Northern Virginia – An International Real Estate Investing Mecca

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Northern Virginia – An International Real Estate Investing Mecca

While the US as a whole continues to experience widespread interest from the international real estate investing sector, there are a few spots in the country that stand out. Of course, you’ll find New York and San Francisco on the list, as well as Houston. However, you’ll also find Washington D.C. on the list. While the D.C. area as a whole has fallen to fifth place in the nation, northern Virginia has risen, with cities like Arlington, Alexandria and Richmond becoming preeminent places for international real estate investors and relocation.

Why the Influx?

Why is northern Virginia experiencing such a massive influx of new residents from around the world? Actually, there are quite a few reasons, and each ethnic group moving here has a different driving force. Chinese residents are the fastest growing segment of the state’s population, and they’re coming to take advantage of employment, affordable housing and good schools. Indian residents have similar needs, and actually make up the most affluent demographic in the US (as well as in Virginia). Other nationalities come for a number of other reasons, including:

  • Affordable real estate – This is particularly true in comparison with the greater D.C. area, New York and San Francisco.
  • Excellent earning potential – Northern Virginia residents enjoy a higher annual income on average than anywhere else in the country.
  • Employment outlook – Tech companies as well as a range of other employers are moving to the state in significant numbers, offering excellent employment options.
  • A cultural melting pot – Virginia, particularly the northern half, is becoming a true cultural melting pot, and many foreign investors choose to move here to take advantage of that.

Where Are They Moving?

So, where are international buyers purchasing real estate? Where are they moving? You have a few main hubs – Richmond, Arlington and Alexandria, for instance. These cities offer direct access to Washington D.C. and the halls of power without forcing residents to actually live in the nation’s capital. There are other areas as well. For example, Fairfax County is home to almost 200,000 Asian residents.

Of course, not all international relocations are to major cities like those listed above. Others choose to move outlying areas where property prices are even lower, or to education hubs like Charlottesville.

What Are They Buying?

Predicting what various international buyers are purchasing is difficult, mainly because of the wide discrepancies between nations of origin, reasons for moving to Virginia and other factors. International real estate investors not relocating to the area tend to invest in multifamily properties, including apartments and condos. Townhomes are also popular. However, those choosing to move to the state permanently or semi-permanently purchase single-family homes or condos in walkable neighborhoods (this last is a prime target for Indian buyers, who value the ability to get around on foot).

The old Virginia is long gone – today’s state is culturally diverse and becoming increasingly more so every day. It’s an amazing time to live in northern Virginia, regardless of your nation of birth.

Source:

http://www.washingtonexaminer.com/koreans-indians-lead-northern-virginias-asian-population-boom/article/116434

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty for more information about moving to Northern VA

Gene Mock Realtor http://northernvirginiarealty.com/

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The Impact of Indian Immigration on Northern Virginia

The Impact of Indian Immigration on Northern Virginia

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It would seem logical that the nation to which immigrants move would have a larger impact on their lives than they would have on the area in which they settle, but that’s proving to be untrue, at least with Indian immigrants to northern Virginia. They’re having a significant impact on the culture, employment and even entertainment sectors in the northern half of the state, and across the country if truth be told.

Fairfax County – A Case Study

One needs look no further than Fairfax County for proof of how Indian immigrants are changing the fabric of northern Virginia. Currently, the area has over 107,000 residents of Indian descent, which is up 50% compared to what it was just 5 years ago. They’re now the richest minority in Fairfax County (and across the nation, really), and almost 75% of Indian residents hold at least a bachelor’s degree, with many holding multiple degrees. They’re one of the most upwardly mobile ethnic groups, and while outnumbered by Chinese residents, they’re making their presence felt much more strongly.

Employment

One area where Indian immigrants are changing things is in the realm of employment. The US has a significant demand for highly trained, skilled professionals in medicine, technology and any number of other areas. That demand is being filled, not by homegrown professionals, but by Indian immigrants and their natural-born American citizen children. Virginia’s technology corridors are prime examples here, but you’ll also find Indians settling in areas with easy access to Washington D.C., where they work in government jobs, as well as for international organizations, including the World Bank and the International Monetary Fund.

Income Increases

As mentioned, Indian immigrants are now the wealthiest minority in Virginia. The median income for Asians as a whole across the US was $57,518, but Indians specifically earned a median income of $68,771, which far exceeds any other demographic, including Caucasian Americans.

Indian immigrants are coming to northern Virginia in record numbers, and they’re having a significant impact on the culture and economy. Those changes are certainly for the good, and enrich the lives of all residents.

Contact Gene Mock, Premier Team, Keller Williams Realty 703-342-8100 for more information about investing in Northern Virginia real estate

Gene Mock Realtor http://northernvirginiarealty.com/

The Impact of Indian Immigration on Northern Virginia

Source:

http://www.nytimes.com/2006/10/29/world/americas/29iht-indians.3322280.html?pagewanted=all

http://www.connectionnewspapers.com/news/2012/dec/18/immigrants-gain-influence-virginia/

http://www.cbsnews.com/news/asian-americans-a-fast-growing-group-in-key-states/

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