Indian investors quietly buying up US property

Suburban spots in New Jersey, Queens among the most popular locations

New York /
Oct.October 02, 2014 01:40 PM

Wealthy investors from China, Canada and Latin America are no strangers to buying condos and other U.S. homes. Now, affluent investors from India are increasingly joining their ranks.

Faced with fears of a real estate bubble in major Indian cities and what the New York Times called a “sometimes jittery Bombay Stock Exchange,” buyers from the Subcontinent see the U.S. housing market as a safe place to park their cash. In the New York area, suburban spots in New Jersey and Queens, which have long-established Indian-American communities, have been a particularly hot draw, according to the Times.

Unlike their superrich counterparts from places like China, however, many Indian investments are not attention-grabbing trophy properties. Instead, many buyers are parents who live in India but buy apartments for students attending college, then keep and rent out the properties post-graduation. The riverfront Newport area of Jersey City is one such hotspot, and Indian clients buying there typically spend between $600,000 and $800,000 on condos, one broker told the Times.

Towers such as the 443-unit James Monroe at 45 River Drive South, the condo’s board president said, are appealing to new arrivals from India and elsewhere in Asia because they resemble the high-rise districts of Mumbai and Hong Kong.

“They can get exactly what they want in this area,” Irene Barnaby, a broker with the Jersey City-based Weichert Realtors, told the paper. [NYT]Julie Strickland


Related Articles

arrow_forward_ios
The house on Britten Street in Chelsea, London (Harding Green, Getty)
School-bus sized London apartment lists for $1.4M
School-bus sized London apartment lists for $1.4M
A photo illustration of Ignazio and Maggio Cipriani along with Mr. C Seaport at 33 Peck Slip (Getty, Mr. C Residences, Google Maps)
Korean firm in talks to buy Cipriani hotel in Seaport
Korean firm in talks to buy Cipriani hotel in Seaport
Rendering of the new San Siro Stadium (Populous, iStock)
Fans calling foul over plan to replace Milan’s soccer stadium
Fans calling foul over plan to replace Milan’s soccer stadium
Chinese President Xi Jinping (Getty)
China bans government elites from holding overseas real estate assets
China bans government elites from holding overseas real estate assets
Land in Scotland (HighlandTitles.com)
They’re all winners: Gift bags aimed at Oscar royalty include Scottish land
They’re all winners: Gift bags aimed at Oscar royalty include Scottish land
The amount of vacant office space in Hong Kong is at an all-time high, and new buildings are still on the way. (Getty)
Hong Kong has more vacant office space than ever before — with more on the way
Hong Kong has more vacant office space than ever before — with more on the way
Lloyd's of London headquarters at Lime Street (Lloyd's of London/CC BY 2.5 - via Wikimedia Commons, iStock)
Lloyd’s of London may exit “Inside Out” home after three decades
Lloyd’s of London may exit “Inside Out” home after three decades
From left: Guillermo Lasso, Julio Iglesias, and Abdullah II bin Al-Hussein (Getty, iStock)
Secretive real estate purchases driving offshore economies
Secretive real estate purchases driving offshore economies
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...