Indians are among the
top 5 foreign nationals buying real estate in the United States, even as the
country has seen a decline in foreigners acquiring properties, a report has
said.
According to the 2013
Profile of International Home Buying Activity
for the 12 month (One Year) period ending March 2013, realtors reported
purchases from 68 countries. But, 5 have historically accounted for the bulk of
purchases - Canada (23%), China (12%), Mexico (8%), India (5%) and the United
Kingdom (5%).
Higlights of
International Home Buying Activity...!
aThese
Canada, China , Mexico, India and United
Kingdom - 5 countries accounted for
about 53 % of transactions, with Canada & China the fastest growing sources
over the years.
a Among
the reported destination states for buyers from India are the states of
California, Tennessee, Connecticut & New Jersey.
a According
to information from realtor.com as of March 2013, the 5 markets of greatest
interest to potential Indian buyers are Los Angeles, Orlando, Chicago, Dallas
& Houston.
a Based
on data from the survey, the bulk of properties purchased by Indian buyers were
in the suburban area. About 90 % of reported purchases were detached
single-family properties and 7 % were commercial properties or land.
The median price was
$ 3 lakh, of which about 21 % of the reported purchases were all-cash, the
report said.
a According
to the report, for the 12-month period ending March 2103, the total
international sales were $ 6,820 Crore, down nearly $ 1,400 Crore from the
previous year.
a Released
by the National Association of Realtors (NAR), 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 unfavourable exchange
rates.
a Of
the total international transactions, $ 3480 Crore (51 %) was attributed to
foreign buyers with permanent residences outside the US and $ 3340 Crore (49 %)
was attributed to buyers who are recent immigrants or temporary visa holders
residing for more than six months in the US.
Top 5
Countries..!
Canada 23%
China 12%
Mexico 8%
India 5%
United
Kingdom 5%
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