Choosing a niche market and the right tools to reach it may be the most important decisions you’ll make when embarking on your career as a global agent. It’s essential to know where you’re aiming because, as American baseball legend Yogi Berra once quipped, “If you aim for nothing, you’ll hit it every time.”
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.
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.
This issue of Global Perspectives takes a closer look at a new breed of British buyers coming into the global real estate marketplace. Their property search is primarily driven by the challenges they currently face in the U.K. market and changes in the global economic climate. Young, financially savvy urban-dwellers who are interested in investing for growth are looking abroad for good returns.