International Monetary Fund: India Could Surpass China in GDP Growth Rate by 2016-17; Brokers Say Seattle Benefits
Executives of Realogics Sotheby’s International Realty(“RSIR”) announced today that an international delegation from North India Sotheby’s International Realty (“NISIR”) will attend a cultural exchange and global citizenship forum in downtown Kirkland on Sunday, March 1 and 2, 2015. Experts say events like these beckon the Puget Sound region’s emergence as a global gateway. Meanwhile, India volleys with China for Asia’s fastest growth rate in gross domestic product as wealthy Indians increasingly target investments in the Seattle/Bellevue metro area. As the closest mainland port to Asia, local real estate brokers predict yet another wave of international home buying in the region – this time from India.
Ashwin Chadha, Co-owner and President along with Ankit Tyagi, Co-owner and COO, will represent NISIR during the discussion scheduled from 5:00pm to 8:00pm on March 1st and will be available for media conferences and private meetings on March 2nd. The event will be held at Maison DeLille at 15 Lake Street in downtown Kirkland, which fronts the Kirkland Branch Office of RSIR, home to the firm’s new Asia Desk.
“We welcome our fellow affiliates from India in what’s clearly becoming the next international marketplace to watch,” says Dean Jones, President and CEO of RSIR. “We’re reminded that Asia is a big place and China is not the only mega country producing affluent homebuyers overseas. Indians are the second largest group of Asians in the US representing more than 3 million consumers and combined represents more some $25 billion in buying power. Our guests will enjoy an inspiring conversation about trends with global wealth and foreign direct investment, both in and out of India.”
India Prime minister Narendra Modi and US President Barack Obama have recently collaborated to improve US-INDIA economic relationships. Top Indian CEO’s, such as Satya Nadella of Microsoft, already reside in the Pacific Northwest and executives of NISIR believe that India’s global wealth and prosperity will have a significant and continued effect on the region. With a population of more than 1.2 billion in India and a population growth rate greater than China, “the Seattle metro area is an important gateway to Asia and is our first stop on our international tour,” said Chadha. “We secured our affiliation with Sotheby’s International Realty in part to access the millions of non-resident Indians (“NRIs”) around the world.”
Chadha says they seek to network with NRIs in the US in part because the urbanization and investment potential occurring within India is drawing global capital. NRIs currently have no restrictions on buying residential or commercial properties in India. During his visit to Seattle, Chadha plans to review the real estate marketplace in India, the propensity for foreign direct investment from the US, the buying process and taxation considerations for NRIs, and landmark developments being represented. At the same time, Jones plans to compare and contrast prevailing trends comparing China to India with a viewpoint towards the next five years.
According to a recent report by Wealth-X and Sotheby’s International Realty, six-percent of the world’s ultra-high net worth individuals (“UHNW” representing assets of more than $30 million), are ex-patriots residing outside their home countries. These individuals are stimulating residential real estate demand in their home countries – for example NRIs living within the US increase demand in Mumbai’s residential real estate market, the study found.
“We’re witnessing a global awakening about living in the Pacific Northwest,” adds Jones. “With close proximity to Asia, renowned education, a robust economy and an enviable lifestyle, we are playing catch up to other West Coast cities at an exponential rate. Vancouver, BC may be the harbinger for what’s likely in Seattle and Bellevue. However, I don’t think it will take two decades to arrive like it did just 150 miles north of here – word is travelling fast.”
By one measure, India will soon overtake the US as the second largest smart phone marketplace reaching more than 364 million people in 2015, according to research by The Guardian. The United Nations predicts India will pass China by 2045 as the most populous nation in the world.