Buyers from India see New York as a solid investment opportunity. During the 12 months that ended March 2015, Indian buyers spent $7.9 billion on U.S. real estate — up from $5.8 billion a year prior, according to the National Association of Realtors.
Historically, there were roadblocks that kept Indian investors at bay, including the country’s widespread poverty, the government’s restriction on how much individuals can invest abroad (limit up to $250,000 per year) and a smaller number of high net-worth individuals than some smaller but wealthier countries, such as Japan and Germany. Plus, London was more of a draw than the Big Apple.
But for Indian investors who speak English and are priced out of the overheated London market, New York is increasingly becoming attractive. And what’s attracting their attention? New construction – in Midtown, in particular – continues to be a draw for foreign buyers.