While Chinese buyers and investors have longtime been targeted by Seattle-area real estate companies, there has been a shift in recent years to a different group of foreign investors. Buyers and investors from India have become increasingly interested in real estate in the Seattle area. Dean Jones, real estate executive of Realogics Sotheby’s International Realty called India “the next international marketplace to watch.”
7 percent of the $1.2 billion in U.S. home sales consist of foreign buyers. Of those, people from India represented 6 percent – $5.8 billion – of the purchases from April 2013 to March of 2014.
People who come to the Puget Sound region from India most often buy homes in established Indian-American communities, which are mainly located in Bellevue. In 2010, the U.S. Census reported that about 9,000 people from India lived in Bellevue, making up more that 7% of the city’s total population. Many of these transplants came to work for Microsoft, including the company’s CEO Satya Nadella.
The Puget Sound is a fine example of America’s great Melting Pot!
For the full article, click here.