Survey: In one year, foreign buyers spent $800M on Austin-area homes – Business – Austin American-Statesman

International homebuyers spent $800 million on Austin-area residential properties between April 2019 and this March, according to a new report from the Austin Board of Realtors.

This inaugural Central Texas International Homebuyers Report was based on a survey of Central Texas realtors conducted with the National Association of Realtors.

The report comes as the five-county Central Texas region continues to see sales and median home-sales prices soar, often to record levels. Spanning Georgetown to San Marcos, the Austin area increasingly has become an attractive destination for businesses, workforce talent, university students, and people from across the world looking for new opportunities and a high quality of life.

“The Central Texas region has become a magnet for homebuyers and real estate investors from around the globe,” said Romeo Manzanilla, president of the Austin Board of Realtors.

The $800 million in sales volume from foreign buyers was 5% of all residential sales

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Growth in FDI inflow expected after Qatar expands land areas for foreign ownership, says Build Your House 2021 expo organiser

Foreign Direct Investment (FDI) inflow into the residential real estate market is expected to increase in pace after Qatar allowed foreigners to own real estate properties, the organiser of Build Your House 2021 exhibition has said.

This growth is expected as the law regulating the ownership and use of real estate by non-Qataris entered into force after the issuance of Cabinet Resolution No 28 of 2020, specifying 25 areas in which non-Qataris may own and benefit from real estate, said Rawad Sleem, general manager of NeXTfairs.
Sleem said the Ministry of Justice and the Ministry of Interior recently launched an office for non-Qatari real estate ownership in The Pearl to provide real estate ownership and utilisation services through one window for investors.
The office enables the beneficiaries to obtain the title deed in less than an hour; it also provides, through an automated system developed by the two ministries, the

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Mansion Global Daily: London’s Priciest Neighborhood, Oman Opening Its Real Estate Market to Foreign Investors, and More

Mayfair’s Grosvenor Square is London’s Priciest Neighborhood in 2020

The median sold price is £27 million, according to Enness Global. Read More

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NEWS BITES

Crunch Time for Buyers Trying to Take Advantage of U.K. Stamp Duty Holiday

With 21 weeks until the end of the Stamp Duty holiday in the U.K., forecasting firm TheAdvisory is projecting that in 70% of British cities, sellers have a good chance of completing their sale before the holiday expiration. “It takes roughly 21 weeks for property sales in hot markets to find a buyer, accept an offer and complete the legal

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Alberta to limit temporary foreign worker program to save jobs for Albertans

EDMONTON – The Alberta government is hoping to open jobs in the province for local people by closing some of them to foreigners.

On Monday, provincial Labour and Immigration Minister Jason Copping said the United Conservative government will limit the number and type of temporary foreign workers it allows into the province.

Copping said the changes will save more than 1,300 jobs for Albertans.

“There will be a number of Albertans who are interested in taking those roles,” he said. “We are investing in more funding for training and retraining to enable Albertans to have the skills to be able to cross into those areas.”

Temporary foreign workers already in the province won’t be affected, he said. As well, no changes will be made to the program for workers in agriculture, health care, technology and emergency response.

The government did not release information on where the 1,350 jobs will be

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Promised Land Procurement Finds Premium Properties in Houston for Foreign Investors on a Budget

Houston, TX, USA – October 26, 2020 – Promised Land Procurement, a leading marketing company for real estate, announced the launch of its services and new website as a premier source for foreign investors who want to find and buy investment properties in the United States.

According to Zillow, over 10,700 properties are available in the Houston area, which means it can be a challenge for investors to find a property that suits their needs. Promised Land Procurement specializes in understanding the cost and complexity of managing different types of properties.

Finding the perfect property for investment in the booming Houston area can take a lot of time, especially if a person is not familiar with the market. At the Promised Land Procurement, clients gain access to creative solutions for purchasing properties in the Houston area, whether they want to rent it out or flip it for immediate profit. The

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Promised Land Procurement Finds Premium Properties in Houston for Foreign Investors on a Budget – Press Release

Houston, TX, USA – October 26, 2020 – Promised Land Procurement, a leading marketing company for real estate, announced the launch of its services and new website as a premier source for foreign investors who want to find and buy investment properties in the United States.

According to Zillow, over 10,700 properties are available in the Houston area, which means it can be a challenge for investors to find a property that suits their needs. Promised Land Procurement specializes in understanding the cost and complexity of managing different types of properties.

Finding the perfect property for investment in the booming Houston area can take a lot of time, especially if a person is not familiar with the market. At the Promised Land Procurement, clients gain access to creative solutions for purchasing properties in the Houston area, whether they want to rent it out or flip it for immediate profit. The

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Foreign Investment in Real Property Tax Act

In 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA), 26 USCS 1445. The law provides that if a seller of real property is a "foreign person," the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.

A "foreign person" is a non-resident alien individual, a foreign corporation not treated as a domestic corporation, or a foreign partnership, trust or estate. A resident alien is not considered a foreign person under the law.

Exemptions to FIRPTA

There are a number of exemptions to FIRPTA. A transaction is exempt if:

  • the seller of real property furnishes a non-foreign affidavit stating under penalty of perjury that the seller is not a foreign person
  • the transaction involves the transfer of a property acquired for use as the buyer's residence and the amount realized is not greater than $ 300,000
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