Property News

NRIs send $4.6 billion dollars home and drive international property sales sky-high

An estimated 30 million NRIs (non-residenti 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.