Chinese property buyers undaunted in Dallas, home of US oil barons
Patrick W ONeill
In the early 1900s, fortunes were made in Dallas, Texas, with the rise of the great oil barons. Today, Dallas remains a glittering city with some of the most elegant estate homes and luxury condominiums in the United States, and many Chinese investors have taken notice.
Mirroring the trend across the US, the Dallas property market has experienced steady price growth since bottoming out in 2009. The upward pressure is a result of decreasing supply and increasing demand. The number of units for sale in the Dallas market is down 6.4 per cent this year while the number of pending sales is up 12.8 per cent. As a result of the supply imbalance, the year-to-date median sales price is up 12 per cent.
The National Association of Realtors reports that Chinese investors are now the second largest international buyer segment in the United States. The report identifies Texas in the top four areas of interest for international purchasers.
Agents in the Dallas market indicate that the Chinese are becoming an important buyer group for luxury properties like the newly completed Museum Tower. The Museum Tower in the Arts District of Dallas offers large ultra-luxury condominium flats up to nearly 5,000 square feet with prices ranging from HK$10 million to HK$35 million.