NRIs Purchased $3.5 Billion Worth Of U.S. Property In 2012-13

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NEW YORK – Indians are among the top five foreign nationals buying real estate in United States, even as there has been a decline in foreigners acquiring properties in the U.S., a report has said.

Indian origin buyers’ account for about $3.5 billion out of the $ 68.5 billion, the amount spent on buying properties in the United States since last 12 months ending March 31, reported the National Association of Realtors, reports Chidanand Rajghatta of TOI.

Though depreciation in rupee seems to lower the enthusiasm for foreign properties, buyers from the Indian sub continent again made their position among the top five realty buyers in the United States. Apart from India and United Kingdom, countries like Canada, China and Mexico are the top three countries buying into the United States. In the preceding National Association of Realtors survey these five countries accounted for nearly 53 percent of the global transactions.

On one hand where India buying surged in 2009 and accounted for 9 percent of all foreign purchases, on the other hand China, who accounted for mere 5 percent overtook India reaching 18 percent of all realty sold to foreigners during the year ending March 2013. At a balanced price of $425,000, the Chinese have been buying more properties spending nearly $276,000 on U.S. homes.

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