Indians Third Biggest Investor in US Property Market: Brokerage
Indians are the third biggest international investor community in the US realty market, global brokerage Sotheby’s International Realty said.
Indians had invested around $8 billion last year in US property market, the US-based brokerage said.
Canadians and Chinese buyers topped the list of foreign nationals in terms of investment in US property market.
“I think and I believe Indians who live in the US are one of the largest group of millionaires in the America… they are already there and therefore they are investing in real estate,” Sotheby’s International Realty president and CEO Philip A White told Press Trust of India.
Sotheby’s International Realty in August 2014 had signed an agreement with Indian firm RealPro Infra Pvt Ltd and established its Indian arm under the name North India Sotheby’s International Realty, which caters to the luxury real estate demands of resident and global Indians.
Sharing the details of Indians’ investment in the US, North India Sotheby’s International Realty founder and president Ashwin Chadha said, “After Canadians and Chinese, Indians are third largest international community in US in terms of real estate investment and had invested around $8 billion last year.”
Talking about the Indian market for the global brokerage firm, White said they are optimistic about Indian luxury real estate market and have huge expectations. India as a country has huge potential to be the top nation in terms of business for us and it may take few years to get there, he added.
“Indians searching property globally, I think we all know Indians put big premium on real estate as a tangible asset to protect from inflation or number of things. So I think they keep on looking at the opportunities,” Mr White added.
Further elaborating about the brokerage firm’s domestic operations so far, North India Sotheby’s International Realty founder and CEO Amit Goyal said they have already tied up with some established players in the sector including Tata Housing, Sobha and Max Group’s Antara Housing.
According to US-based National Association of Realtors data, Indians had spent $5.8 billion in fiscal 2014 to purchase real estate in that country. China topped the list of foreign nationals with $22 billion in realty for the one year period ended March 2014.