U.S. Hot Property for Indian Buyers

Bangalore: Indians are keen on buying overseas property as part of their investments. Seems like the Indian HNIs are not satisfied having extra home in the suburbs of Delhi or Bangalore as they are constantly looking to diversify their portfolio by parking their investments in U.S. property, reports Yashwant Raj of Hindustan Times.

These Indians are not NRIs but investors from Delhi, Mumbai, Bangalore and Hyderabad, who are showing interest and picking up homes for single-family, condos for vacation or just for investment purpose.

According to the latest report of the National Association of Realtors, Indians are one among the top five international residential property buyers in U.S.

In the first quarter of 2012 the residential real estate business in the U.S accounted for $928.2 billion out of which 4.8 percent of the total revenue generated i.e. $82.5 billion came from international buyers and out of $82.5 billion Indians accounted for 6 percent share.

Arizona, Nevada (Las Vegas), Florida and California are the most sought out  cities for these buyers and most of these property transactions are in cash, according to an Indian-American realtor.