It's cheaper to stay on rent and, perhaps, buy a house in the US

By Yashwant Raj | Hindustan Times – Wed 27 Jun, 2012

Washington, June 27 -- Anup Nair had been looking to buy a house in Mumbai. But, perhaps, he waited too long. Now, it's cheaper to stay on rent or to buy a house in the US instead.

If and when he does decide to go ahead, he will join a growing army of Indians buying real estate in the US, making them the fourth largest pool of foreign buyers in the country.

The National Association of Realtors in its latest report has put Indians behind the Canadians, Chinese (including from Hong Kong) and Mexicans. The Britishers are at 5th spot.

The US residential real estate business was worth $928.2 billion in the year ending March 2012, of which $82.5 billion, 4.8%, came from international buyers.

And Indians account for 6% of the amount pouring in from abroad, thereby maintaining their position in the top five for another year.

"Here is where the bargains are," said Rohit Prakash, head of American Full House, a Texas-based realty firm that focusses on Indian buyers.

Published by HT Syndication with permission from Hindustan Times.

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