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 US, a report has said.
According to the "2013 Profile of International Home Buying Activity" for the 12 months period ending March 2013, realtors reported purchases from 68 countries, but five have historically accounted for the bulk of purchases; Canada (23%), China (12%), Mexico (8%), India (5%) and the United Kingdom (5%). "These five countries accounted for approximately 53% of transactions, with Canada and China the fastest growing sources over the years," the report said.
Among the reported destination states for buyers from India, the top states were California, Tennessee, Connecticut and New Jersey. According to information from realtor.com as of March 2013, the five markets of greatest interest to potential Indian buyers are Los Angeles, Orlando, Chicago, Dallas, and Houston.
Based on data from the survey, the bulk of properties purchased by Indian buyers were in the suburban areas. Approximately 90% of reported purchases were detached single-family properties and 7% were commercial properties or land.
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