Luxury Real Estate Leaders Point to Increasing Dominance of India Homebuyers in Pacific Northwest
“Asia’s a big place and it’s not all about China,” said Dean Jones, President and CEO or RSIR. “We’ve recently added hand-selected brokers to increase our service to Indian nationals here at home and abroad, which is synchronized with our brand development in this important country.”
Recently, Sotheby’s International Realty® announced that it has signed a 25-year exclusive franchise agreement with Realpro Realty Solutions Private Limited to further expand the Sotheby’s International Realty® brand presence throughout India with the opening of India Sotheby’s International Realty. The brand’s existing affiliate in India, North India Sotheby’s International Realty, which commenced operations in October 2014 in New Delhi, will work cooperatively with and also now do business as India Sotheby’s International Realty.
With this expansion, India’s Sotheby’s International Realty plans to focus on the luxury real estate market in the key cities of Mumbai, Bengaluru, Chennai, Pune, Goa and Kolkata, while continuing to serve the New Delhi market.
The luxury real estate market in India is growing rapidly, according to Philip White, President and Chief Executive Officer of Sotheby’s International Realty Affiliates LLC.
“With the success of North India Sotheby’s International Realty, it was a natural progression to expand our footprint in India,” said Amit Goyal, President of India Sotheby’s International Realty. “The real estate sector is on the cusp of reform and transformation with implementation of policy changes. India’s luxury home segment has a promising future, which has encouraged many reputable real estate developers to launch residential projects with state-of-the-art amenities. Being a part of the Sotheby’s International Realty brand allows us access to unparalleled luxury marketing platforms for these high-end developments, an excellent recipe for successful business operations.”
Ashwin Chadha, Honorary Chairman for India Sotheby’s International Realty, also notes that “With over 30 million non-resident Indians re-investing in India, the timing for the expansion of India Sotheby’s International Realty is ideal. The team on the ground is committed to delivering the highest level of service and expert real estate advisory to those interested in the Indian luxury residential real estate market.”
To read the full article, please visit: Sotheby’s International Realty | Sotheby’s International Realty Brand Expands Presence in India
To learn more about the Asia Services Group, please click here
Jones previously identified India as a growth market. Two years ago, in an interview with Puget Sound Business Journal, Jones noted that people who hail from India are the second-largest group of Asians in the U.S., representing more than 3 million consumers, and described India as the “next international market to watch.”
RSIR Research Editor and Publisher William Hillis notes that investment from India within the Seattle region is following the tide of Indian workers to the shores of the U.S., and that that investment is most likely to be concentrated in areas where these highly entrepreneurial citizens reside, including Seattle and the Eastside. In addition to the EB-5 visa program for qualified investors, the H-1B visa program has been a notable point of embarkation for skilled workers from India in search of prosperity in the U.S. These programs have ultimately led to permanent residency for many, who have subsequently built careers, families, and profitable businesses here.
Indian nationals have consistently represented by far the greatest proportion of H-1B visa recipients, a substantial number of whom are employed in high technology-related industries. The numbers of Indians among H-1B visa holders have continued to strengthen in recent years. The H-1B visa is widely regarded as a bridge to permanent residency in the U.S. for many skilled foreign workers.
Despite this year’s changes to the H-1B program, an enormous number of Indian Americans have already succeeded in obtaining permanent residency or naturalization. They and their families are now our neighbors and friends. Many are already actively invested in Puget Sound real estate, and their influence in our markets can be expected to increase.
The overwhelming proportion of Indians coming to the U.S. via H-1B visas has unsurprisingly resulted in their concentration in high technology employment centers like the Seattle metropolitan region and Silicon Valley in California. For example, while the actual numbers of Indian immigrants in King County, Washington have been lower than in Queens County, New York, their proportion of overall immigration has been more than double the equivalent proportion there.
The aspirations of Indian immigrants for personal and business success have led them to a remarkably high rate of educational achievement, with 70 percent earning bachelor’s degrees, the highest rate among U.S. citizens of Asian origin.
Successful educational outcomes have benefited Indian Americans with the highest rate of employment among Asian Americans and Pacific Islanders.
As a result of their high education levels and rates of employment, as well as their quality of employment experience, Indian Americans outperform U.S. citizens of all other racial origins in terms of personal income.
With many Indian nationals relocating to the Seattle metropolitan region and subsequently building a life here, together with the established Indian American population, they form a key demographic within the regional real estate market.
While China’s increasing capital controls threaten to restrict the inbound flow of investment from that country, India, which some experts project will exceed China’s population by 2040, enjoys comparatively free transfer of capital to the U.S.
The establishment of India Sotheby’s International Realty will further create a cohesive link between the Seattle region and India.
Earlier this week, RSIR broker and Asia Services Group member Ambili Sukesan travelled to India to promote Seattle real estate projects and, most recently, an extraordinary property aptly dubbed the Bellevue Bollywood Mansion which is listed by RSIR broker Becky Gray.
To learn more about the Bellevue Bollywood Mansion, please read further about this remarkable property at the link below:
- Puget Sound Business Journal | Home of the Day | Bollywood Mansion: A Sprawling Palatial Estate in Bellevue
The debut of the Bollywood Mansion and the celebration of multi-generational living in the region was captured by Patti Payne this week in her featured “Cool Pads” column published by Puget Sound Business Journal.