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NRI’s Send $4.6 Billion Dollars Home And Drive International Property Sales Sky-High

An estimated 30 million NRIs (non-residential Indians) worldwide sent nearly $4.58 billion in remittances back home regularly last year according to the World Bank, as they continue to drive international property sales to record highs in the sub-continent. India has pipped China in receiving the highest amount of remittances for five consecutive years now. China is thought to have received $4.57 billion. Working abroad in at least 130 different countries, NRIs are driving a boom in domestic house prices in India as they seek to invest in property. The depreciation of the rupee and its rise in value versus most of the other West Asian currencies has helped to boost the trend says the World Bank. “Real estate here is the preferred” investment says the bank, “because of a desire to create a higher lifestyle for the family and the price appreciation in the long term.” It argues that liberalisation change during the 1990s made it much simpler for NRIs and persons of Indian origin (PIO) to invest in real estate in India while living and working overseas. The bank also notes a rise in the number of Indian property agencies, banks, mortgage lenders and other sorts of “housing finance companies” are setting up offices and franchises around the world to cater for the investment needs of these increasingly wealthy international workers.

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05 Mar 2012

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