(MENAFN- NewsBytes)
Indians, the 5th largest investors in real estate in US
23 Jul 2017
The stringent US policies regarding the Indians haven't deterred them from investing in real estates in the country.
At least $7.8 billion worth residential property were purchased by Indians during the 12-month period ending March 2017.
The properties bought were mainly backed by mortgage finance and were used as primary residence or for use by a child studying in the US.
Most buyers bought residential property , states NAR report
Figures
In a report by the National Association of Realtors (NAR), the majority of buyers were from China, India, and Mexico who were either working or residing in the US.
The buyers from Canada and the UK are usually non-resident buyers.
Meanwhile, California, New Jersey, Texas, Massachusetts, and Kentucky were top destinations for purchasing residential property.
Chinese nationals are biggest buyers of residential property
Fact
Reportedly, Chinese nationals were the biggest buyers as they purchased residential property worth $31.7 billion in the same 12-month period ending March 2017. The Chinese were followed by Canadians, British, Mexicans and Indians.
A look at number of units purchased by foreign buyers
The number game
Foreign buyers purchased $153 billion of residential property in US between April 2016 and March 2017.
In terms of number of units, foreign buyers purchased 2.84 lakh residential properties in US in between the time period, April 2016-March 2017.
Also on an average, foreign buyers paid 12% more than the average price during the previous 12-month period.
How value of rupee affects purchasing of property
Status
A look at how Indian rupee is faring in recent times post demonetization tells us about way property is being bought overseas.
A report states that value of rupee depreciated by 2% relative to the dollar over the entire period of April 2016-March 2017 but little did it affect the rate of buying amongst Indians, hence lucrative growth rate would only make it better.
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