Indians among top investors in residential property in US
 
Indians among top investors in residential property in US-9amstories
Image courtesy: http://timesofindia.indiatimes.com

Indians among top investors in residential property in US

MUMBAI: The pall of gloom owing to protectionist policies has not kept Indians residing in the US from investing in real estate. By purchasing residential property worth $7.8 billion during the 12-month period ending March 2017, Indians emerged as the fifth largest investors in real estate in the US. Backed by mortgage finance, these properties were largely acquired for use as primary residence or for use by a child studying in the US.

Chinese nationals were the biggest buyers, purchasing residential property worth $31.7 billion in the same period. They were followed by the Canadians, British, Mexicans and, lastly, Indians.

Between April 2015 and March 2016, Indians had invested $6.1 billion and occupied third place on the list of biggest buyers. However, a surge of investments from other nationalities resulted in Indians slipping to fifth position in 2016-17.

The bulk of buyers from China, India, and Mexico were working and residing in the US, while most buyers from Canada and the UK were non-resident buyers, adds the report, "2017- Profile of international activity in US residential real estate" released recently by the National Association of Realtors (NAR).

More than a third of the Chinese buyers purchased residential property in California. Compared to the other major foreign buyers, Indians were not as concentrated in any state in the US and the location of their jobs largely determined their purchase. While California, New Jersey, Texas, Massachusetts, and Kentucky were top destinations, more than two in five Indian buyers purchased in another state.

In aggregate, foreign buyers purchased $153 billion of residential property in US between April 2016 and March 2017, which is a 49% jump from the figure of the corresponding previous period of $102.6 billion. In terms of number of units, foreign buyers purchased 2.84 lakh residential properties in US in April 2016-March 2017, up 32% from the previous period's figure of 2.14 lakh properties.

On an average, foreign buyers paid $536,852 for their properties, 12% more than the average price during the previous 12-month period. The average purchase price of properties bought by Indians was $522,440.

By: Lubna Kably

Courtesy: http://timesofindia.indiatimes.com published on July 21, 2017

 

 


 
 

Follow us

We will send you breaking news right
to your inbox

 
 
 

Get latest news
delivered daily!

Read our latest news on any of these
social networks!

 
 

The Real Impact of Demonetization in India-9amstoriesDemonetisation

Before you pan me as a critic of Demonetisation, please read my last article on Demonetisation (Positive Impact of Demonetisation).

Read More

Money Lessons

I think it’s important to see what we can learn from people who are wealthy because they’re better people

Read More

 
 

Related Articles