Indians Purchased U.S. Property Worth $3.5 Billion in 2012-13

Indians bought realty worth $300,000 (about 1.8 crores at current value, but closer to 1.5 crores in 2012 when the rupee was around 50 to the dollar). Though compared to Chine the price was less, but Indians are ahead of Britons ($ 250,000), Canadians ($ 183,000) and Mexicans ($ 156,250). Americans accounted for mere $220,000.

According to the NAR report, global non-resident clients are comparatively wealthier than the domestic buyers and mostly look for a trophy property in abroad. The survey also reported that California, Tennessee, Connecticut, and New Jersey are the top states where Indians like to invest in realty.

It was reported that most of the property bought by the Indians are in the suburban areas. Out of the properties bought, 90 percent of them belonged to individual families while rest was for commercial purpose.  Roughly 21 per cent of the reported purchases were all-cash.

As non-resident foreigners are permitted only 6-month stay in the U.S., most of the international buyers tend to use these properties for vacation or rental purposes and mainly as an investment. The report presented by NRA said that nearly 42 percent of the international transactions were anticipated for primary residences.

(With PTI inputs)

Also Read: Weak Rupee Makes Indian Realty Market Irresistible for NRIs