Indians join wave of foreign buyers in US housing

NEW YORK — Indians are joining a wave of foreign buyers who see the recovering United States housing market as one of the best places to put their money these days, offering a security blanket from what some consider a bubble in real estate prices in major Indian cities and a sometimes jittery Bombay Stock Exchange.


For Indians, who have long put their trust in gold to protect their wealth, US real estate offers a “very, very attractive destination”, said Mr Subir Gokarn, director of research at Brookings India in New Delhi.


Mr Jed Kolko, chief economist at Trulia, an online marketplace for residential real estate, said the most popular property searches for people from India were in and around Silicon Valley, where technology firms recruit heavily from India; in the Boston and Philadelphia areas near universities that have numerous students from India; and in suburban areas of New Jersey and in Queens, where there are established Indian-American communities.

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