Rich Indians Buying house in America & London

Wealthy Indians are buying the properties for second or third homes, who now account for 7.3 per cent of all sales in 5 million pounds-plus residential property market in London. The average property in this segment is a four-bedroom house, with a room for domestic help, used as a second home by rich Indians or their children studying in the city.

The temptation to buy a house in the US at bargain prices has lured a lot of foreign buyers world over. New York, Los Angeles (California) and Miami (Florida) the prime area for the buyers.

Cleaner environment, lush green open spaces, neatly maintained, full-service apartment buildings, orderly streets and highway traffic. For families with school kids, education until high school is free and compulsory, and enrollment in a neighbourhood school is for the asking. Property prices in places such as Florida, California and Texas are down as much as 30-50%.