
Foreign buyers—which include those living abroad, immigrants and first-generation Americans—accounted for 5% of all residential sales in the Austin metro during that period.
(Austin Board of Realtors Global)
ABoR attributed this market share to the areas's appeal as a global destination for businesses and individuals alike, noting that one in five Austinites is foreign born.
"The Central Texas region has become a magnet for homebuyers and real estate investors from around the globe," President Romeo Manzanilla said in a statement.
A plurality of foreign buyers—38%—came from Latin America, with 29% from Asia and Oceania and 12% from Europe.
(Austin Board of Realtors Global)
Certain trends emerged over the course of the survey period, such as the fact that all Indian buyers purchased detached single-family homes, 75% of Chinese buyers purchased in a suburban area and 83% of Australian buyers paid entirely in cash.
The median home price among foreign buyers was $381,030, which is $54,530 more than the metro's median home price during the survey period.
ABoR members reported an increase in international business. Of the survey respondents who have been in business for at least one year, 30% have seen an increase in international business compared to 20% nationally. Of those who have been in business for five years or more, 41% have, compared to 32% nationally.
This trend also mirrors itself.
More than half of respondents reported that they had U.S. clients seeking to purchase property abroad, primarily in Latin American countries such as Mexico, Costa Rica and Columbia.
The report also includes information on foreign clients who sold local property during the survey period. The top four countries of origin for foreign sellers were Mexico, India, China and Russia.
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With major entertainment events slated for October, the Austin-Bergstrom International Airport is gearing up for a busy month.
Artists and music lovers are set to pack into Zilker Park for The Austin City Limits Music Festival in the coming two weekends. Following that, Formula One will bring racing fans to the Circuit of the Americas.
For those two events, the airport is anticipating high passenger days with 30,000 or more people departing flights.
ABIA recommends arriving at least two and a half hours in advance for domestic flights on those days. For ACL, it's expected on both Sundays of the festival along with the Monday and Tuesday after. The F1-driven high passenger days are expected on Oct. 20-21 and Oct. 23-26.
\u201c#AustinCityLimits visitors, you\u2019re in for a weird and wild ride \ud83e\udd18\u262e\ufe0f \n\nFlying in or out of our airport? We got firm and fun tips for you: https://t.co/RawVRalOXN\u201d— Austin-Bergstrom International Airport (AUS) (@Austin-Bergstrom International Airport (AUS)) 1664894083
F1, especially, could draw in loads of travelers as the three-day event saw 400,000 attendees last year. ABIA warns that highways leading to the airport may see even higher traffic than usual around the event and that travelers should plan their route accordingly.
Bailey Grimmett, a spokesperson for ABIA, said travel numbers come in 24 hours in advance. So, it's hard to predict if the airport will see travel volumes at the same levels that have happened around previous F1 races or if it'll top ACL's flight traffic.
Still, she says historical knowledge points to a chance for it.
“We've had that Monday after F1 break the record for single busiest in airport history," Grimmett said. "So context clues I would say yes, but I can't confirm that. But the historical background points to that."
In anticipation of the high volume of flyers, the airport received additional TSA officers for security screening through the end of October. To prepare even further, the Department of Aviation and partners hosted a job showcase and hiring fair to address the continued labor shortage the airport has experienced.
Relief from hectic travel days is on the horizon with November likely to see a slowdown.
"I don't anticipate it will be as busy as October just because we don't have as many events going on," Grimmett said. "Thanksgiving is kind of our primary holiday that we see a lot of passengers coming in and out of the airport."