After decades of emigrating out of India to find economic opportunities in other countries, a surprising reversal is taking place. People of Indian Origin (PIOs) and Non-Resident Indians (NRIs) are buying land and in some cases moving back to their homeland.
Indian immigrants have flourished in the U.S. and Canada. Today they are the youngest, fastest growing, most highly educated and highly paid ethnic group. Meanwhile, back in India, the newly booming middle class have been saving at a staggering average rate of 35 percent of household income. Increasingly they invest abroad, and U.S. properties are attracting their attention.
Today there are more than 25 million people of Indian heritage living outside of India, making this the second largest expatriate group in the world after the Chinese. Though people of Indian descent have long been in Canada and the United States, it was only in the 1980s during the second Indian Diaspora that their numbers began to grow significantly.
NAR’s official Facebook page was ranked in the top five real estate pages to follow by Realty Biz News.
Global agents are aware of the ways in which differences in culture and business practices can complicate transactions. Yet the U.S., Canada and the U.K. share a cultural heritage, a common language, and their governmental and legal systems share roots. How different can real estate practices in the U.K. be?
Florida has long been a prime spot for British buyers looking to escape their chilly winters. But now snowbirds aren’t the only Brits buying in the states. Lately a growing base of buyers has emerged interested in the potentially good returns of investment property. In fact, NAR’s most recent Profile of International Home Buying Activity found that among international buyers of U.S. property, the U.K. ranked fourth, tied with India.