Welcome Guest! You are here: Home » Business & Economy
Indians among top five buyers of property in US
Tuesday July 9, 2013 12:15 PM, Arun Kumar, IANS

Buying property worth nearly $3.5 billion in the year ended March 2013, Indians are among top five international real estate buyers in the US, according to the National Association of Realtors.

India along with Canada, China, Mexico and the United Kingdom accounted for approximately 53 percent of international transactions worth $68.2 billion, according to a survey by the association.

The five nations have historically accounted for the bulk of purchases reported from 68 countries, but Canada (23 percent) and China (12 percent) have been the fastest growing sources over the years, it said.

Mexico (8 percent), India (5 percent) and the United Kingdom (5 percent) followed, according to the survey.

International home sales in the US declined in the past year, but are at their second highest level in recent years and are over six percent of total existing-home sales in value, the survey noted.

'The 2013 Profile of International Home Buying Activity' shows interest in US properties continues to grow, signalling that America continues to be regarded by international buyers as a great place to own property, it said.

The survey, which asked realtors to report their international business activity within the US for the 12 months ending March 2013, showed that total international sales were $68.2 billion, down approximately $14 billion from the previous year.

Of total international transactions, $34.8 billion (51 percent) were attributed to foreign buyers with permanent residences outside the US and $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.

"Foreign buyers are experiencing hurdles not only abroad, but also here in the US when it comes to purchasing property," said NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, California.

(Arun Kumar can be contacted at arun.kumar@ians.in)


Share this page
 Comments
Note: By posting your comments here you agree to the terms and conditions of www.ummid.com
comments powered by Disqus
Advertisement
| Quick links
About ummid.com
Contact us
Feedback
Subscribe to: RSS » Facebook » Twitter » Newsletter
Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange
Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.
© 2012 Awaz Multimedia & Publications. All rights reserved.