Indians among top five nationals buying properties in US: Report

Washington | Updated: Jun 27 2013, 05:58am hrs
Indians are among the top five foreign nationals buying real estate in the 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%), China (12%), Mexico (8%), India (5%) and the United Kingdom (5%).

These five countries accounted for approximately 53% 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 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% of reported purchases were detached single-family properties and 7% were commercial properties or land.

The median price was $300,000, among which approximately 21% of the reported purchases were all-cash, the report said.

According to the report for the 12 months period ending March 2103 total global sales were $ 68.2 billion, down approximately $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.