US Indians are amongst the top real estate investors in the nation and it appears that the protectionist policies gloom has not perturbed them. US Indians invested 7.8 billion dollars in purchasing residential property in the US in the 12 month period till March 2017. This makes the US Indians the 5th largest investors in real estate sector in the US, as quoted by the Times of India.
The residential properties purchased by US Indians were for primary residence use or for a child studying in the US and was supported by mortgage finance.
The biggest buyers of residential properties in the US were Chinese citizens who purchased 31.7 billion dollars worth property in the US. They were followed by citizens of Canada, the UK, Mexico and lastly India. US Indians dipped to the fifth position in 2016-17 owing to a rush of investments from other overseas nationals.
The majority of the residential property buyers from Mexico, India, and China were residing and working in the US. On the other hand, buyers from the UK and Canada were non-resident.
The statistics and details of residential property purchasers in the US were revealed by the report of the National Association of Realtors – ‘Profile of international activity in US residential real estate -2017’.
In the period April 2016 to March 2017, overseas buyers purchased residential property worth 153 billion dollars in the US in aggregate. It was an increase of 49% when compared to the previous year’s investment of 102 billion dollars. Overseas buyers purchased 2.84 lakh residential properties in terms of the number of units in the period April 2016 to March 2017.
NAR’s Chief Economist Lawrence Yun said that the economic and political ambiguity in the US and overseas did not hinder overseas buyers from accentuating their property purchase in the US.
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