Indian buyers jump onto the NYC real estate bandwagon They view Manhattan as a solid investment opportunity, panelists say at TRD showcase
The Chinese may get all the attention, but a new entrant with a big appetite for New York City real estate has emerged: the Indian buyer.
Buyers from India and Singapore countries with a growing middle class see New York as a solid investment opportunity, said Elizabeth Ann Stribling-Kivlan, president of Stribling Associates, speaking at The Real Deal’s New York Real Estate Showcase and Forum Thursday. “They see it as a really good place to park their money.”
Nationwide, Indian buyers spent $7.9 billion on U.S. real estate during the 12 months ended March 2015, up from $5.8 billion a year prior, according to the National Association of Realtors. But until recently, their penchant for New York real estate has faced barriers compared to other foreign buyers.
In September, TRD examined the roadblocks that have kept Indian investors at bay until now, including the country s widespread poverty and a smaller number of high net-worth individuals than some smaller but wealthier countries, such as Japan and Germany. The Indian government also restricts how much individuals can invest abroad to $250,000 per year, and for some wealthy buyers, London is more of a draw than the Big Apple.
New York “makes sense” for Indian investors who speak English but are priced out of the overheated London market, where they may not find properties between $1 million and $3 million, said Elliman s Raphael De Niro, one of the panelists.
Beyond India, panelists which also included Emily Beare of CORE and Gang Hu of Greenland said investors from the Middle East, Russia and Brazil continue to buy in New York. “I’m glad I wasn’t in Brazil these last two weeks, but there’s still a lot of money there,” Stribling-Kivlan told the audience. “When their government changed, what a gre上海夜网论坛