Indians among top five countries buying properties in the US
Washington: Indian are among the top five foreign nationals buying real estate in United States, even as there has been a decline in foreigners acquiring properties in the US, a report has said.
According to the "2013 Profile of International Home Buying Activity" for the 12 months period ending March 2013, realtors reported purchases from 68 countries, but five have historically accounted for the bulk of purchases; Canada (23 per cent), China (12 per cent), Mexico (8 per cent), India (5 per cent) and the United Kingdom (5 per cent).
"These five countries accounted for approximately 53 per cent of transactions, with Canada and China the fastest growing sources over the years," the report said.
Among the reported destination states for buyers from India, the top states were California, Tennessee, Connecticut and New Jersey.
According to information from realtor.Com as of March 2013, the five markets of greatest interest to potential Indian buyers are Los Angeles, Orlando, Chicago, Dallas, and Houston.
Based on data from the survey, the bulk of properties purchased by Indian buyers were in the suburban area.
Approximately 90 per cent of reported purchases were detached single-family properties and 7 percent were commercial properties or land.
The median price was USD 300,000, among which approximately 21 per cent of the reported purchases were all-cash, the report said.
According to the report for the 12 months period ending March 2103 total international sales were USD 68.2 billion, down approximately USD 14 billion from the previous year.
Released by the National Association of Realtors, the report attributed the decline to a number of temporary factors, including economic slowdowns in a number of major foreign economies, tighter US credit standards and unfavorable exchange rates.
Of total international transactions, USD 34.8 billion (51 per cent) were attributed to foreign buyers with permanent residences outside the US and USD 33.4 billion (49 percent) were attributed to buyers who are recent immigrants or temporary visa holders residing for more than six months in the US.